Not only does Oklahoma boast a cost of living that's 11.6% below the national average, but its largest city offers remarkably affordable prices for its size. How does your net worth compare to the fortunes of the wealthiest people in Georgia? Kennedy is chairman of Cox Enterprises. Total Money Donated so far is $5 million. When people think about Rhode Island and millionaires, Newport and its grand 19th century mansions naturally come to mind. He is an American businessman as well as philanthropist. Both median income and home value are well above national averages in Colorado, as is the cost of living, albeit only by 1.9%. Like we said earlier, when we set out to identify the richest places in Georgia, we werent sure what wed encounter, but it ended up being some of the best places to live in Georgia. Maine is one of Kiplinger's least tax-friendly states, Nevada is one of Kiplinger's most tax-friendly states, Kiplinger's top 10 most tax-friendly states. The average property tax on a $400,000 home in New York is about $7,246, which is the fourth-highest average in the country. His father, Cuffee Slocum, was a freed slave, and his mother was a Native American named Ruth Moses. Stephen Bisciotti, owner of the NFL's Baltimore Ravens, is the state's richest citizen with a net worth of $4.4 billion. 12 (tie). Easing the sting of taxes a bit is a cost-of-living index that's 10.8% lower than the U.S. average. More happily for everyone, folks who call the Pelican State home enjoy a cost of living that's 10.9% below the national average. For the fourth year in a row, UGA raised more than $100 million in private gifts ($110.8 million). The state levy for sales tax is 2.9%, but localities can add as much as 8.30%. Property taxes are quite low, but sales taxes take a toll. Social Security, military, civil-service, and state and local government pensions are exempt from state income taxes. However, as Chart 2 illustrates, the vast majority of millionaire tax returns (86 percent) were . . Nearly one-third of millionaires live in a zip code where home values are below the national median average. Athletes and sports competitors, surgeons and CEOs are among the state's best-paid residents. The world's richest person, as calculated by Bloomberg, is no surprise: It's Amazon's founder Jeff Bezos. Sure, median income is below the national level, but the cost of living is 11.2% below the national average. To see which cities are the wealthiest in Georgia for 2023, take a look at the list below. The 2019 dividend was $1,606. After all, rich people have really high salaries. By Kyle Woodley But more than 1 in 20 households have at least $1 million in investable assets. Ernest Garcia II, who made his fortune in used cars and auto loans, tops the list with a net worth of $6.6 billion. Folks also save on utilities and groceries. No wonder Massachusetts has a cost of living 22% higher than the national average, according to C2ER. From Hilton Head Island to the Midlands region to the Blue Ridge Mountains, South Carolina has something for everyone. But it's worth noting that the city of Wilmington taxes wages of everyone who lives or works there at 1.25%. Wyoming's famed Jackson Hole valley, with three major ski resorts and an abundance of other year-round recreational activities, also is a mecca for millionaires. Indeed, Juneau, the state capital, has the third-highest concentration of millionaire households among the country's "micro" areas. 13 Dividend Stocks That Have Paid Investors for 100+ Years. The Great Lakes State is home to 11 billionaires, led by Hank & Doug Meijer, whose supermarket empire gives them a net worth of $10.3 billion, according to Forbes. Housing costs in Ohio are relatively low, but the state's average property tax bill isn't. However, we dont believe that one statistic wholly encompasses what it means to be one of the richest places. And like Patch on Facebook!). Learn about careers at Cox Media Group. West Virginia benefits from natural resources such as gas and coal, and it collects significant severance taxes from them. John Menard, Jr., founder of the Menards home improvement chain, is the state's richest resident with a net worth of $18.8 billion. The Ocean State's sales taxes lean high (and are above its neighboring states), but the income tax bite is modest. Cusseta-Chattahoochee County Unified Government, Athens-Clarke County Unified Government (Balance). Note: Data is from the 2015 United States Census Data and the 2006-2010 American Community Survey 5-Year Estimates. Although Virginia's D.C. suburbs are among the more expensive places to live in