Cheer up! Hawaii has the most millionaires

Mainstreet.com wondered where the most wealthy people are in the country. So they did some research and came up with a list of the states that have the most – and fewest – millionaires.

The list was compiled using a Phoenix Marketing International report on the number of millionaire households in each state as a percentage of the total state population as of mid-2009. They defined a “millionaire household” as one with at least $1 million in liquid assets – real estate does not count. They also included median household income by state, based on 2008 census numbers, to provide a fuller picture of each state’s riches.

Click here to see the list. Go to slide No. 12 to find the state with the most millionaires. It’s Hawaii!

“There may only be some 28,000 millionaire households in this state, but when you consider that there are less than half a million Hawaii households in total, that number starts to seem a lot bigger,” said the report. “So, if you’re ever vacationing in Hawaii and are a little short on money to pay a bill, don’t worry, there’s a good chance you should be able to find someone there who could pick up the check.”

That’s the good news. Unfortunately, Mainstreet,com went on to say: “It’s no paradise being rich in Hawaii. The state is known for having a high cost of living and last year they enacted a steep 11 percent income tax on anyone making more than $200,000. And yet, even with that added tax, Hawaii is still facing a severe budget crisis and there’s no doubt that the poorer Hawaiians probably wish these millionaires would do even more to help.”

Here are the statistics:

• Millionaire households in Hawaii: 28,363
• Percent of population that are millionaires: 6.41%
• Median household income: $66,701

Alabama, Louisiana and Tennessee were the states with the fewest millionaires per capita.