10 States That Are Surprisingly "Rich" in Millionaires

There's a lot of conspicuous consumption in the U.S., but in reality, millionaires are actually pretty rare.

Only 5.8% of all American households have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships, according to Phoenix Marketing International, a firm that tracks the affluent market. Not surprisingly, the states with the highest concentrations of millionaires also tend to have some of the highest incomes, home values and living expenses in the country.

New York and California have lots of millionaires, you say? No kidding. They also have sky-high median household incomes and other pricey demographic indicators. What's more remarkable is when a state can manage to have a relatively high concentration of millionaires and relatively low costs at the same time.

Using data from Phoenix Marketing International and the U.S. census, we searched for states with median incomes and median home values well below national levels that still managed to support relatively high concentrations (at least 5%) of millionaire households.

Here's a look at 10 states with surprisingly high concentrations