Mississippi Ranks Last in Total Number of Millionaires

It should come as no surprise that Mississippi, the poorest state in the union, also has the fewest millionaires in the country.  See recent report on the top and bottom ten states here.  Excerpt from report is below:

The Fewest Millionaires: Mississippi

If you’re ever in Mississippi, hide your fat wallet or you might make someone jealous. Just more than 3% of the households in this state qualify as millionaires, and the median household income is less than $40,000 a year. But while Mississippi may be one of the poorer states in the country, it’s also the most religious state according to our list, so perhaps they can chalk it up to living a more austere life.

Total number of millionaire households: 33,792

Percent of population that are millionaires: 3.06%

Median household income: $37,818

Some of the richest people in the state are Leslie Lampton at 2.4 billion. She made her money as Chairman of the Ergon energy company. And Richard (Dickie) Scrugs a billionaire lawyer who made his money off of the medicaid tobacco lawsuit in the 90’s and off of tort espestos cases. His net worth sits at an estimated 1.7 billion and in 2000 he was convicted of bribing a federal judge and only recently released.

Now you probably realize that people with these large sums of money need estate planning done for them by a lawyer. But what you might not know is that often times regular people such as yourself can also benefit greatly from estate planning whether it be avoiding a costly probate process, ensuring that grandma can get on medicaid and still pass on her inheritance, VA benefits, or even just basic wills call the Morton Law Firm for all you estate planning needs at 601 925 9797.

About Ronald Morton

Ronald Morton is a Certified Elder Law Attorney practicing in the areas of wills, trusts, estate planning, probate and estate administration, asset protection planning, Medicaid planning, and Veterans benefits law throughout Mississippi.

Leave a Reply

Your email address will not be published. Required fields are marked *

Share your comments & opinions: