When It Comes To Wealth, Where Does Montana Rank? (2023)

FAQs

When It Comes To Wealth, Where Does Montana Rank? ›

Montana is currently ranked 33^rd in the United States for its economic outlook. This is a forward-looking forecast based on the state's standing (equal-weighted average) in 15 important state policy variables.

According to Kiplinger, Montana is nowhere near the top. The figures, which are from 2020, show that Montana is ranked 41st when it comes to states with the most wealth. The data shows the following: In 2020 Montana had over 23 thousand millionaires.

Despite the hubbub about so many rich people moving to Montana, the fact remains that the majority of Montanans are not rich. In fact, our beloved state frequently ranks near the bottom for salaries in many industries.

The richest states in the US are New York, Massachusetts, Washington, California, North Dakota, Connecticut, Delaware, Alaska, Nebraska, and Illinois.

“Homes in the mountains serve as sanctuaries of privacy and security for newcomers and second homeowners,” says Philip White, CEO of Sotheby's International Realty. “The clean air and space are also a big draw.”

The cost of living in Montana is 2% higher than the national average. Housing is 5% higher than the national average, while utilities are 10% lower. When it comes to basic necessities such as food and clothing, groceries are around 2% higher than in the rest of the country, while clothing costs 2% higher.

Montana's low cost of living, low crime rates, and booming job market make it a favorite state for many families and millennials. The state's low property taxes, zero sales tax, and shorter commuting time make moving to Montana appealing to many people.

Montana can be a good state to move to for those who prioritize outdoor recreation, natural beauty, and a slower pace of life. The state offers abundant outdoor recreational opportunities, including skiing, hiking, and fishing, as well as stunning national parks and forests.

What is the #1 state to live in the US? ›

With excellent schools, low crime rates, and access to quality health care, Massachusetts offers a high quality of life. #1: California: California boasts a high quality of life for many reasons. For nature lovers, it has 9 national parks and 280 state parks.

California is home to the most billionaires — not just in the US, but in the world, according to Forbes. Los Angeles, in particular, is a hot spot. Some billionaires there have names that light up Hollywood marquees, like director Steven Spielberg.

California is the state with the highest GDP in the United States, with a GDP of $3.5 trillion. There are several reasons why California has the highest GDP in America. Firstly, the state has a diverse economy, with major industries including technology, entertainment, agriculture, and manufacturing.

Montana has a graduated individual income tax, with rates ranging from 1.00 percent to 6.75 percent. Montana has a 6.75 percent corporate income tax rate. Montana does not have a state sales tax and does not levy local sales taxes. Montana's tax system ranks 5th overall on our 2023 State Business Tax Climate Index.

Donald Trump ran unopposed in the Republican primary, and thus received all of the state's 27 delegates to the 2020 Republican National Convention.

Montana will achieve a population of 1,236,000 by the year 2040. And the largest city in Montana? That would be Billings, known since 1882 as “Magic City” for its booming growth. This growth continues today, and the city will stay the largest city in Montana for the next 20 years.

The airport's direct flights to San Francisco, Los Angeles, and Long Beach contributed to the ease of California residents moving to the greater Bozeman area. It's no surprise why so many people want to live in Montana.

Poverty rates were highest in the states of Mississippi (19.58%), Louisiana (18.65%), New Mexico (18.55%), West Virginia (17.10%), Kentucky (16.61%), and Arkansas (16.08%), and they were lowest in the states of New Hampshire (7.42%), Maryland (9.02%), Utah (9.13%), Hawaii (9.26%), and Minnesota (9.33%).

Which state has the most millionaires? ›

by state U.S. 2020. In 2020, California had the highest number of millionaire households in the U.S., with 1.14 million households having one million or more in investible assets.

Montana's cost of living is still affordable compared to the national average, but most essentials cost more than in Texas. These include groceries, healthcare, and housing.

