The Number of Millionaires in Maine Might Surprise You

While it’s fun to guesstimate and speculate, a recent report gives us a clear picture of just how many millionaires call Maine home.

They always say that your first million is the hardest to reach, and for those who achieve it, it’s a huge milestone. But the reality is, there are millions of folks who will never see that kind of money in their lifetime.

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So, given all of that, how can we know—or at least get an idea—of how many millionaires are living here in Maine?

Kiplinger’s report on millionaire households is based on data from Phoenix Marketing International, which tracked affluent markets by measuring investable assets like retirement accounts, stocks, bonds, and other financial holdings. To give a fuller picture, Kiplinger also includes U.S. Census Bureau figures on household income and home values, cost-of-living data from the Council for Community and Economic Research and the Bureau of Economic Analysis, plus tax information as of 2019.

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Well, with that in mind, based on the numbers we have, how many millionaires are able to call our Pine Tree State home?

There are just under 32,000 millionaire households in Maine, making up about 5.6% of the state’s 571,000 households.

However, Mainers overall still face higher-than-average living costs, with expenses running roughly 10% above the national average statewide.

Kiplinger’s report goes on to note that Maine remains one of the nation’s least tax-friendly states, adding to the challenges of living in ‘Vacationland.'

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And there you have it! According to the latest numbers, just under 32,000 households in Maine can claim millionaire status. Of course, from that time to now, the number could be even higher.

What are your thoughts on these numbers from Kiplinger? We’d love to hear from you! Feel free to join the conversation by messaging us on the app.

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