Kiplinger

10 States That Are Surprisingly 'Rich' in Millionaires

Rising stock prices are boosting the number of millionaire households in the U.S., but when it comes to having at least seven figures in liquid assets on hand, millionaires are actually pretty rare.

Once you strip out things such as real estate (most folks' wealth is tied up in their homes), employer-sponsored retirement plans and business partnerships, only 6.2% of all American households have investable assets of $1 million or more, according to Phoenix Marketing International, a firm that tracks the affluent market.

Not surprisingly, the states with the highest concentrations of millionaires also tend to have some of the highest incomes, home values and living expenses in the country. New York and California have lots of millionaires, you say? No kidding. They also have sky-high median household incomes and other pricey demographic indicators.

What's more remarkable is when a state can manage to have a relatively high concentration of millionaires and relatively low costs at the same time.

Using data from Phoenix Marketing International and the U.S. census, we searched for states with median incomes and

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