New Jersey is Home to the Second Most Millionaires Per Capita, Study Says

Nearly 8 percent of all households in the state is the property of a millionaire.

New Jersey is home to the second highest number of millionaires in the country, trailing only Maryland, according to a recent study by the global marketing services firm Phoenix Marketing International.

In total, New Jersey has 242,647 households worth more than $1 million, according to the study. There are a total of 3,238,448 homes in the state, which means exactly 7.49 percent of all homes belongs to a millionaire. In Maryland, the percentage is 7.7 percent, but there over a million fewer homes in that state.

New Jersey advanced one spot on the list after spending five years at No. 3. It was No. 1 in 2007, and No. 2 in 2006. However, more millionaires now live in New Jersey than at any time since 2006, when the initial study took place.

The 7.49 percentage is also higher than at any time during the study, including 2007, when it was 7.12.

The number dipped from 228,442 in 2007 down to over 197,694 in 2009 before jumping back up to 212,396 in 2010 and steadily climbing since then.