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I just moved to NJ (Livingston) and there's a black Phantom a few doors down that's still very much here.
Don't know the true definition of a millionaire but we can all vouch for the fact that in the 'suburban NYC' area, having a net worth of just over $1MM (while certainly something most of us wish we'd have) does not feel very rich / secure anymore. They should really coin a new term for those over $5MM and $10MM net worth that we need to use when we want to refer to those that are comfortably rich instead of using 'millionaire'.
Back to topic: I guesstimate that most of the rich leaving the state are either career or lifestyle changers: otherwise moving to other good areas nearby like Westchester county or LI isn't going to save them much.
I know the dollar doesn't go as far here, but if you have a net worth of +$1MM, you're still pretty secure. modest gains on that is like having another income in your family. but, you're point is valid.
i agree on topic...and also, people think moving to some other cities saves them a fortune. it's true and false. depending on the city, and other expenses you now have...
If anything the state is getting richer due to its proximity to high-paying jobs. The migration of people from North Jersey to more affordable areas of the state (and out of state) has been going on for many years.
The word 'Millionaire' has become an emotional term used rather loosely to define an exclusive group of people that in the old days were considered wealthy. A millionaire has nothing to do with a set number of dollars in todays political class warfare strategy.
Today a millionaire may be a couple working as directors in pharma that has accumulated more than a million dollars. The intended reference seems to be people who earn more than a million dollars a year typically through an established business they own.
That 'millionaire' couple is sure going to stay near their jobs but may consider a commute from PA after they sell their NJ home.
The other guy who makes a million a year through his business may indeed move depending on what his business is and his future strategy.
Millionaires are not the sportsfigures who earn multimillion dollar salaries or career legislators who may earn or have accumulated millions of dollars. Millionaires are not the entertainers who earn multi millions in one year. No one wants to get even with Mariah Carey or Peyton Manning.
was at the Short Hills Mall today, totally dead. Got a spot 3 spots away from the door to Norstroms in the green lot.
I love how people decide that rich people are NOT leaving just because they saw a couple of nice cars.
Well I left NYC because of the taxes and came to NJ. Sure I will leave NJ soon enough for the same reason
NFN but take a drive thru the Somerset hills where the really rich live. You won't see many stores much less a Mall.
If you lived in NYC you don't know very much about NJ
Yes many of the middle class are retiring out of NJ but why would a rich person want to leave? If you can't afford NJ taxes than you are not very wealthy.
NFN but take a drive thru the Somerset hills where the really rich live. You won't see many stores much less a Mall.
If you lived in NYC you don't know very much about NJ
Yes many of the middle class are retiring out of NJ but why would a rich person want to leave? If you can't afford NJ taxes than you are not very wealthy.
Yup!
The area that I referred to in my earlier post (Peapack-Gladstone and environs) is where the super-wealthy live. To those folks, the mostly "new money" folks in places like Short Hills are pikers. This is the area where many of the CEOs of the big NY banks reside, along with folks such as a few former Secretaries of The Treasury, and others whose personal wealth is difficult for most of us to imagine.
If your career is here or business and make alot of money you stay, if you have alot of money and are retired you leave.
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class warfare feeds ambiguous term of millionaire
