Delaware ranks ninth in the percentage of millionaires, according to a report from Phoenix Marketing International.
The report showed the first state finishing just ahead of 10th place California. Neighboring Maryland ranked first on the list, with Mississippi in last place.
Delaware has more than 24,000 millionaire households or about 6.6 percent of total households.
According to the study, the richest Americans are overwhelmingly concentrated in states that were carried by Democrats in at least three out of the four past presidential elections.
The impact of the GOP tax bill, which puts new limits on itemized deductions of state and local income and property taxes, or mortgage interest, will have a greater impact on wealthy residents in blue states, such as Delaware, according to Phoenix.
The report, which recordeda gain in the number of millionaires in Delaware since 2016, seems to show the state’s richest residents are not fleeing to states, like Florida, which do not have an income tax.
Millionaires in Delaware do benefit from low property taxes and no sales tax.
Bills have been proposed in the past couple of years to increase the tax rate for the state’s richest residents. However, the legislation has gone nowhere in the General Assembly.