August 27, 2010

Bay Area has the most millionaires… almost

New York Has the Most Millionaires

By Robert Frank

New York’s millionaire population has now surpassed the boom times of 2007.

According to the new Metro Wealth Index, created by consulting firm Capgemini, the New York Metropolitan area had 650,000 high-net worth individuals, or people with $1 million or more in investible assets in 2009. That is 18.7% higher than in 2008.

Once again, the New York area topped the list of metro-area wealth centers. Its total was greater than the combined total of the next three runners up–Los Angeles, Chicago and Washington.

Of the top 10, Houston posted the the fastest growth, at 28.9%. But all enjoyed strong growth.

Here are the tallies of millionaires for the top 10, along with the percentage growth:

New York – 667,200, +18.7%

Los Angeles – 235,800, +13.3%

Chicago – 198,100, +15.1%

Washington, D.C. – 152,400 +19.3%

San Francisco – 138,300 +14.5%

Philadelphia – 104,100, +20.1%

Boston – 102,300, + 14.4%

Detroit – 89,100, +12.1%

Houston –- 88,200, +28.9%

San Jose — 86,500, +24.5%

Yeah, but if you add San Jose and San Francisco together, the Bay Area would be ranked at #3 after Los Angeles – at 224,800. And this probably excludes all the thousands of millionaires in Atherton, Palo Alto, etc. That’s probably at least 12,000 or more, which puts us at #2 with 236,800!

And if you think about it – NY has 8 million people. That’s just .08 millionaires per capita. From San Francisco to San Jose, there’s 3,236,662 (and this includes non Real Bay Area like Gilroy!). That puts us at… .07 millionaires per capita.

Damnit! So close! Come on people! Let’s get some more millionaires going out there. Facebook! IPO already!

Comments (98) -- Posted by: burbed @ 5:17 am