Sunny California is a millionaire's paradise
March 30 2006 at 03:57AM
Los Angeles - More millionaires live in California than anywhere else in the United States, a survey revealed on Tuesday, confirming the Golden State's status as a rich person's paradise.
The number of US millionaire households rose by eight percent last year to a record high 8.9-million, with a big concentration of the very wealthy living in California, according to an annual survey by TNS Financial Services.
Los Angeles is the jewel in the crown of the country's personal fortunes, playing home to 262 800 millionaires, the most of any county in the nation, the New York City-based market research and polling firm said.
Three other California counties also appear the list of America's top 10 millionaires' playgrounds, giving the state a grand total of 551 500 households boasting a net worth of at least one million dollars.
Two regions near Los Angeles - Orange and San Diego Counties - rank in third and fifth place respectively on the list, boasting 113 299 and 100 030 millionaires a piece, while Santa Clara County in the San Francisco region is home to another 75 371 millionaires, according to the survey.
The second richest region of America after Los Angeles is Cook County in the Midwestern state of Illinois, which is home to the city of Chicago and boasts 167 873 millionaires, while Maricopa County, around the Arizona city of Phoenix, ranked forth on the list with 106 210, TNS said.Maricopa County ranks fourth in the United States in the number of millionaire households.The county had 3.6 million residents in July 2005 and is set to become the country's third-largest county.
Other US states with boasting areas with high concentrations of millionaires are Texas, New York, Florida and Massachusetts.
The mean net worth of the millionaires identified, excluding the value of their primary homes, was $2,16-million, and the mean age for the head of the household was 58. Almost 45 percent of the millionaires were retired.
The survey was based on a representative national sample of more than 1 800 households with a net worth of at least one million dollars excluding primary residences.