L.A. County has most millionairs in United States

[antoinekhuu]

Sunny California is a millionaire's paradise
http://forum.dallasmetropolis.com/ne...newthread&f=65
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.

[antoinekhuu]

Harris County ranks sixth on list of millionaire counties
http://houston.bizjournals.com/houst...7/daily11.html
Houston Business Journal - 12:19 PM CST Tuesday
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Harris County boasts 96,593 millionaires, making it the only county in Texas to crack the top 10 on a ranking of U.S. counties with the most millionaire households released Tuesday.

On the list of millionaires, which was compiled by TNS Financial Services, only Los Angeles County, Cook County (Illinois), Orange County (California), Maricopa County (Arizona) and San Diego County hold more millionaire households than Harris County, which ranks sixth.

Los Angeles County, home to various Hollywood heavy hitters, is No. 1 with 262,800 millionaires. Cook County, in a distant second place, places 167,873 names on the roster. Orange County of Southern California is third with 113,299 millionaires. Maricopa County has 106,210, while San Diego County accounts for 100,030.

Next comes Harris, followed by Nassau County (New York) and Silicon Valley-driven Santa Clara County (California). Rounding out the top 10 are Palm Beach County (Florida) and Middlesex County (Massachusetts).


Where is Dallas County on the list?

[antoinekhuu]

http://www.tns-global.com/corporate/...elease.doc.pdf
Rank County # of Millionaire Households Percentage of State

1 Los Angeles County, CA 262,800 23%
2 Cook County, IL 167,873 41%
3 Orange County, CA 113,299 10%
4 Maricopa County, AZ 106,210 62%
5 San Diego County, CA 100,030 9%
6 Harris County, TX 96,593 17%
7 Nassau County, NY 78,816 13%
8 Santa Clara County, CA 75,371 7%
9 Palm Beach County, FL 69,871 12%
10 Middlesex County, MA 67,552 28%

The mean net worth (not including the primary residence) for these households is $2,167,167; mean
investable assets are $1,442,841. The median age for the head of the millionaire household is 58 years
old, and almost 45 percent are retired. Approximately, percent own or share ownership of a professional
practice or privately held business. Nearly 60 percent of millionaire households obtain investment advice
from a professional advisor and over 73 percent prefer to do business at a single institution that brings
together targeted specialists and services

[drumguy8800]

Just so you're aware, this is not talking about concentration, this is talking about raw numbers.

Los Angeles County is the most populous county in the United States. 10,179,716 as of 2004.

Dallas County is the ninth-most-populous county in the United States with 2,294,706 residents.

262,800 of 10,178,716 is 2.581%. That means that 59,246 millionaires would have to live in Dallas County to be at the same concentration. I wouldn't necessarily doubt that kind of number.. though I wouldn't necessarily believe it.

The city of Dallas holds 8th place in the List of cities with the most billionaires, with 12. That's more than Paris and Tokyo. The only United States cities with more are Chicago, Los Angeles, San Francisco and New York City. Fort worth has 8, it is also near the top of the list.

[rantanamo]

If Dallas county were the physical size of Harris, I bet the number would be comparable. I also remember Forbe's report earlier this decade. Both Houston and Dallas proper had over 90,000 millionaires. The real question is, what the heck happened?

[I45Tex]

Wish they would endow some schools in their names...

Don't mean to derail the conversation, though.

How many households are there (estimated? counted? statistically fiddled?) for the nation now? There can't be more than 130 million or so, and although that number can't mean anything to the reader, if ten million of those are millionaire households... Okay, http://www.census.gov/prod/1/pop/p25-1129.pdf indicates there were 108.8 million households last year, and 8.9/108.8 = .0818

Did you ever imagine that 8.2% of households in this nation are millionaires (not including value of primary residence)?!
really means that while those with means do get richer (as for the poor poorer, they certainly do lag in terms of capturing share of the aggregate income available in the market, but even if there were no structural inequalities built in you would still expect this to happen based on not being able to attract or hire financial experts), those with means are also vastly more common than ever before.

Interesting reading if you have the time: http://www.census.gov/prod/2000pubs/p60-204.pdf