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Maryland Millionaires: State Loses Its Top Ranking

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America had 534,000 more millionaires in 2018 and New Jersey has nudged out Maryland as the state with the most millionaires per capita for the first time in seven years, according to the annual Phoenix Wealth & Affluent Monitor.

In Maryland, which ranked fourth on the new list, there are 200,074 millionaire households, for a ratio to total households of 8.85%, according to the Phoenix Marketing International report that tracks high net worth households. The state slipped three places since 2017.

Nationwide, the number of U.S. households with more than $1 million in assets rose to 7.7 million in 2018, according to the report. The report’s authors also saaid that since the last downturn, the number of millionaires in the United States has increased by more than 2 million; in 2010, after dozens of major companies failed and America landed in one of the worst recessions in its history, Maryland had 144,686 millionaire households, for a ratio to total households of 6.79%, to rank No. 2 in the country.

Ted Lerner of Chevy Chase, who founded the commercial real estate firm Lerner Enterprises, consistently ranks as Maryland’s wealthiest resident, according to Forbes and other sites. He has an estimated net worth of $4.9 billion and his family is the majority owner of Major League Baseball’s Washington Nationals. The top 10 for millionaires in 2018 were New Jersey, the District of Columbia, Connecticut, Maryland and Massachusetts, followed by Hawaii, New Hampshire, California, Alaska and Virginia.