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There is a lot of misunderstanding here. Manhattan's incredible numbers are due to a very small group of people in finance, media, law and real estate who combined make more money than many large nations-astounding and quite impressive.
1. Most of that money is earned there, but taken to suburbs.
2. There are hundreds of thousands of people in Manhattan working in restaurants, hotels and retail stores that make much, much less.
Here are statistics showing that there are indeed much poverty amid staggering wealth in Manhattan. The world above 125th st is vastly different from Midtown and Downtown.
There is a lot of misunderstanding here. Manhattan's incredible numbers are due to a very small group of people in finance, media, law and real estate who combined make more money than many large nations-astounding and quite impressive.
1. Most of that money is earned there, but taken to suburbs.
2. There are hundreds of thousands of people in Manhattan working in restaurants, hotels and retail stores that make much, much less.
Here are statistics showing that there are indeed much poverty amid staggering wealth in Manhattan. The world above 125th st is vastly different from Midtown and Downtown.
Manhattan Households Earning under $35,000 Annually: 203,928
This is according to the 2006 Community Survey of The American Factfinder of the US Census Bureau.
I don't think there is a lot of misunderstanding at all. When it comes to income/salaries, NY County (Manhattan) is high on the list. But when it comes to actual wealth (i.e. net worth), Manhattan is less wealthy than many other counties in terms of the actual number of millionaire households. That's what the TNS study shows.
L.A. County is nation's Mecca for millionaires Los Angeles Business Journal - Find Articles (broken link)
Location: Uniquely Individual Villages of the Megalopolis
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Well you know what characterizes a place, a city, or places where the vast majority of the wealth is held by a very small and powerful elite. Think of any? They are usually outside the US?
To off-set that here, so glad we have 50 states, not just one.
Location: Uniquely Individual Villages of the Megalopolis
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Quote:
Originally Posted by Vagus
Actually, large sample size generally improves statistical validity . . .
Nevertheless, looking at average income in this setting is very misleading. It doesn't take too many Wall Street types making $20 million to skew an average. I'd rather see the median income level (i.e., 50% of people make more, 50% make less). I'd bet it's significantly lower than the average that the article reported. Alternatively, I'd like to see the actual income distribution curve with standard deviations for the average income. I bet it's a pretty broad curve . . .
PS: This ex-NYer thanks you all for the great pix . . .
The OP's original report spoke of including those Wall Street bonuses that were included in the figs.
I have another question. If the stock market has suffered so much and so many investors' portfolios are doing so poorly around the world, how is it that such big bonuses THIS year anyway are warranted? Insider trading perhaps?
Many are seriously individually or corporatewise crying the blues. IPOs etc have certainly raised a lot of capital but there and in many longterm established stocks and funds have seen huge losses, especially in credit and finance (we're talking about those in finance???!!) so where did what profits there are go?
I often hear a lot of talk and see articles where much of Manhattan thrives on credit cards and the housing busts haven't honed in on NY yet, but are feared as imminent.
Location: Uniquely Individual Villages of the Megalopolis
646 posts, read 805,053 times
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Quote:
Originally Posted by TheRealAngelion
I don't think there is a lot of misunderstanding at all. When it comes to income/salaries, NY County (Manhattan) is high on the list. But when it comes to actual wealth (i.e. net worth), Manhattan is less wealthy than many other counties in terms of the actual number of millionaire households. That's what the TNS study shows.
L.A. County is nation's Mecca for millionaires Los Angeles Business Journal - Find Articles (broken link)
Right and then we get into disposable incomes, after taxes, etc. T'is why so many earning less impressive figs elsewhere than Manhattan can afford to live much better than those elites there. Then there is the differences in cultural and personal value systems.
LA county (Los Angeles) and Cook County (Chicago) rank 1st & 2nd respectively for having the most millionaires. However, both are not the wealthiest county in the US. The wealthiest county in America is indeed Nassau county (New York) . Nassau county has the highest number of millionaire households per capita. LA county is not one of the top 10 wealthiest counties in the US.
"Also, while L.A. County is tops in the absolute numbers of millionaires, it trails most of the other populous counties in the number of millionaires per capita. L.A.'s share of millionaire households is only 2.6 percent of the county's total population" - TNS Financial Services
L.A. County is nation's Mecca for millionaires Los Angeles Business Journal - Find Articles (broken link)
Quote:
Originally Posted by TheRealAngelion
I don't think there is a lot of misunderstanding at all. When it comes to income/salaries, NY County (Manhattan) is high on the list. But when it comes to actual wealth (i.e. net worth), Manhattan is less wealthy than many other counties in terms of the actual number of millionaire households. That's what the TNS study shows.
L.A. County is nation's Mecca for millionaires Los Angeles Business Journal - Find Articles (broken link)
Don't have a hernia. I didn't write the story nor did I conduct the study. And when you find evidence and proof that New York city (not NY metro) has the the most millionaire households, based on net worth, let me know.
.......And when you produce facts that the City of Los Angeles has more millionaire households than New York City, based on net worth, let me know.
And based on these figures alone, one would think that the City of New York would obviously have more millionaires than Los Angeles.
Number of Los Angelenos with income of $200,000 or more: 60,811 <-----Figures are very low.
Number of New Yorkers with incomes of $200,000 or more: 156,621
Don't you think it would be safe to assume NYC has more millionaires than Los Angeles?
But what would you know?
Last edited by SaintLaurent; 11-24-2007 at 02:06 PM..
There is a lot of misunderstanding here. Manhattan's incredible numbers are due to a very small group of people in finance, media, law and real estate who combined make more money than many large nations-astounding and quite impressive.
1. Most of that money is earned there, but taken to suburbs.
2. There are hundreds of thousands of people in Manhattan working in restaurants, hotels and retail stores that make much, much less.
Here are statistics showing that there are indeed much poverty amid staggering wealth in Manhattan. The world above 125th st is vastly different from Midtown and Downtown.
I suspect all these people bragging about all the money in their cities/states don't even have so much as a trust fund.
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