For the third year in a row, Hawaii led the nation in number of millionaires per capita, according to an annual ranking by the Phoenix Affluent Marketing Service released today.

The Phoenix data shows that Hawaii again has the greatest percentage of millionaires when compared to their overall population.

About 6.9% of Hawaii’s households are millionaires. The survey defines a millionaire household as one with $1 million or more in investable or liquid assets. It does not include retirement plans and real estate.

After Hawaii, the top four were Maryland (6.8%), New Jersey (6.7%), Connecticut (6.7%) and Massachusetts (6.0%). These states have maintained their order of ranking since 2008.

“It is remarkable that the same four states have topped our millionaires ranking for three years running,” says David Thompson, Managing Director of the Phoenix Affluent Market. “However, Hawaii, Maryland, New Jersey, and Connecticut all share some important distinctions: they are small states with large concentrations of highly educated professionals and business owners which are key ingredients to growing wealth.”