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: