America is minting millionaires.

The total number of households in the United States with over $1 million in investable assets has increased by more than 530,000 in the past year (through mid-2018), according to data released Tuesday by the annual Phoenix Wealth & Affluent Monitor, which tracks high net-worth households. And since the financial crash, that number has increased by more than 2 million.

“The 7% rise in millionaire households in 2018 is the strongest rate of growth in that market since the financial downturn ten years ago,” David M. Thompson, the managing director of the Phoenix Affluent Practice, said in a statement. He tells Marketwatch that the markets are likely a big factor: “We see a strong correlation between growth in high-net-worth [households] and growth in the S&P 500 SPX, +1.05% , ” he explains.

Other research bolsters these findings: A 2018 report from research firm Spectrem Group, which measured the number of millionaires in 2017, found that there were more than 11 million households worth at least $1 million, a number that had climbed by nearly 700,000 from the year prior and was up significantly since the recession. George H. Walper Jr., the President of Spectrem Group, attributed that growth to “the combination of record financial market performance and accelerating economic growth.”

In some states, the percentage of the population who are millionaires is particularly high, according to Phoenix’s research. “For the first time since 2010, Maryland is no longer the top state for millionaires per capita, having been supplanted by New Jersey,” the report revealed. Thompson says that New Jersey — which is almost always in the top three states — likely took the lead because income and employment in the state saw “strong gains.” Here are the top 10 states for millionaires per capita.

Top 10 States for Millionaires Per Capita

Rank State $1mm+ investable assets Ratio millionaires to total households Change since 2017 ranking 1 New Jersey 293,992 8.95% +1 2 District of Columbia 28,325 8.94% +9 3 Connecticuit 122,045 8.89% Unchanged 4 Maryland 200,074 8.85% -3 5 Massachusetts 230,932 8.6% +1 6 Hawaii 41,063 8.48% -2 7 New Hampshire 42,669 7.98% Unchanged 8 California 1,042,027 7.78% +2 9 Alaska 21,169 7.71% -4 10 Virginia 248,958 7.66% -2

Source: Phoenix Wealth & Affluent Monitor

Other states, of course, fare less well.

Bottom 10 States for Millionaires Per Capita

Rank State $1mm+ investable assets Ratio millionaires to total households Change since 2017 ranking 41 South Carolina 96,084 4.83% +3 42 Montana 21,530 4.83% -2 43 Indiana 122,974 4.77% -5 44 Oklahoma 73,325 4.75% -5 45 New Mexico 37,520 4.64% -4 46 Alabama 87,849 4.55% +1 47 Idaho 28,928 4.53% -2 48 Kentucky 77,671 4.38% Unchanged 49 Arkansas 45,985 3.89% Unchanged 50 West Virginia 29,031 3.84% Unchanged 51 Mississippi 41,685 3.68% Unchanged

Source: Phoenix Wealth & Affluent Monitor

* the ranking is to 51 as District of Columbia is included in the study

Just because there are a rising number of millionaires doesn’t necessarily mean all Americans are better off. Indeed, income inequality may be rising: The Economic Policy Institute, a progressive think tank, notes that “the share of all income held by the top 1% in recent years has approached or surpassed historical highs.

This comes as affluent households own more stocks — which have grown in value significantly in recent years — while other households don’t. As Daan Struyven, a senior economist at Goldman Sachs, said in a recent research note: “The wealthiest 0.1% and 1% of households now own about 17% and 50% of total household equities, respectively, up significantly from 13% and 39% in the late 1980s.”