Millennial investors in this state have the highest liquid net worth: survey


Space Needle and Mount Baker, Seattle.

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The kids are all right in Washington state.

At least that’s what Wealthfront, an investment management firm that provides robo-advisor services, found when it analyzed 201,486 of its clients across the country over the course of the year.

Millennial investors — that is, individuals born between 1980 and 1994 — residing in the Evergreen State have a median liquid net worth of $112,618, Wealthfront found. 

The firm defined “liquid net worth” as the sum of a client’s Wealthfront accounts, plus the external bank accounts and other holdings that the client has linked back to the company.

Wealthfront adjusted the liquid net worth for the cost of living in each of the locales.

The top industries in which these investors work are technology, health care, education, finance and government, he said.

Washington state has two major factors working in its favor when it comes to attracting high-earning millennials.

First, it’s home to tech giants, providing strong employment prospects for people in that field. Amazon is based in Seattle, and Facebook has an outpost there. Meanwhile, Microsoft is based in Redmond.

Further, Washington state doesn’t levy a personal income tax, so workers there get to keep a few more dollars in their pocket.

Here are the other four states where millennials had the highest median liquid net worth. “We tend to see these states as places where a subgroup of millennials exists,” said Shay Vyas, a spokesman for Wealthfront. “They’re happy with their careers and finding success.”

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California

Sunset on a beautiful day at Santa Monica Beach with Santa Monica Pier in the Background. Captured in November

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Young investors in the 39-and-under crowd who reside in California have a median liquid net worth of $108,743, Wealthfront found.

Major employers in the Golden State include the Naval Base in San Diego and the University of California, Los Angeles Health System.

Personal income taxes in California are among the highest in the country, with a top rate of 13.3%.

Massachusetts

People running near Boston Harbor and Financial District at sunrise in Boston, Massachusetts.

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Millennial clients residing in the Bay State have a median liquid net worth of $88,053, according to Wealthfront’s analysis.

Large employers in Massachusetts include cloud computing firm Akamai Technologies and HubSpot, a provider of marketing software. Both companies are based in Cambridge.

The top personal income tax rate in Massachusetts is 5.05%.

Illinois

The raised Dearborn Street Bridge in Chicago, Illinois.

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Coming in fourth place is Illinois, where Wealthfront’s young investors have a median liquid net worth of $87,411, the firm found.

Large employers in the state include Abbott Laboratories in Abbott Park and Northwestern Memorial Healthcare in Chicago.

The top individual income tax rate in Illinois is 4.95%.

New York

Advertising billboards seen in Times Square, New York City

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