South Dakota's Millionaire Numbers Drop
December 26, 2009, 3:21 PM
South Dakota has seen a decline in its number of millionaires since 2007. USD economics professor emeritus Ralph Brown says the decline in oil and gas prices after the state's ethanol boom might be a factor.
A study from Phoenix Marketing International shows the number of millionaires in South Dakota decreased by 1,917 since 2007. The decline echoes a national trend showing a 14 percent decline. The state rose to 41st in the nation with 12,151 millionaire households in 2008, but dropped to 47th this year with 10,646.
South Dakota Chamber of Commerce President David Owen says he believes many of the former millionaires in the state dropped in financial status because of economic volatility, especially when it comes to investments.
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