It’s no secret that there’s a lot of money in New Jersey. One way to determine just how much is to determine the number of “penta-millionaire” families, households with more than $5 million in investable assets or liquid wealth, according to the 2017 Phoenix Wealth & Affluent Monitor (W&AM).
Of course, penta-millionaires are likely to be hardest hit by the GOP tax reforms, a tough break to those well-heeled living in a blue state. Right? Well, according to the W&AM, nine of the top 10 states with highest concentration of penta-millionaires are blue states: New Jersey, Maryland, Connecticut, Hawaii, Massachusetts, New Hampshire, Virginia, Delaware, California. Alaska is the only red state in this group.