When it comes to a sense of overcrowding due to visitors in 2021, residents expressed the highest level of agreement since the start of the annual survey nearly 30 years ago, with 56% of residents agreeing that the state is becoming overcrowded because of more tourists.

TAX-FRIENDLY RETIREMENT

Not only does this state have an overall lower tax burden than the rest of the United States, but its income tax rates are also capped at 6.65 percent. Certain amounts of social security payments and pensions aren't taxed, and there is no sales tax in Montana at all.

Montana is a western state known for its diverse wildlife terrain, including mountains, prairies and badlands. The state's economy largely depends on industries like tourism, agriculture, ranching, oil, mining and health care.

U.S News ranked Montana as 22^nd for healthcare quality and 13^th for quality of life.

Is Montana good for retirement? ›

Montana is moderately tax-friendly toward retirees. Social Security income is partially taxed. Withdrawals from retirement accounts are fully taxed. Wages are taxed at normal rates, and your marginal state tax rate is 6.75%.

“We realized no one had done a comprehensive quality-of-life comparison between states; other studies made comparisons across countries only.” Massachusetts and Minnesota were the two states with the highest living standards in the U.S., according to the study.

The cheapest states to live in are Mississippi, Oklahoma, Kansas, Alabama, Georgia, Missouri, Iowa, Indiana, West Virginia, and Tennessee. Mississippi is the cheapest state to live in in the US, with a cost of living index of 85. The second cheapest state to live in is Oklahoma, with a cost of living index of 85.8.

New York City came in at no. 1 on the list. The report found that from 2012 to 2022, the city had a 40% growth in its population of high-net-worth individuals. According to Henley & Partner's report, NYC is home to 340,000 individuals worth over $1 million, 724 centi-millionaires, and 58 billionaires.

Preliminary current dollar GDP estimates also released today for the full year of 2022 show the Texas economy grew to an estimated $2.36 trillion in size—up from $2.1 trillion in 2021. This represents an estimated growth rate of 14.8%, faster growth than the nation as a whole.

The economy of the State of Texas is the second largest by GDP in the United States after that of California. It has a gross state product of $2.355 trillion as of 2022. In 2022, Texas led the nation with the most companies in the Fortune 500 with 53 in total.

What state has the richest people? ›

According to Forbes, there are 179 billionaires in California, 130 in New York, 92 in Florida and 73 in Texas. Texas earns an extra jewel in its crown, considering the richest person in the U.S. and the world — Elon Musk — now calls the Lone Star State home.

According to the data, Helena Valley Northeast is the richest in Montana.

Bozeman is the city with the second most billionaires with the highest combined net worth in Montana. There is one billionaire in the city worth an estimated $2.8 billion.

Montana's natural beauty is unmatched

In fact, the Western state is consistently ranked as one of the most beautiful places to live by numerous lists. From the rolling grasslands to the craggy mountains, move to Montana, and you're sure to be surrounded by an abundance of natural beauty everywhere you look.

The Yellowstone Club in Big Sky, Montana. It's a private members-only community that is known for having its fair share of celebrity residents. Justin Timberlake and Tom Brady are two examples. Paradise Valley, south of Livingston, Montana is another place where quite a few celebrities own property.

1. Ireland [ GDP-PPP: 145,196 dollars, Population: around 49 Lakh 61 thousand] Foremost richest country in this significant list of wealthiest countries 2023 is Ireland. This small country became the most prosperous country in the world in 2023.

A trillion is such a huge number, followed by twelve zeros. That is one thousand times a billion (nine zeros followed by 1). Do you know that only 6 trillionaires ever lived on the face of earth? As of today, there are no trillionaires who live on earth.

What country has the most money? ›

Thus, the richest countries in the world are those with the highest GDP per capita. Currently, the richest country in the world in terms of GDP per capita is Luxembourg, with a GDP per capita of $135,700. Other wealthy countries include Bermuda, Ireland, and Switzerland, all with GDP per capita above $80,000.