Arizona's Ratio of Millionaires Was Higher During Depths of the Recession Than It Is Now

Even when the Great Recession was at its worst, the average Arizonan was more likely to be a millionaire than he is today.

Phoenix Marketing International, a financial market research company that tracks millionaire households in the United States, released its annual ranking of the states with the highest ratio of millionaires. Arizona ranks 34th, with 4.43 percent of households having $1 million or more in financial assets.

Both the ratio and the ranking are Arizona's worst in the eight years worth of rankings done by Phoenix Marketing International.

Last year, the company measured Arizona to have the 21st most millionaires per capita, just a bit more than 5 percent of households.

The measure of Arizona millionaires in 2009 is very similar to this year's. Recall that the National Bureau of Economic Research has said that the bottom of the recession was in June 2009.

The ratio of Arizona millionaires then was just a bit higher then -- 4.44 percent, a tiny bit above the 4.43 percent measured for 2013. Although the company estimates there are about 1,300 more millionaires in the state now than there were in 2009, there are nearly 40,000 more households in the state, so the ratio remains lower.

Just before the recession got into full swing, the company measured that 5.23 percent of Arizona households were millionaires in 2007.

As for the rest of the country, 11 states have millionaires at a rate of 6 percent or more. Four states -- Maryland, New Jersey, Connecticut, and Hawaii -- have 7 percent or more. Maryland was number one at 7.7 percent.

On the other side, there were six states with less than 4 percent millionaires, with Mississippi being the worst at 3.63 percent.

Click here to see the full eight years of rankings.

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Follow Matthew Hendley on Twitter at @MatthewHendley.

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Matthew Hendley
Contact: Matthew Hendley