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

Montana has a long history of wealth, from gold, to silver, to copper. Tens of thousands of folks have made their way here in hopes of striking it rich.

In fact, back in 1888, Helena had more millionaires per capita than any other city in the world, and it's reported that Butte at one time had a population of over 100 thousand. Things have certainly changed over the last several decades—while Montana still has its share of rich folk, it's not like it used to be.

So just where do we rank when it comes to wealth?

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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.
  • Over 5 percent of Montana's population were millionaires in 2020.
  • The median household income was 55 thousand in 2020.
  • The median home price in 2020 was just under 250 thousand.

We should keep in mind that a lot has changed in Montana since 2020. First, the medium home price is nowhere near 250 thousand. In fact, according to Zillow, the average home price in May of this year in Montana was just over 450 thousand dollars.

Golden coins isolated on black background


Much of that has been spurred on by the continuing migration of folks coming from other states, with many of them moving here to work remotely. Not to mention there have been a number of people that have decided to make Montana their part-time residence and have come here to purchase a second or even third home.

It would seem, based on the numbers, that while Montanans might not be overly wealthy, a lot of wealthy people live in Montana, at least part of the time.

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

Montana is currently ranked 33rd 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.

Is Montana the wealthiest state? ›

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.

Does Montana have a lot of wealth? ›

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.

What are the top 5 richest state in USA? ›

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

How rich is the state of Montana? ›

Download Table Data
StateGDP per CapitaGDP (millions $)
South Carolina$55,078295,880
48 more rows

Why are the rich moving to Montana? ›

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.”

What are 10 richest states? ›

The ten richest states in the US umUnion, measured by GDP, are:
  • New York – 1,705,127 million.
  • Florida – 1,111,614 million.
  • Illinois – 875,671 million.
  • Pennsylvania – 788,500 million.
  • Ohio – 683,460 million.
  • Washington – 632,013 million.
  • Georgia – 627,667 million.
  • New Jersey – 625,659 million.
Jan 18, 2023

Is Montana expensive to live? ›

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.

Why are people moving to Montana? ›

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.

Is Montana worth moving to? ›

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.

What state do the wealthiest live? ›

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.

Which state has the strongest economy in US? ›

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.

What is Montana upper class income? ›

Upper Class Salary in Montana
Annual SalaryMonthly Pay
Top Earners$79,738$6,644
75th Percentile$63,048$5,254
25th Percentile$36,160$3,013

Is Montana a high tax state? ›

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.

Is Montana a Republican or liberal state? ›

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

What is the booming city in Montana? ›

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.

Where in Montana are Californians moving? ›

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.

What are the disadvantages of living in Montana? ›

Cons of Living in Montana
  • Lack of Survival Skills in the Wild, Wild West. ...
  • Allergies to Snow or Cold Weather. ...
  • Lack of Other Montanans. ...
  • Californians Have a Longer Life Expectancy Than Montanans. ...
  • Hockey or Baseball…and That's About All the Sports Montana Offers. ...
  • There is Not a Trader Joe's and Barely a Whole Foods Market.

What's the poorest state in the US? ›

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.

What are the 10 poorest states? ›

Poorest US States
RankStateMedian Household Income 2021 (US dollars)*
2West Virginia$51,248
16 more rows
Apr 25, 2023

What is the best part of Montana to live? ›

The 10 Best Places to Live in Montana
  • Dillon. ...
  • Whitefish. ...
  • Missoula. ...
  • Glasgow. ...
  • King Arthur Park. ...
  • Butte. ...
  • Polson. With a population of just over 5,000 residents, you're not going to experience a big city lifestyle there. ...
  • Other Places We Considered: Four Corners.
Feb 28, 2023

What is a livable salary in Montana? ›

Living Wage Calculation for Montana
0 Children2 Children
Living Wage$15.72$24.69
Poverty Wage$6.53$6.67
Minimum Wage$9.95$9.95

Is Montana or Texas more expensive? ›

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.

