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ND home to 40 'ultra-millionaires'

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region Park Rapids, 56470
Park Rapids Enterprise
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Park Rapids Minnesota PO Box 111 56470

If North Dakota's biggest millionaires wanted to gamble with their peers, they'd have a hard time getting a seat at the high-stakes table of ultra-high-net-worth millionaires in the country.

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That's because North Dakota has just 40 UHNW millionaires - those with a net worth of at least

$30 million. That's fewer than any other state.

They'd be sitting at a Corner Bar table with common-folk millionaires from Alaska (44), Delaware (55), Maine (82), New Mexico (125), Vermont (130) and South Dakota (142). Those seven states have the lowest number of UHNW millionaires. Together, they add up to just 618.

Consider how their chips would stack up against the table of the states with the highest number of UHNW millionaires:

# California: 9,872

# New York: 7,327

# Texas: 5,283

# Florida: 3,526

# Illinois: 2,446

# Michigan: 1,533

# Pennsylvania: 1,515

The rankings were done by Wealth-X, a financial company that calls itself the global leader in helping private wealth managers increase assets under management. Its blog is carried by Forbes.com.

In its latest report, it says that the top five states claim more than half of the nation's 55,000 net worth high rollers.

The top 11 states account for more than 65 percent of the country's ultra wealthy, according to the report. Besides the top seven (above), the top 11 includes: Ohio (1,267), Wisconsin (1,264), Connecticut (1,131) and New Jersey (1,090).

Minnesota comes in at 13th, with 1,058 ultra millionaires.

A report earlier this year by Phoenix Marketing International, a New York investment company, said North Dakota claims 9,051 millionaires, the lowest ranking in the nation. Millionaire households account for 3.42 percent of all households in the state.

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