If I asked you “Which state has the highest % of millionaires?” the first state that comes to mind is likely California. So, you may be surprised to see that Maryland has the highest percentage of millionaires (7.87% of population), followed closely by New Jersey. The data is from an Inc article and millionaire is defined as having $1M+ in investable assets, not including a home, pension or business partnership. Using this measure, 5.8% of Americans are millionaires. It’s interesting to combine this information with cost of living data into an overall profile of each state as I did in this scatter chart.
I created this scatter chart using the data featured in a table in the Inc article. You can see that the wealth measure for states on the X axis ranges from just above 4% in Mississippi to nearly 8% for Maryland and New Jersey. Cost of living on the Y axis has a much wider range from 19% below the national average for Mississippi to 56% above for D.C. Most of the states are in the bottom left quadrant with below average cost of living and wealth or in the top right quadrant with above average cost of living and wealth. Virginia is the state with the highest wealth that also has a below average cost of living.
How I Created This Scatter Chart
- I created an Excel spreadsheet with the states as rows and a column for % of millionaires and cost of living and entered the data from the article. I used state abbreviations instead of names to make the chart easier to read.
- Next, I inserted a scatter chart into a PowerPoint slide and copied the data from Excel and pasted it into the chart data sheet.
- While in the chart data sheet, I entered the region for each state in the Marker and Regression Group column.
- By selecting Chart from the Mekko Graphics ribbon, I added vertical and horizontal quadrant lines to the chart. I manually selected the horizontal quadrant line value of 0.
- Under Series, Style tab, I chose the marker colors for each of the regions.
- I added titles for the X and Y axis by choosing Axes from the ribbon. On the Y axis tab, I also chose to hide the dotted line at 0.
- Then, I added an axis break to the Y axis by right clicking on the axis. I adjusted the size of the axis break by dragging the dotted lines on either size of the break.
- I added a legend to the chart by clicking on Legend in the ribbon.
- Finally, I manually adjusted the placement of some of the labels on the chart by dragging them.