How Many Millionaires Live in Iowa
The latest public data indicates that Iowa has roughly 43,000 millionaire households, placing it in the middle tier of U.S. states by count. This figure is based on the most recent Survey of Consumer Finances and regional wealth estimates from research firms that track household net worth across the country Forbes. A millionaire household is defined as one where the combined net worth of all members exceeds one million dollars, excluding the primary residence.
Iowa's millionaire population represents about 3.5% of all households in the state, which is below the national average of roughly 5.5%. The state's relatively low cost of living and strong agricultural economy help concentrate wealth in rural and small-town areas, while metro regions like Des Moines and Iowa City add to the total count Forbes Advisor.
What Net Worth Defines a Millionaire in Iowa
Net Worth Threshold
The standard definition of a millionaire is an individual or household with a net worth greater than one million dollars, calculated by subtracting all liabilities from all assets. In Iowa, this threshold is the same as in other states, but the purchasing power of that net worth is higher because the cost of living is below the national average.
Asset Composition
For most Iowa millionaires, the bulk of their net worth comes from home equity, retirement accounts, and ownership stakes in private businesses, especially in agriculture and manufacturing. Investment portfolios, business cash reserves, and real estate holdings outside the primary home make up the remainder of their reported assets.
Iowa Millionaire Households Compared to Neighboring States
Iowa's millionaire household count is lower than Minnesota and Nebraska on a per-capita basis, but it is higher than several other Midwest states with similar population sizes. The state ranks roughly in the middle third nationally for millionaire density when adjusted for total households Forbes.
Des Moines, the state capital, contains the largest share of Iowa's millionaire households, driven by finance, insurance, and healthcare sectors. Other cities such as Cedar Rapids, Davenport, and Iowa City each contribute a meaningful number of high-net-worth residents, reflecting the state's diversified economic base Forbes Advisor.