New Research: Louisiana is One of the Worst States to Be Rich
Making a lot of money may seem great, but it's holding onto it that makes you rich.
Don't expect "Lifestyles of the Rich and Famous" to come to Louisiana. Despite the fact that the show doesn't exist anymore and Robin Leach has moved on to a new show on the Cooking Channel, it's apparently not ideal to live in Louisiana when you're rich. I don't know about you, but that's not cool.
This is according to research done by Money-Rates.com and published in their list of the Best and Worst States to be Rich.
First let's look at their definition of "rich." They set what they consider an "attainable level" for every state. To put it simply, the rich are considered "those with incomes in the top 10 percent of their peers." So these people are considered rich when compared to the rest of the state.
Money Rates looked at variables like how much the top 10 percent earn in each state, how much they retain after taxes (a.k.a. are they still rich?) and also security of property, which can cost you a pretty penny if compromised. That being said, Massachusetts came in at number one as the best state to be rich in. On the other side of that coin, South Carolina was dead last making them the worst state to be rich in.
Louisiana wasn't far behind, at number 48.
Money Rich credited Louisiana for having a "middle of the pack" ranking when it comes to taxes. However, it was the low scores when it comes to property crime rate and top-10 percent earnings that put us in the bottom 10 on the list. But who wants to be rich anyway... Am I right? *sigh*