8 U.S. Cities Attracting the Most Millionaires
Ever wonder where the country’s richest people are flocking to? Turns out, millionaires — defined as a person or married couple with a net worth greater than $1 million — prefer quaint suburbs and easy commutes. It also doesn’t hurt that some of these cities are home to fast-growing industries, such as the booming technology businesses in San Francisco. Here’s a look at eight U.S. cities that are comprised of the most millionaires.
1. New York
This city has the highest number of millionaires in the U.S. Even more interesting, according to data compiled by WealthInsight, is that it contains the second most millionaires in the world. How many millionaires could you expect to see here? According to The Guardian, 389,000.
“Aside from all the amazing cultural and artistic offerings, you have a concentration of business and finance people here that makes it extremely easy to get things done. Just look at how strong the luxury real estate market is, despite rocketing prices. This is a place people really want to be,” Jim Taylor, vice president of Harrison Group, a market strategy company that services the luxury industry, told the Daily News.
2. Los Alamos, New Mexico
With a metro population of 18,008, Kiplinger writes that this New Mexico town has the highest concentration of millionaires in the United States. What makes this city so attractive? It could be the National Laboratory, which is a research facility that focuses on national security. It also happens to be the area’s largest employer, drawing some of the world’s best scientific minds to Los Alamos.
It would appear as though some of the world’s smartest minds also earn the highest paychecks. According to Kiplinger, the area’s median income for all households is $106,426, the median home value is $285,000, and there are 987 millionaire households in the area, causing the area to be made up of 12.4 percent millionaires.
3. Washington, D.C.
With a metro population of 5.6 million and an 8.8 percent concentration of millionaires, there are 191,603 households in D.C. containing millionaires. Kiplinger writes that the median income for all households is $89,826, and it has a median home value of $384,000.
According to 24/7 Wall St., D.C. was spared from some of the worst of the recession, mainly because the federal government and military didn’t make any major workforce cuts. Curious about where to head to see some of the area’s beautiful mansions? You’ll want to visit the metro area, including Georgetown and Capitol Hill. It isn’t just home to millionaires, either: The Washington Post writes that the city is also home to 16 billionaires.
4. Lexington Park, Maryland
There are 3,458 households in Lexington Park that are made up of millionaires. With a metro population of 105,528, this Maryland city has an 8.8 percent concentration of millionaires, per Kiplinger. What are the rich doing in this area? The high concentration of millionaires could be due to the Patuxent River Naval Air Station, which hires people associated with defense contractors, civil servants, and the military, according to SoMDNews.
Lexington Park is also in one of the richest counties in the world, St. Mary’s, according to Main St. Surprisingly, while it’s a place many millionaires call home, the median household income is only around $88,000. The area saw a huge jump in its median household income from 2009 to 2010, when it increased 22 percent from $72,000 to more than $88,000.
5. San Francisco
Between 2008 and 2009, millionaires living in San Francisco saw a huge surge — the city jumped 14.5 percent, followed by a steady 6.6 percent and 0.3 percent growth over the next two years, Business Insider reports. In 2011, the city had 147,800 millionaires, statistics from the Capgemini U.S Metro Wealth Index show.
What does San Francisco have going for it? All of its technology companies, of course. Many of the millionaires living in the area have made a fortune (literally) on technology, per the Silicon Valley Business Journal. Additionally, there are 20 billionaires living in the city, which is the second most-concentrated city in the U.S. for billionaires, according to the Business Journal.
6. Stamford, Connecticut
Residing on the southeast coast of the state, there are 29,065 millionaire households here, Kiplinger says. The appeal here is easy to understand. This is where many of Manhattan’s big and powerful businessmen live. In fact, Forbes writes that this area is a commuter’s dream, providing railroads, highways, and easy access to major airports. It’s also in a quaint area, surrounded by charming boutique shops, beaches, and historic sights.
The Bridgeport-Stamford-Norwalk area of Connecticut is actually home to the highest concentration of wealthy households in the county, according to CNN Money. A staggering 17.9 percent of people in this region bring in more than $191,469 per year.
But it’ll take some saving up if you’re hoping to crash with the elite — the median home value in Stamford is $447,500. Funny enough, this is also where the show Who Wants to Be A Millionaire is set to be filmed next season.
7. Naples, Florida
City Info writes that Naples and nearby Marco Island rank among the richest destinations on the Gulf. It’s a popular spot for vacationers, but it also attracts retirees who head to Naples to spend their hard-earned cash. With a 9.1 percent concentration, there are more than 12,000 households made up of millionaires here.
“We have a lot of the amenities of a larger place in a much more peaceful setting,” Marci Seamples of the Greater Naples Chamber of Commerce told WINK News. It also doesn’t hurt that the area can offer people who have some extra money to spend a ton of great amenities, including nearly 90 golf courses, and of course, plenty of beaches.
8. Easton, Maryland
With an 8.3 percent concentration of millionaires, there are 1,353 millionaire households here, according to Kiplinger. In addition, 179 households have $5 million or more in investable assets, writes MSN. This area is home to an emerging environmental science industry, and interestingly enough, a large bed-and-breakfast scene.
Not surprising is also the high level of educated people living in this area. Neighborhood Scout writes that the education level of Easton citizens is quite a bit higher than the typical U.S. community, as 30.97 percent of adults here have at least a bachelor’s degree.