Tennessee is ranked 42nd on the list of US millionaires. But without a broad-based tax, rich people of Tennessee can keep more of their money compared to others from neighboring states.
There are more than 130.000 millionaire households in the state of Tennessee. This means that the house and its assets are worth at least $1 million. The concentration of millionaires to the total number of people in Tennessee is 5%, which is under the national US average.
Median home value
The median home value in the state is just above $170.000. This makes it one of the best states for first-time buyers who don’t need to save as much deposit for a bank loan to buy a house.
Median income per household
The median income per household in Tennessee is $52.000. This is also under the national average and you are expected to earn less here but at the same time, you also spend less than in states such as Indiana or Missouri.
Tennessee billionaires you might know
Thomas Frist is the richest man in Tennessee. He founded Hospital Corp and he is worth at least $13 billion. Fred Smith is worth at least $6 billion. He’s known as the founder of FedEx. In total, there are 9 Tennessee billionaires on the Forbes list.
These billionaires prove you can get rich in Tennessee. But it’s often a task of finding opportunity where you see it rather than the place you live. Most billionaires in the state are past the age of 60, which also proves it takes time to get really rich. Many of them run multiple successful companies and some of them have even inherited these large companies as is the case of Martha Ingram with Ingram Industries. Still, the state impresses with businesses such as the largest flooring company in the world.
