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View Poll Results: City With The Richest Black Americans
New York 8 11.27%
Atlanta 21 29.58%
Los Angeles 3 4.23%
Chicago 1 1.41%
Washington DC 31 43.66%
Miami 0 0%
Philadelphia 0 0%
Boston 1 1.41%
Houston 2 2.82%
Charlotte 4 5.63%
Voters: 71. You may not vote on this poll

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Old 02-08-2019, 02:56 PM
 
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In terms of the most black millionaires, there's not much out there in terms of rankings and stats. I've never done such a ranking. The one ranking I did find, listed suburban cities that were in the Los Angeles and Washington/Baltimore areas. From what I could tell, cost of living wasn't taken into consideration in these accounts.

In terms of black households in the middle/upper middle class in medium and large metros, I did research and develop a ranking on this very subject. Using statistics and data from the U.S. Census Bureau and U.S. Department of Numbers, I used average annual income among black household as a percentage of the metro as a whole, percentage of black households who are homeowners, and the metro area's Buying Power (average income vs. cost of living). Many of the papers and rankings out today don't factor in COL, which has to be included to get an accurate picture. For example, Washington does extremely well......until COL is factored in. Then they drop fast. $60k isn't going to get you nearly as much in NYC as it will in Tampa. My ranking isn't 100% fool proof. For example, it doesn't include debt service and savings/retirement/investing of black households. That's something I want to tweek the next time I rank. But as someone who has done this since 1985, IMO, it comes the closest to giving the best picture in how well the black middle class is doing in our large and medium areas. My top 10 were:
1. San Antonio, TX
2. Houston, TX
3. Charlotte, NC (SC)
4. Atlanta, GA
5. Dallas/Ft. Worth, TX
6. Richmond, VA
7. Raleigh/Durham, NC
8. Orlando, FL
9. Norfolk/Virginia Beach, VA
10. Austin, TX

I'm sure there will be a lot of disagreement, but that's fine. Various lists are rarely the same and people have different ideas and methods. I just tried to use the best stats I could, weigh them the best I could. This is a good enough list to give a good synopsis on this subject. I do understand that the OP's question was about the most black millionaires in a town. It's just this subject matter came up, lined up with the study I did a few months ago, and it caught my attention.

Last edited by march2; 02-08-2019 at 03:10 PM..
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Old 02-08-2019, 03:07 PM
 
54,416 posts, read 77,868,600 times
Reputation: 11979
Quote:
Originally Posted by march2 View Post
In terms of the most black millionaires, there's not much out there in terms of rankings and stats. I've never done such a ranking. The one ranking I did find, listed suburban cities that were in the Los Angeles and Washington/Baltimore areas. From what I could tell, cost of living wasn't taken into consideration in these accounts.

In terms of black households in the middle/upper middle class in medium and large metros, I did research and develop a ranking on this very subject. Using statistics and data from the U.S. Census Bureau and U.S. Department of Numbers, I used average annual income among black household as a percentage of the metro as a whole, percentage of black households who are homeowners, and the metro area's Buying Power (average income vs. cost of living). Many of the papers and rankings out today don't factor in COL, which has to be included to get an accurate picture. For example, Washington does extremely well......until COL is factored in. Then they drop fast. $60k isn't going to get you nearly as much in NYC as it will in Tampa. My ranking isn't 100% fool proof. For example, it doesn't include debt service and savings/retirement of black households. That's something I want to tweek the next time I rank. But as someone who has done this since 1985, IMO, it comes the closest to giving the best picture in how well the black middle class is doing in our large and medium areas. My top 10 were:
1. San Antonio, TX
2. Houston, TX
3. Charlotte, NC (SC)
4. Atlanta, GA
5. Dallas/Ft. Worth, TX
6. Richmond, VA
7. Raleigh/Durham, NC
8. Orlando, FL
9. Norfolk/Virginia Beach, VA
10. Austin, TX

I'm sure there will be a lot of disagreement, but that's fine. Various lists are rarely the same and people have different ideas and methods. I just tried to use the best stats I could, weigh them the best I could. This is a good enough list to give a good synopsis on this subject.
I think the only disagreement you may get is using average annual black household income versus median black household income. I only say that because of what average and median measure. That in turn will change things, especially given that the black median household income nationally is about $35-36,000.
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Old 02-10-2019, 06:22 PM
 
Location: San Antonio
4,080 posts, read 4,555,621 times
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If it's sheer numbers, it's NYC. If it's a percentage, I'd give the advantage to Atlanta
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Old 02-10-2019, 07:01 PM
 
3,417 posts, read 3,044,038 times
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Quote:
Originally Posted by thenewtexan View Post
If it's sheer numbers, it's NYC. If it's a percentage, I'd give the advantage to Atlanta
If rich is based on assets and income, gotta be DC because the wages and earning potential are higher than Atlanta. Plus lots of government and government contractor wealth in the area. A buck goes a lot farther in Atlanta but DC is much more hifalutin and (pretentious) than Atlanta.
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Old 02-10-2019, 07:43 PM
 
2,889 posts, read 2,580,012 times
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Quote:
Originally Posted by Mr.Retired View Post
How about Maryland ?
I thought that much wealth lay hidden there.
It seems that there is:

https://praisedc.com/1683807/10-rich...es-in-america/
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Old 02-10-2019, 08:04 PM
 
2,889 posts, read 2,580,012 times
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Quote:
Originally Posted by PaulGreggs55 View Post
Please give reasons why and give personal accounts, when I say richest, I mean city with most millionaires
Depends on how you define the term "millionaires". If you are referring to households with a net worth of one million dollars or more, including equity in their personal primary residence, it would have to be a high cost of living city, most likely the NYC or LA metros.

My guess is the NYC metro. Yes, there are a lot of poor blacks in the cities of SW CT, but there are also blacks living in the wealthy towns of Fairfield County and Long Island Sound.
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Old 02-10-2019, 08:36 PM
 
54,416 posts, read 77,868,600 times
Reputation: 11979
Quote:
Originally Posted by james777 View Post
This list was challenged earlier in the thread as not being accurate due to the NY communities picked and the median household income figures appear to be suspect.
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