Hawai'i's millionaire household ranks shrank between 2008 and 2009, but the state continues to lead the rest of nation in the percentage of folks who are millionaires.

Phoenix Affluent Marketing Service, a market research group, released its latest survey on the rich, showing 28,363 of Hawai'i's 442,144 households are millionaires.

That is down from 2008 when there were 32,103 Hawai'i millionaire households.

However, Hawai'i still leads the nation with 6.4 percent of its households having $1 million or more in "liquid" or "investable" assets — cash, stocks, bonds, mutual funds and annuities, the marketing service reported.

"While the top states in millionaire percentages were little changed from the previous year, overall, the market downturn has taken its toll on the ranks of millionaires in most states," said David Thompson, marketing director for Phoenix .

"Since June of 2007, we estimate that the number of millionaires nationally has declined by 14 percent," Thompson said.

Phoenix's study estimates that there are now around 5.1 million millionaire households in the U.S., down from 6 million two years ago.

Thompson said the decreased numbers are mostly due to last year's stock market decline.

Maryland, New Jersey and Connecticut stayed in the same positions as last year, while Virginia ranked fifth.

Mississippi had the fewest millionaires with around 34,000 out of 1.1 million households.

Hawai'i has been No. 1 three times in the last four years, the exception being 2007 when Hawai'i placed fourth.