Are millionaires fleeing the state because of high taxes or are there fewer of them due to a dragging economy and poor real estate market? That may depend on your point of view after reading a report by Phoenix Marketing International, which showed that 232,514 households in New Jersey, or more than 7 percent, have investable assets of more than $1 million.
The state was ranked third in the country, behind Maryland and Connecticut and just ahead of Hawaii and Alaska, with the highest ratio of millionaires.
Assembly Republican leader Jon Bramnick (R-Morris, Somerset and Union) seized on the study to issue a statement that it proved “10,000 top earners” were fleeing the state. “For years, Republicans have said that raising taxes hurts job creation and our economy. Today’s report supports that claim.”
New Jersey’s number of millionaires did dip slightly this year but has remained fairly stable since 2011 when there were 231,456 millionaires. In 2010, the entire country was in the doldrums and the number was 212,396. At that time, New Jersey, as in 2014, was ranked third in the country in terms of wealthy residents.