Is Montana getting overcrowded? ›

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.

Why retire in Montana? ›


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.

What do most people in Montana do for a living? ›

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.

What is the most common job in Montana? ›

What Are the Most Popular Jobs in Montana?
  • Office and Administrative Support Occupations with 67,620 employed.
  • Sales and Related Occupations 49,960 employed.
  • Food Preparation and Serving Related Occupation 46,030 employed.
  • Healthcare Practitioners and Technical Occupations 29,340 employed.

What is the quality of life in Montana? ›

U.S News ranked Montana as 22nd for healthcare quality and 13th 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%.

What state has the best quality-of-life? ›

“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.

What is the number 1 cheapest state to live in? ›

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.

What are the three best states to live in? ›

Overall Rankings
  • #1. Utah.
  • #2. Washington.
  • #3. Idaho.
  • #4. Nebraska.
  • #5. Minnesota.

Where do most millionaires live? ›

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.

Where do most billionaires live? ›

The Top 10 Wealthiest Cities in the World in 2023
  • New York City. The Big Apple is home to 340,000 millionaires, 724 centi-millionaires, and 58 billionaires. ...
  • Tokyo. Tokyo has 290,300 resident millionaires, 250 centi-millionaires, and 14 billionaires. ...
  • The Bay Area. ...
  • London. ...
  • Singapore. ...
  • Los Angeles. ...
  • Hong Kong. ...
  • Beijing.

Which state has the fastest growing economy? ›

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.

Which US city has the strongest economy? ›

America's Economic Hubs
RankCityGDP (in thousands)
#1New York-Newark-Jersey City, NY-NJ-PA$1,992,779,274
#2Los Angeles-Long Beach-Anaheim, CA$1,124,682,354
#3Chicago-Naperville-Elgin, IL-IN-WI$764,583,227
#4San Francisco-Oakland-Berkeley, CA$668,677,573
130 more rows
Mar 9, 2023

Who is richer Texas or California? ›

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.

How many millionaires live in Montana? ›

RankStateNumber of millionaire households
48North Dakota20,002
49South Dakota18,905
47 more rows

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.

What is the richest city in Montana? ›

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

Who is the richest person living in Montana? ›

Forbes lists 4 billionaires in Montana.
  • #4. Linda Pritzker. - Net worth: $2.0 billion (#1,503 wealthiest in the world) ...
  • #2. Austen Cargill II (tie) - Net worth: $3.9 billion (#718 wealthiest in the world) ...
  • #2. Marianne Liebmann (tie) - Net worth: $3.9 billion (#718 wealthiest in the world) ...
  • #1. Dennis Washington.
Mar 3, 2023

Is Bozeman full of billionaires? ›

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.

What states are the easiest to get rich in? ›

Top 10 US Cities Where It's Easiest To Get Rich
  • Nashville, Tennessee. Median household income: $65,565. ...
  • Colorado Springs, Colorado. Median household income: $71,957. ...
  • Charlotte, North Carolina. Median household income: $68,367. ...
  • Austin, Texas. ...
  • Arlington, Texas. ...
  • Omaha, Nebraska. ...
  • Raleigh, North Carolina. ...
  • Forth Worth, Texas.
Mar 19, 2023

Where do the 10 richest people live? ›

The Top 10 Wealthiest Cities in the World in 2023
  • London. ...
  • Singapore. ...
  • Los Angeles. ...
  • Hong Kong. ...
  • Beijing. ...
  • Shanghai. ...
  • Sydney. ...
  • The fastest growing cities for the super-wealthy. The following major cities have experienced especially strong wealth growth over the past decade (2012 to 2022):

Is Montana worth living? ›

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.

Where do celebrities live in Montana? ›

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.

What is the richest state in the world 2023? ›

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.

Are there any trillionaires in America? ›

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.


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