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Wealthy New Jerseyans Will Be Hit 2nd Hardest In U.S. By GOP Tax Bill

Mary J. Blige's former Saddle River estate.
Mary J. Blige's former Saddle River estate. Photo Credit: Zillow

A new study finds that New Jersey has had the second most millionaires in the U.S. for the last seven years.

The 2017 Phoenix Wealth & Affluent Monitor (W&AM) shows that as of mid-2017, the top 1 percent of U.S. households -- those having $5 million or more in investable assets or liquid wealth -- increased by eight percent to more than 1.1 million.

The richest Americans are concentrated in states that were carried by Democrats in at least three of the last four presidential elections, according to the study.

That means that the GOP tax bill will have a greater impact on wealthy residents in the blue states, the study says.

The study lists Maryland as the richest state in the U.S., with New Jersey as the second and Connecticut as the third.

In the annual ranking of millionaires per capita by state, the 2017 Phoenix Wealth & Affluent Monitor found only a few changes in the top 10 states:

  • Maryland (7.87%) – remained #1, where it has been since 2011
  • New Jersey (7.86%) moved up one place in 2017
  • Connecticut (7.75%) moved down one place
  • Hawaii (7.57%) – unchanged from 2016
  • Alaska (7.50%) – unchanged from 2016
  • Massachusetts (7.41%) – unchanged from 2016
  • New Hampshire (7.36%) – unchanged from 2016
  • Virginia (6.98%) – unchanged from 2016
  • Delaware (6.62%) up one place from 2016
  • California (6.61%) – up one place from 2016.


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