The affluent are typically better insulated from economic downturns, but they can only absorb so much, said David Thompson, who oversees the report.

"Michigan has definitely taken a hit," said Thompson, who produces the report for Phoenix Marketing International in New York. "The economic circumstances in the state will always eventually have an impact on the number of wealthy households."

The survey of savings and investments - which doesn't include traditional pensions or real estate - estimates there are 6.1 million millionaires nationwide. Michigan was home to 170,000 of them last year, down from 180,000 the year before.

The state's per-capita rank fell to 37th from 27th over that time. That's a far cry from its heyday in 2007, when Michigan ranked 14th and had 214,000 households with $1 million or more in investable assets, the Phoenix Marketing Group found.
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In Birmingham, financial adviser William Messner has noticed clients leaving the state

Of course, this just wouldn't be a news article without tossing in some flapdoodle by a noted Corporate Welfare parasite and Common Core pimp.

Richard Studley, president of the Michigan Chamber of Commerce, said the overall findings don't square with population gains, increases to the state's per capita income and a host of other statistics showing Michigan has emerged from its 10-year funk.