Connecticut has the third highest percentage of ultra-high net worth individuals per capita, according to an analysis developed by the cable business network CNBC.
The network’s website noted, on America’s tax filing deadline day, that “one of the enduring legacies of the Occupy Wall Street movement” from a year ago is the term "One Percent," referring to the percentage of top wage earners in the United States - those who make an annual income of $343,000 or more. But even more selective at the top is the subset of the population known as "ultra-high net worth," or UHNW.
UHNW individuals are defined by David Friedman, president of the global wealth intelligence firm Wealth-X, as individuals with a net worth of at least $30 million, after accounting for shares in public and private companies, residential and investment properties, art collections, planes, cash and other assets. The firm estimates that 59,805 such individuals live in the United States.
Using figures provided by Wealth-X, population data from the U.S. Census Bureau and the insights offered by Friedman, CNBC.com developed the list of the 10 states with the most UHNW individuals on a per capita basis. Connecticut ranked third, between Montana and New York.
The network reported that “In Connecticut, the primary driver of wealth is the financial services sector, with most of the rich individuals in the state having made their money in this business.” UHNW individuals living in Connecticut, according to CNBC, include Vornado Realty Trust CEO Michael D. Fascitelli, whose net worth is approximately $700 million; and Raymond T. Dalio of Bridgewater Associates, who lives in Westport and has a net worth of approximately $10 billion.
A surprising number one: Wyoming. An example, and an explanation by CNBC: Christy Walton, the widow of John T. Walton, heir to the Wal-Mart empire. According to Wealth-X, her net worth is $25.7 billion. Wyoming is an example of the type of state that the very wealthy are finding an ideal tax haven. "This is a strategy in a lot of states," Friedman told CNBC. "A fusion of natural assets, in terms of what the state has to offer from a tourist perspective, combined with a low tax regime. It has the ability to offer executives a place of rest, and to get away from everything."
The top 10 states with ultra-high net worth individuals, per capita:
Number of residents per UHNW individual: 4,635 UHNW population: 135 Total population: 625,741
Number of residents per UHNW individual: 4,615 UHNW population: 2,780 Total population: 12,830,632
Number of residents per UHNW individual: 4,391 UHNW population: 1,295 Total population: 5,686,986
Number of residents per UHNW individual: 4,269 UHNW population: 5,890 Total population: 25,145,561
6. Rhode Island
Number of residents per UHNW individual: 4,048 UHNW population: 260 Total population: 1,052,567
Number of residents per UHNW individual: 3,401 UHNW population: 10,955 Total population: 37,253,956
Number of residents per UHNW individual: 2,910 UHNW population: 340 Total population: 989,415
Number of residents per UHNW individual: 2,657 UHNW population: 1,345 Total population: 3,574,097
2. New York
Number of residents per UHNW individual: 2,255 UHNW population: 8,595 Total population: 19,378,102
Number of residents per UHNW individual: 1,911 UHNW population: 295 Total population: 563,626