A high concentration of them live in the part of the greater Jackson, Wyoming, area that spills into Idaho. Tiny Oak Harbor, Washington, has one of the highest concentrations of millionaires of any small town in America. But for more modest incomes, the impact is far milder. Germany, meanwhile, in fourth place, had about 15,685 multi-millionaires in 2018, a 4% increase from a year ago, despite facing a number of economic struggles. No wonder Massachusetts has a cost of living 22% higher than the national average, according to C2ER. The Volunteer State has no broad-based income tax. While there are probably few millionaires in the cockpits of commercial airplanes, airline pilots, co-pilots and flight engineers are among the best-paid workers in the state. Folks also save on utilities and groceries. Although New Jersey gives residents a break on income taxes, it brings the hammer down when they buy a home. A levy on stock dividends and interest income from bonds and other investments is being phased out and will be gone by 2022. Well-paid jobs in the finance and insurance industries, as well as the presence of major companies like DuPont (DD) and AstraZeneca (AZN), help fuel an above-average concentration of millionaire households in Delaware. Income taxes are on the high end because more than 200 school districts and Appanoose County add their own income taxes on top of the state-level tax. Fortunately, for rich and not-so-rich alike, Idaho's overall cost of living is 7.5% below the national average. Where they live might surprise you. Connecticut's Stamford metro area, which includes Norwalk and Bridgeport, has the fourth-highest concentration of millionaires in the U.S. In the former case, the state capital is home to a horde of state, county, local and federal agencies â and the law firms and professional agencies that support them. Mutual Fund and ETF data provided by Refinitiv Lipper. And thanks to abundant revenue that the state collects from oil and mineral rights, Wyoming millionaires shoulder one of the lowest tax burdens in the U.S. With no income tax, it's No. Also like Connecticut, the Garden State is pricey and taxes are high. Alabama is another state where you don't need a million bucks to live well. The Sooner State doesn't tax Social Security benefits or Civil Service Retirement System benefits. In Rhode Island, residents pay an average $1,723 in taxes per $100,000 of assessed home value. As a no-income-tax haven, Nevada is one of Kiplinger's most tax-friendly states. Georgia's tax brackets mean that many taxpayers will find themselves paying the top marginal rate, which kicks in at just $10,000 of taxable income for married couples filing jointly or $7,000 for individual filers. Note that while the sales tax is modest, groceries are taxed, albeit at a lower rate. Anesthesiologists, obstetricians and gynecologists are also within the top 10. For a $400,000 home, the state-wide average tax in Nebraska comes to $7,421 per year. From a resurgent Cleveland to the university city of Columbus to Cincinnati with its touch of the South, Ohio contains multitudes of Midwestern culture. Millionaire 401(k) accounts in plans run by T. Rowe Price rose about 36% year-over-year as of Sept. 30, the big Baltimore-based fund family said. The Ocean State's sales taxes lean high (and are above its neighboring states), but the income tax bite is modest. The Golden State is home to the most millionaires in the nation, at more than 1 million households, and claims four of the top 10 metro areas with the highest concentrations of millionaires. The United States has 31% of the global ultra-wealthy population. While the Hoosier State exempts Social Security benefits and offers limited exemptions for military pensions and federal civil-service pensions, IRAs, 401(k) plans and private pensions are fully taxable. But then, with a cost of living almost 12.2% below the national average, paychecks tend to go further. who â¦ That means half of all millionaires are worth $1.6 million or less, half more. But be forewarned: Income tax bites hard on higher incomes, with the top rate of 6.5% kicking in on taxable income over $60,000. As befits a place that pumps a lot of oil out of the ground, fuel taxes are low. Medical specialists, CEOs and dentists are among the top-paid jobs in the state. Jacqueline Mars, heir to the Mars candy fortune, is the state's wealthiest resident with a net worth of $27.4 billion, per Forbes. Groceries and utilities are a bit pricier in the Sunshine State, but as a whole, Florida is only 0.6% more expensive than the U.S. average. Maryland's real estate taxes are middle of the road, and sales taxes are 6%. Psychiatrists, dentists and CEOs are among the folks earning the highest salaries. Many residents find themselves in the 6.27% income tax bracket, which kicks in on income above only $22,900 for singles and $30,540 for joint filers (2018 brackets). Millionaires and regular folks alike don't catch much of a break when it comes to giving the state government its cut. But today's picture is more pedestrian. They also have a higher ranking in this year's millionaire rankings, jumping four spots from last year. It's 8.2% less expensive to live in the Tar Heel State than the national average, and Durham is one of the happiest places to live in the U.S., according to the Gallup-Sharecare Well-Being Index. Median income is 10% below the national level, but then, home prices are almost 36% cheaper. Median incomes and home values aren't too far below national levels. The bad news is that the top income rate of 6.9% kicks in at just $17,900 of taxable income, and Montana taxes virtually all forms of retirement income, including Social Security. The state also is among the most tax-friendly for retirees. So you can have high confidence that it can keep up with short-term expenses and long-term financial obligations. No wonder that top-paying jobs in the Cowboy State include engineering managers and industrial production managers. And major state and local taxes are above average, which can add up to a sucker punch for your wallet. The highest concentrations of millionaires are found in the Atlanta and Savannah metro areas. South Dakota is one of the most tax-friendly states on the whole. About the only bright spot in Connecticut's tax picture is that localities can't add to the Constitution State's 6.35% sales tax. But if you have taxable income, the rate gets high quickly. And more than 5% of the state's households can claim millionaire status. 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