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Sat January 18, 2014
It's a tough time to be a millionaire in Michigan
A report from the Phoenix Global Wealth Monitor says Michigan had fewer millionaires in 2013.
Michigan had around 170,000 households with more than a million dollars in investable assets. But that's 10,000 fewer than in 2012. Michigan's top year was 2007, when it had more than 214,000 millionaires.
David Thompson is Managing Director of Global Wealth Monitor. He says Michigan's wealth stability is more vulnerable than other states like New Jersey or Maryland with strong centers of wealth creation.
“And then you have states that really aren't, or don't have that wealth-building engine that is very persistent on a year to year basis,” says Thompson, “Michigan and many other states kind of fall into that camp.”
Thompson says a decrease in millionaires does not indicate a long-term trend as rankings often shift from year to year.