New York falls in millionaire status

New York state has third-highest number of millionaires in the country, falling from its No. 2 slot last year, according to the I.R.S’s latest report. New York had 168,000 residents with a net worth of $1.5 million in 2004, the most recent year examined. Slightly less than 20 percent of New York’s net worth was in real estate, so the state may fall further due to the down market. California ranked No. 1 and Florida ranked No. 2, while Texas ranked No. 4.

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