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Being rich isn’t just about how much you earn or inherit. It also depends on where you live. In some places, the wealthy can get more bang for their bucks for a variety of reasons.
In a new study, MoneyRates.com ranked the best and worst states to live in when you’re rich, taking into account three factors:
- The average income of the top 10 percent of state residents
- State income tax rates
- Property crime rates
The results might surprise you. For example, Washington state has the eighth-highest rate of earnings in terms of the top 10 percent and it has no state income tax. When it comes to property crimes, however, you’re twice as likely to be victimized in Washington as in New York or New Jersey.
Mississippi has the lowest top-tier earnings level in the country, with an average annual income of $66,740. Yet it’s not ranked as the worst state to live in if you’re rich.
Which one is? We’ll get to that. But we’re starting with the 10 best places to be wealthy.