the U.S., the state as a whole isn't unaffordable. Fortunately, for rich and not-so-rich alike, Idaho's overall cost of living is 7.5% below the national average. By Jeff Reeves South Dakota is one of the most tax-friendly states on the whole. The Facebook post says that 50% of Congress is made up of millionaires, compared with only 1% of America as a whole. Now, its not lost on us that there are multiple cities on our ten best cities to live in Georgia for 2023 that are also on our richest list. New Mexico is a land of stark contrasts when it comes to its millionaire population. Tiny Vermont has just 16,411 millionaire households, and the Green Mountain State is one of the tougher states when it comes to taxing millionaires. Helpfully, South Dakota ranks second in the U.S. for fiscal soundness, according to a recent report from George Mason University's Mercatus Center. The second richest person in the world as listed is Bill Gates, with a fortune of $108 billion. Fast forward some 100 years to 2021: as the COVID-19 pandemic continued to rage, a record-breaking 660 people became billionaires globally, growing the previous year's number by 30%. Affordability is the main factor. But there are some locals who made the list. For the second year in a row, New Jersey is the top spot for millionaires per capita in the U.S. Like Connecticut, New Jersey has a high concentration of millionaires largely thanks to its proximity to New York City. He believes the key to finding the right place to live comes down to looking at the data, reading about things to do, and, most importantly, checking it out yourself before you move. Richest billionaires in Georgia The first billionaire ever is thought to be Standard Oil magnate John D. Rockefeller back in 1916, or perhaps Henry Ford in 1925. Most states exempt food and drugs from their sales tax, but that's not the case in Illinois. Nike (NKE (opens in new tab)) founder Phil Knight is the state's richest person with a net worth of $38.6 billion. The greater D.C. area is a magnet for the highly educated seeking high-powered jobs. Property tax rates in South Carolina are low too. 21 Stocks Warren Buffett Is Selling (And 1 He's Buying). As much as Seattle is associated with Washington State, millionaires also can be found outside the Emerald City that Bezos and Gates call home. The small town of Edwards, for example, is bristling with millionaires thanks to nearby world-class ski resorts such as Vail and Beaver Creek. Randall Rollins, the chairman of Rollins pest control, had a net worth listed as $3.6 billion. North Dakota is one of the nation's tax-friendliest states. 76% of millionaires in the U.S. are white, and white people account for 60% of the total U.S. population. The flip side is that Tennessee has the highest combined sales-tax rate in the nation, according to the Tax Foundation. Georgia is home to 13 billionaires, according to Forbes' 33rd annual ranking of the world's billionaires released Tuesday. And property taxes, particularly in Detroit, are steep. All rights reserved. For example, groceries alone cost 39% more in Juneau. And yet, happily, you don't have to be a millionaire to enjoy its many pleasures. The state also is among the most tax-friendly for retirees. There are 1.2 million households in the top 1% of net worth and over 96% are white (1,152,000). Kansas has more than 66,000 millionaire households out of a total of about 1.1 million households, but the state is known more for affordable living than for conspicuous consumption. Obstetricians/gynecologists and orthodontists are the best-paid professions in the state. Laconia and the state's famed Lakes Region benefits from its popularity as a tourism hub. Overall, the cost of living in the Last Frontier is 24.4% higher than the national average. And although median income is 24% below the national level, home prices are a whopping 42% cheaper than the U.S. median. AI stocks have been bloodied up in recent months, but the technology's relentlessly growing importance should see the sun shine on them again. Overall, the cost of living in the Yellowhammer State is 13.6% below the national average. No wonder that top-paying jobs in the Cowboy State include engineering managers and industrial production managers. Thanks to low consumer prices and light taxes, Mississippi also is the second-least expensive state. More than 6% of Arizona's households have at least $1 million in investable assets. There are fewer than 32,000 millionaire households in Maine a state in which rich and poor alike face relatively high living costs and taxes. The Palmetto State