From the Star Ledger:
New Jersey leaped over Hawaii last year to become the U.S. state with the third-highest number of millionaires.
The Garden State’s wealth and incomes are among the highest in the country. And last year, nearly 7.4 percent of households here had assets that classify them as millionaires, according to Phoenix Marketing International’s Wealth & Affluent Monitor report.
The study found that nationwide there are nearly 6.8 million households with at least $1 million in investable assets, such as retirement accounts, stocks, bonds, mutual funds, ETFs, cash accounts and annuities. That’s about 5.5 percent of all households.
Despite New Jersey’s new top three ranking, the broader population continues to suffer from stagnant economic growth.
While the household median income in 2015 increased by 5.2 percent nationally, the household median income in New Jersey went from $71,994 in 2014 to $72,222 in 2015.
That 0.3 percent change in New Jersey was dead last among U.S. states. In fact, the New Jersey median income hasn’t increased or decreased in a statistically significant way since 2011.