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Old 08-08-2010, 09:42 PM
 
Location: Johns Creek, GA
930 posts, read 1,689,426 times
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According to Wikipedia Atlanta is also home to the fastest growing millionaire population in the United States? Does this suprise anyone? How so?

Demographics of Atlanta - Wikipedia, the free encyclopedia

Atlanta is also home to the fastest growing millionaire population in the United States. The number of households in Atlanta with $1 million or more in investable assets, not including primary residence and consumable goods, will increase 69% through 2011, to approximately 103,000 households.[13]
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Old 08-08-2010, 09:53 PM
 
Location: Marietta, GA
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Not quite sure what they're saying here. If they are discussing just households within the city limits of Atlanta, and if you assume that a "household" has at least 2 (and usually more) people, then the article seems to imply that almost half the people in Atlanta will have "...$1 million or more in investable assets, not including primary residence and consumable goods..."

Usually, net worth is the measure used to discuss demographics, so I'm not familiar with the term "investable assets" as it seems to be used, but regardless, 103K households? 200K+ people out of a population of 550K? If I own my primary residence and have a bunch of "consumable goods" that have a value of more than a $1 million, and no debt (or low debt), then I don't count in their example/definition.

Sounds kind of bogus to me.
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Old 08-08-2010, 11:08 PM
 
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The citation on that is from 2007 (when the downturn had not started), and is from Georgia Trend (not sure who publishes it, but I am guessing a Georgia booster).

A recent study of cities (metros) with millionaires:
Capgemini Announces 2010 U.S. Metro Wealth Index (http://www.us.capgemini.com/news/current_news.asp?ID=840 - broken link)
Not sure if the above study includes primary home value or not.

I would like to know how many millionaires live in metro Atlanta.
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Old 08-08-2010, 11:10 PM
 
1,133 posts, read 1,858,036 times
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Quote:
Originally Posted by neil0311 View Post
Not quite sure what they're saying here. If they are discussing just households within the city limits of Atlanta, and if you assume that a "household" has at least 2 (and usually more) people, then the article seems to imply that almost half the people in Atlanta will have "...$1 million or more in investable assets, not including primary residence and consumable goods..."

Usually, net worth is the measure used to discuss demographics, so I'm not familiar with the term "investable assets" as it seems to be used, but regardless, 103K households? 200K+ people out of a population of 550K? If I own my primary residence and have a bunch of "consumable goods" that have a value of more than a $1 million, and no debt (or low debt), then I don't count in their example/definition.

Sounds kind of bogus to me.
I am sure they are talking about the metro. But 69% gain in millionairies from 2007-2011 is not possible.

Anyone know how many millionaires live in metro Atlanta?
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Old 08-08-2010, 11:39 PM
 
Location: Arlington, Va
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Maybe they were refering to all the $30,000 millionaires.
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Old 08-09-2010, 01:17 AM
 
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According to this recent article
JPMorgan chasing more Atlanta millionaires - Atlanta Business Chronicle

Metro Atlanta has 68,000 families with $1 million to $25 million in investable assets, according to data provided by JPMorgan Chase. There are 600 families topping $25 million
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Old 08-09-2010, 01:19 AM
 
1,133 posts, read 1,858,036 times
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Quote:
Originally Posted by neil0311 View Post
Not quite sure what they're saying here. If they are discussing just households within the city limits of Atlanta, and if you assume that a "household" has at least 2 (and usually more) people, then the article seems to imply that almost half the people in Atlanta will have "...$1 million or more in investable assets, not including primary residence and consumable goods..."

Usually, net worth is the measure used to discuss demographics, so I'm not familiar with the term "investable assets" as it seems to be used, but regardless, 103K households? 200K+ people out of a population of 550K? If I own my primary residence and have a bunch of "consumable goods" that have a value of more than a $1 million, and no debt (or low debt), then I don't count in their example/definition.

Sounds kind of bogus to me.
I looked at the reference, and it was referring to the area. Not the city. Although the wikipedia entry is to the city of Atlanta. Bit confusing, but the number/projection was for the area/metro.
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Old 08-09-2010, 08:21 AM
 
Location: ATL
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I agree. Most NFL/NBA players own homes here. The music industry, which is the best in the country is here. Plus you have people who have sold there house in the North/West Coast for $$$$$$, they bring that money here and spend 1/4 of that on the same house
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Old 08-09-2010, 08:49 AM
 
2,351 posts, read 3,299,905 times
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The number of average millionaires (ie..everyday joe, modest house, later in life) would far outnumber the athletes and celebrities, they just don't get the press or flash the wealth. There are many people who never made $100k in their life that would fall into the millionaire group.

Saving $450/month for 35 years at 8% interest would provide $1 million. So if you start at 30 you'd have it at 65. Perhaps the term millionaire is outdated.

Quote:
Originally Posted by tonygeorgia View Post
I agree. Most NFL/NBA players own homes here. The music industry, which is the best in the country is here. Plus you have people who have sold there house in the North/West Coast for $$$$$$, they bring that money here and spend 1/4 of that on the same house
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Old 08-09-2010, 12:40 PM
 
Location: Marietta, GA
7,738 posts, read 10,014,918 times
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Quote:
Originally Posted by noah View Post
The number of average millionaires (ie..everyday joe, modest house, later in life) would far outnumber the athletes and celebrities, they just don't get the press or flash the wealth. There are many people who never made $100k in their life that would fall into the millionaire group.

Saving $450/month for 35 years at 8% interest would provide $1 million. So if you start at 30 you'd have it at 65. Perhaps the term millionaire is outdated.
Millionaire used to mean that someone's net worth is a million dollars or more.

Not sure why a home with a large amount of equity at current market value is being excluded, and an asset is an asset. They are inventing some kind of new class of asset called an "investable asset" and basing their determination off it alone.
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