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It's not completely accurate because reported income is capped at $2,000,000 so areas high in finance and very high salaries (New York/Greenwich) aren't too accurate.
Areas containing greatest number of (>$500,000+) households
How wealthy is Manattan even with all the poors/welfare queens in dumps like East Harlem dragging the stats down that it still places #1 ahead of all these complety homogenous wealthy suburban counties?
These places have the highest concentrations of high income individuals-perhaps.
But in order to say that these are the "Wealthiest Areas"-we have to weigh the overall wealth of everyone who lives in that area-not just the highest echelon of net worth.
Real question is whether this is tax return data or meaningless "surveys"
Income is obviously not wealth
Most wealth and highest incomes (>>$10MM/yr) are related to cap gains via stock sales or sales of businesses, not salaries or cash bonuses....so, much hedge fund and tech income is not captured by any given yr's tax returns, as wealthy often can choose when to realize taxable cap gains
Even in wealthy places like Manhattan/Greenwich or Silicon Valley, often the realized income in a given yr of a few hedgies or techies can change tax revenues (and budget deficits) for entire state of NY/CT or CA, esp when some hedgies or techies can have >$1Bn/yr incomes
And this is not the first time I've seen the outrageous claim made that Saratoga and La Canada Flintridge and Manhattan Beach are the wealthiest cities in California.
They are wealthy, but they arent even the wealthiest in their respective Metro Areas-let alone the entire state.
Real question is whether this is tax return data or meaningless "surveys"
Income is obviously not wealth
Most wealth and highest incomes (>>$10MM/yr) are related to cap gains via stock sales or sales of businesses, not salaries or cash bonuses....so, much hedge fund and tech income is not captured by any given yr's tax returns, as wealthy often can choose when to realize taxable cap gains
Even in wealthy places like Manhattan/Greenwich or Silicon Valley, often the realized income in a given yr of a few hedgies or techies can change tax revenues (and budget deficits) for entire state of NY/CT or CA, esp when some hedgies or techies can have >$1Bn/yr incomes
This I agree with.
It's fun to look at, but I never really give too much creditably to these community surveys.
Income does not = wealth. Many rich have very low incomes but are extremely wealthy - Warren Buffet anyone? Most high-earning business owners report little income. Also, why is income capped at $2M, especially in heavy finance areas like Manhattan, Greenwich, or tech areas lile Silicon Valley where incomes soar much much much higher?
And how many wealthy people really waste their time filling out these silly surveys?
Looking at the numbers, there must be a crazy income disparity in DFW.
Preston Hollow, Highland Park and University Park are all very wealthy areas of Dallas, especially compared to South Dallas.
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