How Many Millionaires Are in South Carolina?

A “millionaire” is commonly defined as an individual whose net worth, which is the total value of their assets minus their liabilities, equals or exceeds one million U.S. dollars. This comprehensive calculation typically includes various assets such as real estate, financial investments like stocks and bonds, and other valuable possessions, while accounting for outstanding debts such as mortgages and loans. Data on wealth distribution is often compiled from sources like the Federal Reserve Board’s Survey of Consumer Finances (SCF) and administrative tax records.

Current Millionaire Count in South Carolina

South Carolina has seen a notable presence of affluent households. As of 2019, the state was home to 108,812 millionaire households, according to data compiled by Phoenix Marketing International. This figure represented a concentration of 5.40% of all households in South Carolina meeting the millionaire threshold at that time. While direct, more recent net worth millionaire counts for South Carolina are not consistently released on an annual basis, other indicators suggest a growing affluent population within the state.

For instance, U.S. Census data from September 2024 revealed a significant increase in high-earning households in South Carolina. In 2023, there were 177,314 households with an annual income of $200,000 or more, a classification often used by the IRS for high earners. This marked a substantial rise from 160,452 such households in 2022, indicating an upward trend in the number of financially robust residents.

Demographics and Distribution of Wealth in South Carolina

Wealth distribution within South Carolina is not uniform, with certain geographic areas demonstrating a higher concentration of affluent residents. The coastal regions, in particular, exhibit significant wealth. For example, Charleston County, Beaufort County, and Berkeley County were identified as some of the wealthiest counties in South Carolina based on 2025 data that considered property values, investment income, and median income. These areas often benefit from desirable amenities, strong real estate markets, and tourism.

Specific cities within these counties further highlight this concentration. Kiawah Island, a barrier island near Charleston, stands out with the highest median household income in the state, exceeding $216,750, and a mean household income of $366,392, based on 2022 Census data. Similarly, Sullivan’s Island, another affluent coastal community, reported a median home value exceeding $2 million, making it unique in the state. The growth of wealth in these areas is often linked to high property values and substantial investment returns. Many millionaires, both globally and in South Carolina, have accumulated their wealth through strategic real estate investments, which historically represent a significant path to financial accumulation.

South Carolina’s Wealth Profile in Context

South Carolina’s millionaire population and overall wealth profile reflect broader economic trends and specific state characteristics. The state placed 25th nationally among U.S. states in 2019. This suggests a moderate but growing presence of high-net-worth individuals. The state’s affluent demographic shows a clear growth trajectory.

This upward trend aligns with an increase in the state’s median household income, which rose from $64,115 in 2022 to $67,804 in 2023, according to Census data. Factors contributing to this growth include general economic expansion and potentially favorable tax policies, such as the state’s exemption of Social Security benefits from income tax and relatively low property tax rates. Such financial incentives can make South Carolina an attractive destination for individuals seeking to retain and grow their wealth. The state’s appeal is also enhanced by its desirable coastal and natural environments, drawing in residents who contribute to its expanding economic base.