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Old 04-12-2011, 08:59 AM
 
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CA has the highest population of millionaires in the US by sheer absolute numbers. But adjusted for population size of the state, it ranks No. 9 only. The state with the highest concentration of millionaires is Hawaii. See here: the-richest-states-in-america: Personal Finance News from Yahoo! Finance

Interestingly, this list contains all blue states (except for Alaska; Virginia is more of a purple state now).
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Old 04-12-2011, 09:14 AM
 
Location: Zurich, Switzerland
25,076 posts, read 32,487,487 times
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Only 9th?

California has more people than the other Top 10 states combined and even with all our poverty and lower income households, we still have the 9th highest proportion of millionaire households. That's very impressive actually.

No Texas, No New York, No Florida on that list. No Georgia, No Illinois, No Pennsylvania, No Michigan, No Ohio, No North Carolina. California is the only really big state in the Top 10.

Furthermore, if the Bay Area were a state(with 7.5 Million people), it would be first.
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Old 04-12-2011, 10:10 AM
 
Location: Richmond, TX
194 posts, read 250,861 times
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That's not hard to see. If I were a millionaire Hawaii and California would be on my short list of places to live in the US.
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Old 04-12-2011, 01:34 PM
 
14,346 posts, read 12,165,856 times
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Quote:
Originally Posted by 18Montclair View Post
Only 9th?

California has more people than the other Top 10 states combined and even with all our poverty and lower income households, we still have the 9th highest proportion of millionaire households. That's very impressive actually.

No Texas, No New York, No Florida on that list. No Georgia, No Illinois, No Pennsylvania, No Michigan, No Ohio, No North Carolina. California is the only really big state in the Top 10.

Furthermore, if the Bay Area were a state(with 7.5 Million people), it would be first.
But $750,000 in assets in TX (some would say as low as 500K) has the same spending power as $1,000,000 in CA or HI.
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Old 04-12-2011, 03:19 PM
 
4,184 posts, read 3,894,640 times
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Quote:
Originally Posted by mysticaltyger View Post
But $750,000 in assets in TX (some would say as low as 500K) has the same spending power as $1,000,000 in CA or HI.
In Somalia, your dollar goes even farther, better than TX.

Last edited by ndfmnlf; 04-12-2011 at 03:28 PM..
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Old 04-12-2011, 03:34 PM
 
Location: Zurich, Switzerland
25,076 posts, read 32,487,487 times
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Quote:
Originally Posted by mysticaltyger View Post
But $750,000 in assets in TX (some would say as low as 500K) has the same spending power as $1,000,000 in CA or HI.
If theyre supposedly pocketing that much more money, wherez it going cause no TX metro appears in this ranking:

Quote:

Nest Egg Index-Cities with the most savings
In the third annual Nest Egg Index, we ranked the 500 top-performing communities based on their residents' personal savings and investing behavior. By measuring a dozen statistical factors - including participation in retirement savings plans, personal debt levels and home ownership - the Nest Egg Index shows the geographic regions where people are succeeding and facing difficulty with their nest eggs. In this year's results, communities that ranked highly in the Nest Egg Index continue to benefit from strong local housing markets and show a high propensity toward saving and investing in retirement vehicles such as 401(k) or pension plans. And while these communities had higher costs of living than the national average, nineteen out of the top 20 also had lower debt levels.

1 Los Alamos, NM
2 San Jose-Sunnyvale-Santa Clara, CA
3 Bridgeport-Stamford-Norwalk, CT
4 Torrington, CT
5 San Francisco-Oakland-Fremont, CA
6 Barnstable Town, MA
7 Minneapolis-St Paul-Bloomington, MN
8 Holland-Grand Haven, MI
9 Oxnard-Thousand Oaks-Ventura, CA
10 Edwards, CO
11 Washington-Arlington-Alexandria, DC-MD-VA
12 Boston-Cambridge-Quincy, MA
13 Gardnerville-Ranchos, NV
14 Rochester, MN
15 Red Wing, MN
16 Appleton, WI
17 Faribault-Northfield, MN
18 Trenton-Ewing, NJ
19 Naples-Marco Island, FL
20 Hartford-West Hartford-East Hartford, CT
21 Santa Cruz-Watsonville, CA
22 Norwich-New London, CT
23 Lexington Park, MD
24 Boulder, CO
25 Juneau, AK

Nest Egg Index - Your Financial Nest Egg: A.G. Edwards
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Old 04-12-2011, 07:30 PM
 
483 posts, read 649,476 times
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Quote:
Originally Posted by mysticaltyger View Post
But $750,000 in assets in TX (some would say as low as 500K) has the same spending power as $1,000,000 in CA or HI.
yeah this is true. They need to have a list adjusted for spending power. Being a millionare in CA is really nothing special considering that a crappy 1300 sq foot home in a highly desirable area costs $900k-1.1M, but only 200k in TX's best areas.
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Old 04-12-2011, 08:28 PM
 
4,184 posts, read 3,894,640 times
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Quote:
Originally Posted by josh u View Post
yeah this is true. They need to have a list adjusted for spending power. Being a millionare in CA is really nothing special considering that a crappy 1300 sq foot home in a highly desirable area costs $900k-1.1M, but only 200k in TX's best areas.
The definition of "millionaire" in the referenced article excludes home equity. Someone who paid $1 mil for a crappy house and has nothing else in his bank account is not a millionaire for purposes of this thread.
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Old 04-13-2011, 09:11 AM
Status: "Another one bites the dust..." (set 3 days ago)
 
20,440 posts, read 13,108,455 times
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Freaking Jersey is #3. Damn Sopranos

We need a Mob Boss in charge of this country for a term or two. Oh wait we already have one now.
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Old 04-13-2011, 01:44 PM
 
Location: San Luis Obispo and Santa Barbara Counties
6,390 posts, read 3,413,710 times
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Quote:
Originally Posted by ndfmnlf View Post
In Somalia, your dollar goes even farther, better than TX.
And there ain't none of that goldurned Socialism either, a purely capitalist society, no government regulation, you be free to do what you wish. ah cain't figger out how come more conservatives don'e move there
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