Why Do Millionaires Like Los Angeles? (Riverside, Orange: houses, rent, lease)

[JerZ]

Originally Posted by TheRealAngelion

There's not necessarily a correlation or cause and effect relationship between LA's population size and the number of millionaire residents. That's like saying because New York is the most populous city, it has the most criminals or the most crime, which would not be a logical conclusion.

I don't think the claim was cause and effect. It's not that because there are more people, there have to be more millionaires. Rather, because of an enormous population, there is the *potential* for there to be more of any given group (in this case, millionaires), simply because there is a larger total pool of people. The intimation wasn't that any time a population increases, more rich people are included.

At least that's the way I understood it.

[vfrpilot]

If LA is as bad, dangerous, and gang infested as some people on this forum claim, why do the most financially successful and affuent in the land continue to call LA home?

I think the original topic questions the validity of posters who bring up the negative aspects of life in LA. If someone who can afford to live anywhere chooses to live in LA, then we must believe that LA is the best place to live, and stop bashing it.
I think in SoCal your financial situation is magnified to a much greater extent than in other areas of the country. There is no queston about the area's potential for earnings. If you can afford to buy a house where you want, without concern of affordability, then your experience will be a lot different from someone who is living paycheck to paycheck.

[Sorcerer68]

There are many great American success stories in L.A. They made their money here. I'll give you a couple examples.
1. My cousing G----. Greek national, married into the South American side of my family. Came here almost penniless. Worked his way up from nothing. Became a banker, lives in S. Pas.
2. My friend's brother P----. Career Marine Captain, retired and became a movie producer. Has a fab Spanish Revival hacienda in the hills.
3. Mom's side family domicile: Uncle married an ambitious therapist, he works in the Industry and my retired grandmother lives with them in the guest suite. Combined family income puts them in the zone. Large house in Palos Verdes.
4. My Grandfather: Engineer, responsible for many engineering feats including the Pasadena Freeway and some early downtown highrises. Lived in a gorgeous (big) home in S. Pas.

I'd venture to say L.A. not only has many millionaires but makes many of them. The ones who come to live in L.A....the reasons they come are obvious, I've been extolling L.A.'s virtues for a while and they come to follow their dreams...and they do still come true in L.A.

[newportbeachsmostwanted]

Originally Posted by Sorcerer68

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I'd venture to say L.A. not only has many millionaires but makes many of them. The ones who come to live in L.A....the reasons they come are obvious, I've been extolling L.A.'s virtues for a while and they come to follow their dreams...and they do still come true in L.A.

That got me thinking:
The dream is present and sought after in LA whereas average San Franciscans tend to desparage 'success' and the successful more often. In LA, rarely do I hear the word, "Yuppies," used in public to express the well-made.

[Sorcerer68]

Originally Posted by newportbeachsmostwanted

That got me thinking:
The dream is present and sought after in LA whereas average San Franciscans tend to desparage 'success' and the successful more often. In LA, rarely do I hear the word, "Yuppies," used in public to express the well-made.

I think the word is passe'. I'll have to do some listening for what people use these days. I agree with you about San Franciscans but I think it's B.S....they are just as materialistic as we are but seem to think a coat of Bohemian will hide it. Nevertheless, it's often charming.

[newportbeachsmostwanted]

This is a great topic! (thanks topic starter..)
I did some research and here are my findings based on info from Kiplingers and CNN.com


First-The NYC Area has by far the most millionaires of all major US metro areas, 700,000.(1 in 10)
(However, in Los Alamos, NM you double your chances(1 in 5). The town of 8,000 is home to a science research facility which employs some of the government's highest paid officials.)

The cities with the most millionaires generally fall in one of these:

1. City is popular with wealthy retirees. (Naples, Hilton Head..)

2. City is home to innovators and gifted talent pools.(Silicon Valley..)

3. City has a high concentration of corporations per captia and highly paid executives. (New York City, Los Alamos..)


Fun Fact: More than 80% of millionaires have acquired their millionaire net-worth wealth in one generation.



Highest Percentage of Millionaires

1. Los Alamos, NM
2. Naples/Marco Island, FL
3. Fairfield County, CT
4. Vero Beach
5. Hilton Head Island, GA


Highest County by Numbers

1. Los Angeles County (262,000)
2. Cook County, IL (167,000)
3. Orange County, CA (113,000)
4. Maricopa County, AZ (106,000)
5. San Diego County, CA (100,000)


Your Chances..

In Middlesex County, Mass 1 in 22 is a millionaire..
In Orange County, CA 1 in 26 is a millionaire..
In Los Angeles County, CA 1 in 39 is a millionaire..
In Maricopa County, AZ 1 in 35 is a millionaire..
In San Diego County, CA 1 in 30 is a millionaire..
In Nassau County, NY 1 in 16 is a millionaire..
In Santa Clara County, CA 1 in 12 is a millionaire..

Los Angeles County hosts 23% of California's millionaires and 27% of the state's population.

Orange County hosts 10% of California's millionaires and 8% of it's population.

Countries with the most millionaires..
1. United States- 5.8 million millionaires
2. China -300,000.
3. Russia is- 77,000 millionaires(but 3 times China's millionaires per capita)

The small country of Monaco in Europe has the highest number of millionaires per capita.

[TheRealAngelion]

Originally Posted by newportbeachsmostwanted

This is a great topic! (thanks topic starter..)
I did some research and here are my findings based on info from Kiplingers and CNN.com

First-The NYC Area has by far the most millionaires of all major US metro areas, 700,000.(1 in 10)

I think the NY number is misleading. Kiplinger states this without defining what constitutes NY metro area. If you compared NY metro with LA metro which includes Orange County or with the expanded LA metro which includes LA, Orange, Ventura, Riverside, and San Bernadino Counties, I bet LA would have more or a very similar number to NY metro.

[Roma]

newportbeachsmostwanted,
How did you find this information? I am trying to find where I read in our local paper "The Hood County News" that in Granbury Texas the numbers are 1 out of every 20 people are millionaires. You would think I could find this because it was written about but I can't.

[newportbeachsmostwanted]

Roma- I used the numbers provided by CNN and divided by pop.

I could not find any stats for Granbury, Texas.

I know that it is in Hood County, but just FYI, Harris County, Texas has the 6th most for any US county(96,000)

[Roma]

Thanks newport for taking the time and searching for it!