Not all millionaires want to live in the middle of the hustle and bustle of New York, Los Angeles or some other big city. Some want their money to buy the peace and quiet of a small town.
There are 6.8 million households in the United States that have $1 million in investable assets, not counting their homes, employer-sponsored retirement plans and business partnerships. That is 5.5 percent of the population.
Phoenix Marketing International, a firm that tracks the affluent market, ranked 915 urban areas—both large and small—for Kiplinger. Following are the 10 small towns with the highest percentage of millionaires in the United States in ascending order, along with a few reasons says they are attractive to millionaires.
10. Gardnerville Ranchos, Nev. 1,445 households out of 20,566 or 7 percent are millionaires.
Gardnerville Ranchos is a favorite hiding place for millionaires because of its proximity to Lake Tahoe, which has long been a getaway for the rich and famous. With everything from ski resorts to beaches, the Lake Tahoe area offers year-round activities for well-heeled tourists and full-time residents alike. Adding to the appeal for residents, Nevada is one of the most tax-friendly states in the U.S.
9. Truckee-Grass Valley, Calif. 3,007 households out of 42,612 or 7.1 percent are millionaires.
Truckee-Grass Valley is on the California side of Lake Tahoe. Multiple bodies of water make the entire area a recreational haven for water sports, and the long, snowy winters are perfect for the numerous ski resorts in the vicinity.
8. Concord, N.H. 4,136 households out of 57,844 or 7.2 percent are millionaires.
The New Hampshire state capital is home to local, county, state and federal agencies, along with the law firms and professional agencies that support them. Concord is also a major distribution, industrial and transportation hub. Tourism is a key contributor to the local economy, thanks to the nearby New Hampshire International Speedway. It is also the center of the state's high-tech manufacturing. Concord benefits from being within easy reach of Manchester, the state's largest city, and Boston.
7. Vineyard Haven, Mass. 589 households out of 7.995 or 7.4 percent are millionaires.
Vineyard Haven is a town on Martha's Vineyard. This island off the coast of Cape Cod is one of the most desirable summer vacations spots in the Northeast and has long been a favorite of the rich, the famous and the powerful. Real estate prices are exorbitant and in summer the area can get crowded with rich tourists.
6. Easton, Md. 1,190 households out of 16,006 or 7.4 percent are millionaires.
Tiny Easton, on the Eastern Shore of Chesapeake Bay, prides itself on its out-of-the-way feel where country farms mix with lavish waterfront estates. It has long been a retreat for the well-to-do of the Mid-Atlantic region seeking antique shops and solitude. Easton's proximity to the beach, and its abundance of parks and good schools, make for an idyllic small-town experience. At the same time, the town offers easy access to several major cities. Maryland has the most millionaires per capita of any state in the U.S.
5. Fredericksburg, Texas. 837 households out of 11,244 or 7.4 percent are millionaires.
Fredericksburg is in the middle of Texas Hill Country, a beautiful region of the Lone Star State with plenty to offer for outdoor types and aesthetes. Residents can explore a landscape of rolling hills, spring-fed rivers and lakes, and vast fields of wildflowers. But they can also partake in fine dining, wine tasting, concerts and art shows. Fredericksburg also benefits from its proximity to Austin.
4. Edwards, Colo. 1,520 households out of 19,685 or 7.7 percent are millionaires.
You can sum up the appeal of Edwards in one word: skiing. The nearby world-class resorts of Vail and Beaver Creek draw big-spending skiers hoping to see and be seen all winter long. But the area also offers fly fishing, hiking and whitewater rafting. High-end restaurants, plush lodges and spas also are abundant. But it's Colorado's status as a tax-friendly state for both retirees and working residents that helps make Edwards a good deal for year-round living.
3. Willston, N.D, 1,166 households out of 14,913 or 7.8 percent are millionaires.
Located in the center of the oil-rich Bakken Formation, Williston is the home of millionaires minted by the fracking revolution but it may not remain near the top of the millionaires list for long. North Dakota has seen oil booms and busts before, and the recent prolonged downturn in prices has turned cities like Williston upside-down. Wages are down and jobs have dried up. Some folks reportedly are just pulling up stakes, which is taking a bite out of the local tax base. At least North Dakota is still one of the nation’s more tax friendly states.
2. Torrington, Conn. 5,995 households out of 74,673 or 8 percent are millionaires.
Torrington is the largest town in Litchfield County, which has long been a popular retreat for Manhattan's wealthy and chic looking for a remote, mountainous retreat. Torrington is famous for its art galleries, outdoor activities, shopping and great food. It has gorgeous scenery with covered bridges, forests and rivers. The downside is Connecticut has some of the highest real estate taxes in the country and there is a gift tax and a luxury tax.
1. Juneau, Alaska, 1,109 households out of 12,986 or 8.5 percent are millionaires.
Juneau grabs the top spot for the percentage of millionaires now, but that may change. The area is in one of its worst recessions in three decades because of its ties to the energy markets. The cost of living also is very high. The big advantage for rich and poor alike is that Alaska is the most tax-friendly state in the union. Not only is there no state income tax, but the government actually pays the residents an annual dividend. The area is also set in the middle of some of the most spectacular scenery in the country.
