BUSINESS
09/09/2013 12:36 pm ET

New Jersey Has A 25 Percent Poverty Rate And A Huge Percentage Of Millionaires Too

AP

TRENTON, N.J. — A new report claims one-quarter of New Jerseyans are living in poverty.

The study released Sunday by the Legal Services of New Jersey Poverty Research Institute concludes that more than two million people in New Jersey are struggling to meet their basic needs. Their numbers have increased since the beginning of the economic recession by more than 300,000.

The poorest county is Passaic, followed by Cumberland, Essex and Hudson, according to the report.

But the Garden State is also home to a huge number of wealthy families. According to CNBC, millionaire households accounted for 7.2 percent of all homes in 2011, the third highest such rate in the country. In total, the state hosted 231,456 millionaire households that year -- over 30,000 more than it did in 2009.

Nationally, the poverty line is defined as about $23,000 for a family of four. But the New Jersey study puts the threshold at double that number because it says New Jersey's cost of living is significantly higher than the national average.

The report also finds that children and Hispanics have suffered the most from increasing poverty.

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