You are using an older browser version. Please use a supported version for the best MSN experience.

Millionaires in America 2020: All 50 states ranked

Kiplinger Logo By Dan Burrows of Kiplinger | Slide 2 of 52:  Millionaire households: 47,279 Total households: 1,131,470 Concentration of millionaires: 4.18% Rank: 51 (Unchanged from last year) Median income for all households: $44,717 (U.S. median: $61,937) Median home value: $123,300 (U.S. median: $229,700)  Mississippi consistently ranks as the state with the lowest concentration of millionaire households per capita in the U.S., but don't feel bad for the Magnolia State. Thanks to low consumer prices and light taxes, Mississippi also is the second-least expensive state. Mississippi's cost of living stands at 14% below the national average, according to the U.S. Bureau of Economic Analysis. In an extreme example, Tupelo is one of the 10 cheapest cities in the U.S. Mississippians also enjoy some of the lowest property taxes in the nation, and its income tax levy, already fairly low, continues to shrink. That means everyone's paycheck, whether they're a millionaire or not, goes further than it does elsewhere. SEE ALSO: 50 Top Stock Picks That Billionaires Love

51. Mississippi

Millionaire households: 47,279

Total households: 1,131,470

Concentration of millionaires: 4.18%

Rank: 51 (Unchanged from last year)

Median income for all households: $44,717 (U.S. median: $61,937)

Median home value: $123,300 (U.S. median: $229,700)

Mississippi consistently ranks as the state with the lowest concentration of millionaire households per capita in the U.S., but don't feel bad for the Magnolia State.

Thanks to low consumer prices and light taxes, Mississippi also is the second-least expensive state. Mississippi's cost of living stands at 14% below the national average, according to the U.S. Bureau of Economic Analysis. In an extreme example, Tupelo is one of the 10 cheapest cities in the U.S.

Mississippians also enjoy some of the lowest property taxes in the nation, and its income tax levy, already fairly low, continues to shrink.

That means everyone's paycheck, whether they're a millionaire or not, goes further than it does elsewhere.

SEE ALSO: 50 Top Stock Picks That Billionaires Love

© Getty Images

More from Kiplinger

AdChoices
image beaconimage beaconimage beacon