Arizona’s tally of high-net-worth households fell sharply over the past year, according to a new study.
The report by Phoenix Marketing International showed Arizona in mid-2013 had nearly 108,700 households with at least $1 million to invest, representing 4.4 percent of all households in the state.
But that was down from 122,000 households, or 5 percent of all households in the state one year earlier, even as the national millionaire count rose.
Arizona ranked 34th for millionaires in the study. It’s lower, in 41st place, in terms of per-capita personal income as calculated by the Bureau of Economic Analysis.
Arizona was one of several states showing relatively large swings in the millionaire count between 2012 and 2013. In Arizona’s case, it could be due to the slow pace of economic recovery.
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“Arizona’s economy is starting to come around, but it’s taking a little longer than people thought,” said David Thompson, managing director of Phoenix Marketing International’s Global Wealth Monitor report.
Nevada suffered the biggest proportional millionaire drop, according to the study, which extrapolated data from more than 10,000 interviews and other information. Arizona was next, followed by Florida.
Arizona and most of the declining states were hard-hit by the housing slump. Some of the wealth gained from the real estate rebound hasn’t shown up yet in the millionaire count, since the report tracked net worths only through June 2013.
In contrast, North Dakota showed the biggest rise in millionaires on the heels of its energy boom.