Study: Arizona ranks in bottom 10 states for financial success
Aug 30, 2016, 11:01 AM
(AP Photo)
(AP Photo)
A new study by a financial institution ranking the success of each state has placed Arizona in the bottom 10.
The study from GoBankingRates ranked Arizona No. 42 and took into consideration factors such as average income of the top 1 percent and 99 percent, the population of each class and the overall poverty rate.
After New Mexico, Arizona has the greatest income inequality between the top and bottom earners, according to the Center on Budget and Policy Priorities. Although the state has more than 100,000 millionaire households, one-third of its population is in the lower class.
According to the study, Arizona has nine billionaires and 4.43 percent of total households in the state are owned by millionaires. The average income of the bottom 99 percent in the state is $38,354.
Connecticut, Maryland, New Jersey, Massachusetts and New Hampshire were the top five states.
