New Research: Wyoming is One of the Best States to Be Rich
Making a lot of money can be great, but it's the ability to hold onto that money that makes you rich.
Can someone ask "Lifestyles of the Rich and Famous" to come to Wyoming? Even though the show doesn't exist anymore and Robin Leach has moved on to a new show on the Cooking Channel, Wyoming could be featured. The big earners in the Cowboy state are actually able to hold onto their money.
This is according to research done by Money-Rates.com and published in their list of the Best and Worst States to be Rich.
First let's look at their definition of "rich." They set what they consider an "attainable level" for every state. To put it simply, the rich are considered "those with incomes in the top 10 percent of their peers." So these people are considered rich when compared to the rest of the state.
Money Rates looked at variables like how much the top 10 percent earn in each state, how much they retain after taxes (a.k.a. are they still rich?) and also security of property, which can cost you a pretty penny if compromised. That being said, Massachusetts came in at number one as the best state to be rich in. On the other side of that coin, South Carolina was dead last making them the worst state to be rich in.
Wyoming came in at number 7 on the list putting us among the best.
Money Rich credited Wyoming with having low rates of property crime, in addition to having high income earners. However, it was the absence of earned income taxes that really solidified our place in the top ten. According to Money Rate, one of our wealthiest residents is the man who inherited the candy firm Mars Inc., John Mars.