Note well that to be considered a millionaire by the standards of wealth research, a household must have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships, among other select assets. It's one of five states without a general sales tax, and it has relatively low property taxes. You can find out more about him on LinkedIn or his website. Locals have said their Mountain State neighbors have a strong sense of community, and that they are unpretentious and humble. Others even said West Virginians are pretty much the nicest people on the planet, and even though their state pride runs deep, theyre very welcoming to outsiders. State. Arizona's median home values are above the national level, but its cost of living remains more than reasonable. Louisiana's 90,000 millionaires, whose income depends on the state's economic staples, are likely to be feeling a pinch. The combined net worth of the billionaires in some U.S. cities exceeds the entire annual GDP of many states. The state's cost of living is 3% higher than the national average, according to the BEA. In 2020, California had the highest number of millionaire households in the U.S., with 1.14 million households having one million or more in investible assets. Jemima McEvoy. Explore this turn-of-the-century town of millionaires - West Virginia The cost of living in Indiana overall is 10.7% below the national average. A dollar tends to go father in Big Sky Country, too. Statewide, the cost of living in Kansas is 10% cheaper than the national average, helped by much more affordable housing than what the average American pays. Residents can exclude up to $10,000 per person ($20,000 per couple) of other types of retirement income. Although only 4.9% of its 1.9 million households hit the millionaire threshold, some of the cheapest home prices in the country help spread the wealth. N.J.'s cost of living is 13.4% higher than the U.S. average, according to C2ER. Average Household Income: $65,332. Texas is a place of extremes when it comes to taxes, too. Worth an estimated $1.2 . New York State has the third-most millionaire households in raw numbers after California and Texas. Breckenridge, Glenwood Springs and Boulder punch well above their weights in the millionaire rankings as well. Bridgeport, Hurricane, Dunbar: These cities arent just some of the best places to live in West Virginia. Check out his net worth and all of the other people on the list HERE .