Tuesday, March 28, 2006

Where are the millionaires?

I thought I lived in a city with a lot of rich people, but I guess it could be worse: according to a recent survey, Manhattan is only #13 on the list of counties with the most millionaires. #1 is Los Angeles with 262,800 millionaires. New York (they seem to just be including the county that is Manhattan, not any of the boroughs) only has 62,773. Of course this could be a bit lower than reality because a lot of people pretend their legal residence is their weekend home outside the city to avoid taxes.
But the good news (well good in some ways, at least!) is that the number of households worth $1 million or more, excluding their primary residence, grew to 8.9 million, setting a new record.

5 comments:

IRA said...

Wow. Pretty eye opening. I live in Cook County. No wonder I sometimes feel as if I'm poor. LOL.

Anonymous said...

Where's Marin County, CA? Or Bergen County, NJ or Fairfield County, CT? What they should have is percentage of population which are "millionaires". This is why Palm Beach is lower than LA county. LA county probably has the most welfare cases in the country too.

Anonymous said...

I wonder how they count these millionaires? Do they randomly send a 1000 survey by mail and then projected the result based on population? If so how do they know that the people filling up the survey actually divulge the real networth? I read the reports too and I did't see the usual +/- statistical errors in the reports

Katie said...

Even more interesting would be the ratio of millionaires to non-millionaires. I'm thinking that a place like Montana has some rich and famous with ranches... yet the state doesn't even have a city with a pop. equal to LA's millionaires.

Nonetheless, thanks for the stats. I never would have guessed.

Bitty said...

Not that I would turn it down, but a million dollars isn't what it used to be!