Where do the Millionaires live? (Atlanta, Sandy Springs: crime, house, neighborhood)

[DeaconJ]

Originally Posted by arjay57

I'm aware of the published lists but I'm pretty sure there are more than 5 billionaires in Georgia.

Really? There are only about 1200 in the world, so I'm not sure why there would be more than a handful in Georgia.

[AnsleyPark]

Originally Posted by DeaconJ

Really? There are only about 1200 in the world, so I'm not sure why there would be more than a handful in Georgia.

I would think it's very few:

Ted Turner
Bernie Marcus
Arthur Blank
Ann Cox Chambers
Jim Kennedy

Is this list right?

[ATLHRLGUY]

Ansley, don't forget about Mr. Chick-Fil-A himself. Truett Cathy

Originally Posted by DeaconJ

Really? There are only about 1200 in the world, so I'm not sure why there would be more than a handful in Georgia.

I'm sure there are more, some people just don't have things in their name. Others may not be billionaires on paper and personally may "own" very little but "control" a lot of assets.

I'm just glad that the official billionaires we have in the state are all very philanthropic.

[arjay57]

Originally Posted by AnsleyPark

I would think it's very few:

Ted Turner
Bernie Marcus
Arthur Blank
Ann Cox Chambers
Jim Kennedy

Is this list right?

Yes, those are the well known ones but I believe there are a good many others who are very close to if not over a billion.

[AnsleyPark]

Show ain't nobody I know.... Sigh...

[arjay57]

Oh, think about some of our locally grown mega businesses in fields like auto parts, software, printing, textiles, trucking, financial services, petroleum products, office equipment, restaurants, beverages, retail, real estate, etc. Some of them may not be billionaires but I suspect a goodly number are knocking on the door.

[AnsleyPark]

You're probably right. I think most of these studies come from public documents such as SEC filings. As such, arjay, you are likely right. The billionaire next door....

[arjay57]

Well, you know how it goes. Once somebody gets that first $200 million or so under their belt, a billion is not that much of a reach.

[southgeorgia]

Originally Posted by nrgpill

Also, the immigrant worker who serves your meal at a local fast food chain can be a millionaire multi-franchisee owner. I have met several.

i realize this post is 3 years old, but just wanted to say;

#1 - unless you've seen their bank account, you have no idea what their net worth is.

#2 - for example, a mcdonalds franchise is going to cost you about $500k out-of-pocket, cash. half that must be non-borrowed; as in, you need to have a quarter million in your pocket before they'll talk to you, and it can't be a credit line against any asset. by the time you open your doors, you'll have around $2 million invested; the building alone cost over $1M to construct. And 10-20 years down the road when the franchise decides your store needs a facelift, well as the owner you'll be required to fork over another $500k-$1M to meet their demands.

your new restaurant will be doing good to break $2M in sales per year; some do more, some do half that. If you can turn $2M in hamburgers, you might pocket $200k. Or you may lose $200k if you're not a good manager. Its not uncommon to find a restaurant lose $50k a month for 6 months straight.

the point being; to become a multi-millionaire franchise owners, you have to own several of these, you have to know what you're doing, and you need a lot of cash to start. i hope this dispels any myths that being a franchise owner propels one to millionaire status. and if you're talking about a subway type franchise like many immigrants here own, those guys are lucky to make $40-50k a year.

[ATL_II_DMV]

Damn, I've heard of someone that co-owned a Dunkin Donuts and only broke even after 5 years, but I assumed that they didn't know what they were doing.

Didn't know the process was that tough.

Former NBA player Jamal Mashburn supposedly owns a ton of Papa Johns and I assume he's banking, but he probably had advisors helping