Approximately 5.4 percent of Massachusetts’ population is millionaires, good for sixth place nationally, as the total number of millionaires nationwide has fallen 14 percent, according to a recent study.

Hawaii had the highest percentage of millionaires per population this year, at 6.4 percent. Maryland, New Jersey and Connecticut were second, third and fourth at 6.3 percent, 6.2 percent and 6.2 percent, respectively, while newcomer Virginia rounded out the top five at 5.5 percent.

Virginia ousted Massachusetts for the fifth spot, as the Bay State slipped one spot in the rankings, to sixth this year from fifth in 2008.

The study was conducted by The Phoenix Affluent Marketing Service, a Phoenix Marketing International practice.

"While the top states in millionaire percentages were little changed from the previous year, overall, the market downturn has taken its toll on the ranks of millionaires in most states," said David Thompson, managing director of the Phoenix Affluent Market. "Since June of 2007, we estimate that the number of millionaires nationally has declined by 14 percent."

Phoenix estimated there are now about 5.1 million households in the U.S. that qualify as millionaires, down from nearly six million two years ago. The company defines a millionaire household as one with $1 million or more in investable or liquid assets (excluding sponsored retirement plans and real estate).