extends some real Southern hospitality, offering a charming collection of income tax breaks. It should come as no surprise that a tropical paradise would be a magnet for millionaires. So you can have high confidence that it can keep up with short-term expenses and long-term financial obligations. But if you're a retiree, Georgia's taxes aren't nearly so onerous. Connecticut Florida is well-known for its absence of a state income tax, which helps put it into Kiplinger's top 10 most tax-friendly states. Michigan doesn't have the highest concentration of millionaires in the country, but it is certainly well-stocked with billionaires. Torrington, the largest town in Litchfield County which has long been a popular retreat for Manhattan's wealthy and chic looking for a remote, mountainous getaway also has more than its fair share of the well-to-do. The second richest person in the world as listed is Bill Gates, with a fortune of $108 billion. Taxable income over $40,000 is taxed at a steep 6.5% tax rate (the top rate of 8.95% is reserved for taxable income over $1,000,000). In a notable downside for retirees of all means: Missouri ranks 39th in the nation for senior health, according to America's Health Rankings (opens in new tab). Property taxes are middle of the road, and the state scores well for fiscal stability, indicating that it will be able to stay tax-friendly in the future. The tax rate for 2018 was 5.49%; in 2019 it dropped to 5.25%. The richest person in Georgia is Jim Kennedy, with a net worth of $9.2 billion. Rich people not your cup of tea? Statewide, the cost of living in Kansas is 10% cheaper than the national average, helped by much more affordable housing than what the average American pays. Property taxes are in line with the national average, but Florida's gas tax is the 10th-highest state tax on gasoline in the country. Happily, Alabama is a tax-friendly state, especially as it pertains to retirees. The Golden State is home to the most millionaires in the nation, at more than 1 million households, and claims four of the top 10 metro areas with the highest concentrations of millionaires. The cost of living in the Nutmeg State is 19% greater than the national average. Median incomes and home values aren't too far below national levels. It added a new top income tax rate of 9.85% in 2013. World-class ski resorts and luxury shopping are the main draw. Alabama is another state where you don't need a million bucks to live well. If youre curious enough, here are the poorest cities in Georgia, according to data: Poorest: Cordele2nd Poorest: Camilla3rd Poorest: Swainsboro. the Mountain State's median real estate taxes are among the lowest in the U.S. the tax on Social Security income is in the process of being phased out, the situation for Kentucky residents is mixed, property taxes that are among the lowest in the country, Montana taxes virtually all forms of retirement income, Kiplinger's most tax-friendly states for retirees. Besides the obvious: high paying jobs, safe cities and neighborhoods, gold star schools, and high-end amenities, we know that the one percent like to be catered to on a different level. By Karee Venema The industries with most billionaires are media and entertainment, food and beverages, fashion and retail, and service. Unhappily, taxes and expenses in the Ocean State are on the high side too. The consent submitted will only be used for data processing originating from this website. Folorunsho Alakija: $1.1 billion Alakija is vice chair of Famfa Oil, a Nigerian oil exploration company. UnitedHealth Group (UNH (opens in new tab)), 3M (MMM (opens in new tab)), Target (TGT (opens in new tab)) and General Mills (GIS (opens in new tab)) are just a few of the major firms headquartered there. The cost of living in Indiana overall is 10.7% below the national average. Only 1.4% of them are black (16,800). Harry Stine, the wealthiest person in Iowa with a net worth of $4.4 billion, made his fortune by licensing corn and soybean seeds to multinationals agribusiness companies such as Monsanto. But for more modest incomes, the impact is far milder. "While the total number of high-net-worth households grew, these increases were largely seen in the wealthiest states, reinforcing the broader ongoing wealth-gap issues the country faces," says Carl Uttaro, VP of financial services research at Phoenix MI. NY 10036. Ted Turner - Well know as CNN Founder, Total Money Give away so far for donation is $1 Billion. Taxes aren't overly onerous, at least compared to many of its New England neighbors.
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