Deloitte: California to have 7th highest concentration of Millionaire Households in the World by 2020 (Oxnard: sales, real estate)

[18Montclair]

Study released May 2011

Projected Millionaire Households, 2020
United States 20,551,000
Japan 8,649,000
Germany 5,789,000
United Kingdom 3,814,000
Italy 3,552,000
France 3,346,000
California 2,745,000
China 2,500,000
Canada 2,413,000
South Korea 1,730,000
Australia 1,620,000
Spain 1,602,000
Texas 1,592,000
New York 1,458,000
Florida 1,445,000
Taiwan 1,264,000
Russia 1,205,000
Hong Kong 1,178,000
Brazil 1,001,000
Netherlands 959,000
Switzerland 872,000

Millionaire Households, 2011
United States 10,541,000
Japan 5,705,000
Germany 3,485,000
United Kingdom 2,904,000
France 2,653,000
Italy 2,476,000
Canada 1,745,000
California 1,319,000
China 1,312,000
Spain 1,022,000
New York 758,000
Taiwan 719,000
Texas 717,000
Netherlands 713,000
Hong Kong 712,000
Australia 698,000
Florida 596,000
Switzerland 573,000
South Korea 520,000

US Regions vs. Foreign Nations, 2020:

Projected Millionaire Households, 2020
United States 20,551,000
Japan 8,649,000
US-SOUTH 6,808,000
Germany 5,789,000
US-WEST 5,096,000
US-NORTHEAST 4,312,000
US-MIDWEST 3,971,000
United Kingdom 3,814,000
Italy 3,552,000
France 3,346,000
China 2,500,000
Canada 2,413,000
South Korea 1,730,000
Australia 1,620,000

http://www.deloitte.com/assets/Dcom-...ary_050611.pdf

[Mach50]

"You have to be a millionaire to live there"

[ndfmnlf]

Maybe the OP meant highest absolute number, not "highest concentration".

[veg8]

Originally Posted by 18Montclair

Study released May 2011

Millionaire Households, 2011
United States 10,541,000
Japan 5,705,000
Germany 3,485,000
United Kingdom 2,904,000
France 2,653,000
Italy 2,476,000
Canada 1,745,000
California 1,319,000
China 1,312,000
Spain 1,022,000
New York 758,000
Taiwan 719,000
Texas 717,000
Netherlands 713,000
Hong Kong 712,000
Australia 698,000
Florida 596,000
Switzerland 573,000
South Korea 520,000

Much more interesting is looking at this per capita. Hong Kong has 10% of it's population as millionaires! They only have a population of 7 mill. CA, NY, TX are around 3%, while Canada is doing pretty good at 5% with a pop of 34 mill.

[SOON2BNSURPRISE]

Not too big of deal when you realize that being a millionaire doesn't mean the same as it used to. Sure it is a nice marker to show that you have made it lets say.

Here is what I would expect the wealthy life to bring me;

Rolls Royce: $300,000 or so

Ferrari: $225,000

Mooney Acclaim $600,000 (Not even a private jet, but something that I want to have.)

Ocean front Beach house in Oxnard Ca area, $5,000,000

I haven't even included investments that would support my lifestyle and I spent more than $6 million here on this post.

I know people that have $2.5 to $3mill that are living off the cash and investments and they just live a regular life, although their money is doing the work for them. Sure it is a nice life but not a wealthy lifestyle. I project that within 15 years I will have over $1million in assets not including my home and I am just a regular guy. I figure it will take $2 to $3 million to walk away from my job, that I do happen to love.

[esmith143]

United States 20,551,000
Japan 8,649,000
Germany 5,789,000
United Kingdom 3,814,000
Italy 3,552,000
France 3,346,000
California 2,745,000
China 2,500,000

Are they forecasting that California will secede from the United States? ;-)

[esmith143]

Originally Posted by veg8

Much more interesting is looking at this per capita. Hong Kong has 10% of it's population as millionaires!

I'm not sure how they are counting, but most likely they are including real estate. Hong Kong is the site of the worst housing bubble outside the US, and this bubble has yet to deflate. (Sydney and Vancouver are #2 and #3 respectively.) It's entirely possible that 10% of HK households live in properties with current market values above $1M.

In terms of liquid assets only, 558,000 residents of HK hold more than 1M Hong Kong dollars (at the current exchange rate, that works out to about $130K USD):

http://www.professionaladviser.com.h...-2010-citibank

Here's a random 1800 sf, 3-bed/2-bath apartment in HK:

http://www.hongkonghomes.com/property_info/pop_photo.php?pro_id=7461&num=1 (broken link)

Try to guess the sales price.

Median household income in HK is around USD $30,000/year.

[SOON2BNSURPRISE]

Normally when net worth is figured it does not include your primary residence. If your home is valued at $1million and you own it outright is is not normally claimed. If you were to sell the home and now have $1million in your pocket then you could claim the money. As we all know real estate values go up and they go down.

[bhcompy]

And probably among the same rating in people making at or below the poverty line for a Western nation

[ndfmnlf]

This thread begs the question: if socialist CA is so hostile to rich people (i.e CA taxes them to death), why do rich people like to live in CA?