New Jersey Has Highest Percentage of Millionaire Residents
Phoenix Marketing International Research Shows East Coast Dominating 2007 Rankings as Hawaii Falls from First to Fourth and Alaska Cracks the Top Ten
Rhinebeck NY – January 9, 2008 – The Phoenix Affluent Marketing Service, a Phoenix Marketing International practice, announced today that New Jersey has become the state with the largest percent of millionaires to total households. Ranked second past two years, New Jersey vaulted past Hawaii, which fell to fourth in the 2007 rankings.
Phoenix’s annual market sizing analysis and aggregate wealth rankings shows that New Jersey’s ratio of millionaires to total households rose to 7.12%, up from 6.5% in 2006. Maryland is now in second place at 7.08%, up from 6.2% in 2006. Connecticut is third, with a ratio of 7.0%, up from 6.2% a year ago. Hawaii’s ratio of 6.7% was unchanged from a year ago. Phoenix defines a millionaire household as one with $1 million or more in investable or liquid assets.
“Traditional East Coast concentrations of wealth have continued to outperform most of the rest of the country,” says David Thompson, Managing Director of the Phoenix Affluent Practice. “This is a function of three factors: high levels of education; access to top paying jobs in finance and technology; and a stock market that has advanced over the past four years,” notes Thompson.
Rounding out the top ten for 2007: Massachusetts remains in fifth place; Virginia rose to sixth from seventh past Delaware, which fell one spot; Alaska leaped to eighth from fourteenth a year ago; ninth-place New Hampshire, was up from eleventh in 2006; and California came in tenth, down two spots from 2006.
The complete states’ rankings for 2005 through 2007 are available by visiting the Phoenix site at http://www.phoenixmi.com/prfiles/State_Rankings_Millionaires_2005-2007.xls .
About Phoenix Affluent Marketing
The Phoenix Affluent Market Service (AMS) offers both custom research and syndicated solutions to assist clients in understanding trends and issues that impact the affluent and high net worth markets and in developing strategies for revenue growth.
Our Affluent Marketing research platforms are the foundation of our custom research practice. These rich, syndicated databases give clients a competitive advantage through unprecedented access to mainstream affluent, high net worth, and ultra high net worth households. We can profile markets or determine competitive issues that prepare clients for a custom research engagement; http://www.phoenixmi.com/financial/ams.phtml
About Phoenix Marketing International
Founded in 1999, Phoenix Marketing International is one of the fastest growing marketing services firms in the United States. With offices across the country and partnerships with many of the largest companies in the financial services, consumer package goods, automotive, healthcare, and travel and leisure industries worldwide, Phoenix also offers advanced advertising and brand measurement along with direct marketing expertise.
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Phoenix Marketing Contact:
David Thompson
Managing Director
Phoenix Affluent Market Practice
860-653-1720
Press Contact:
Ray Graber, Graber Associates LLC
781-221-0018