The number of millionaire households in Idaho has dropped 10.7 percent over the past two years, though the state has jumped a few spots in a ranking of the 50 states plus the District of Columbia.
A study by Phoenix Marketing International showed that 21,121 of the 568,000 households in Idaho, or 4.37 percent, have net worth more than $1 million. That’s down from 23,652 out of 541,000 households in 2007.
That decline, though, was less than the 14 percent drop in millionaires across the country, according to the study.
Phoenix estimates that about 5.1 million households in the United States now qualify as millionaires, down from nearly six million two years ago. The study defines a millionaire household as one with $1 million or more in investable or liquid assets (excluding sponsored retirement plans and real estate).
“Overall, the market downturn has taken its toll on the ranks of millionaires in most states,” said David Thompson, managing director of the Phoenix Affluent Market group, in a statement.
Idaho now ranks 39th, up from 44th last year and 42nd in 2007.
The top five states are Hawaii (6.4 percent), Maryland (6.3 percent), New Jersey (6.2 percent), Connecticut (6.2 percent) and Virginia (5.5 percent). Mississippi ranked last with 3.1 percent.
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Source: Idaho Business Revue