North Dakota the Fastest Growing State for Millionaires

It may not come as a huge surprise to readers on this site, but the lucrative Bakken oilfield has made several North Dakotans very wealthy. According a study released by Phoenix Marketing International, North Dakota jumped from its ranking in the number forty-three (43) spot of millionaire households per capita in 2012 to twenty-nine (29) in 2013. That's faster than any other state in the U.S., and accounts for 13,494 millionaires. This significant injection of wealth has changed the landscape of the state in some ways, with specialty boutiques and high end retailers popping up in areas that likely wouldn't have made the cut in a market study several years ago. See more on how things are changing for folks living in North Dakota:

However, with the increase in some North Dakotans bank accounts, not everyone is changing.

Kevin Hullet, president of the chamber of commerce in Bismarck, was quoted in the Wall Street Journal: "the only way you know a Bakken millionaire is he'll be driving a new truck and might have taken his wife on vacation."

Percentage of Millionaires in the Top Five Oil Producing States
Percentage of Millionaires in the Top Five Oil Producing States

Other oil producing states also fared well in the study. Texas has the second highest number of total millionaires at 456,949. That translates to 4.89 % of the state's overall population and a increase of .16% from 2012. Louisiana also jumped significantly its 2012 ranking to number thirty-two (32). See below for detailed listing of millionaires per state, with a focus on the top five oil producing states in the country:

Harold Hamm On The Oil Boom & Energy Independence

Harold Hamm, CEO of Continental Resources, submitted an article touching on the importance of energy independence and horizontal drilling. You can read the full article at A few highlights and takeaways include:

  • He puts the innovation of horizontal drilling on the same level as landing on the moon and inventing the internet
  • Fracking is safe
  • Oil imports have dropped 26% since 2008
  • The U.S. is on path to overtake Saudi Arabia as the largest oil producer in 2017
  • Horizontal rigs running in the U.S. increased from 50 to >1,200 from 2000 to 2012

BP Statistical Review of World Energy Trends - Highlights

BP has published its annual statistical review of world energy trends for over 60 years. This year's report is as interesting as ever. A short video presentation and our takeaways are included below.

  • Global energy consumption growth slowed to just 1.8% in 2012
  • Energy efficiency improved at rates not seen in 30 years
  • Energy consumption in developed countries has fallen for 5 straight years
  • Saudi Arabia, UAE, and Qatar produced record levels of oil in 2012
  • US saw the largest increase in oil production in the country's history
  • China consumed the majority of the world's coal for the first time
  • Nuclear power declined by more than 6% in 2012 (largest drop ever)
  • China increased hydroelectric power generation by more than 22%
  • Biofuels output declined globally
  • Solar output grew by more than 50%, but renewables only county for 2% of energy

P.S. The Bakken played a big part in helping grow U.S. oil production. Oil production in the play increased from more than 500,000 b/d at the beginning of 2012 to more than 800,000 b/d in early 2013.

If you are a stats junky, you might enjoy the "in depth" interview. It is a little longer - 9 minutes.