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Old 11-17-2011, 11:25 PM
 
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Are Millionaires Really Fleeing New Jersey? - The Wealth Report - WSJ
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Old 11-18-2011, 02:24 AM
 
Location: On the Rails in Northern NJ
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No , are they fleeing Long Island? There not fleeing its the poor and Middle Class who are fleeing...
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Old 11-18-2011, 05:16 AM
 
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The smart ones do. It's almost impossible to retire wealthy here in my opinion.
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Old 11-18-2011, 05:55 AM
PDD
 
Location: The Sand Hills of NC
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Quote:
Originally Posted by Taliana View Post
The smart ones do. It's almost impossible to retire wealthy here in my opinion.
I think the definition of wealth has changed over the years. Used to be if you had a million dollars you were wealthy now I think it take multiple millions to be considered wealthy.
If you are wealthy and can't retire in NJ then you really are not very wealthy.

The only things that are more expensive in NJ compared to other states are real estate and property taxes.
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Old 11-18-2011, 06:30 AM
 
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Are millionaires fleeing NJ?
Based on a recent ride through Peapack/Gladstone, I don't think so.
The traffic, which included 2 late-model Bentleys, a Rolls-Royce, a Maybach, a Maserati Quattroporte, some type of Ferrari, and a significant number of high-end Mercedes and BMW models, was fairly heavy on the main street on a late Saturday afternoon.

Is this a scientific study? Obviously not.
However, when I see a large assemblage of cars--most of which cost more than many folks' homes--such as that in the space of about 15 minutes in a small town, it surely looks to me like the super-wealthy are alive and well in NJ.

Last edited by Retriever; 11-18-2011 at 07:07 AM..
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Old 11-18-2011, 07:10 AM
 
Location: West Orange, NJ
12,542 posts, read 17,729,057 times
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Quote:
Originally Posted by PDD View Post
I think the definition of wealth has changed over the years. Used to be if you had a million dollars you were wealthy now I think it take multiple millions to be considered wealthy.
If you are wealthy and can't retire in NJ then you really are not very wealthy.

The only things that are more expensive in NJ compared to other states are real estate and property taxes.
is it really a new thing though that people in NJ retire elsewhere? i mean, i'm a young guy, but the NY Metro area has always had lots of "snowbirds" right?
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Old 11-18-2011, 07:11 AM
 
Location: West Orange, NJ
12,542 posts, read 17,729,057 times
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Quote:
Originally Posted by Retriever View Post
Are millionaires fleeing NJ?
Based on a recent ride through Peapack/Gladstone, I don't think so.
The traffic, which included 2 late-model Bentleys, a Rolls-Royce, a Maybach, a Maserati Quattroporte, some type of Ferrari, and a significant number of high-end Mercedes and BMW models, was fairly heavy on the main street on a late Saturday afternoon.

Is this a scientific study? Obviously not.
However, when I see a large assemblage of cars--most of which cost more than many folks' homes--such as that in the space of about 15 minutes in a small town, it surely looks to me like the super-wealthy are alive and well in NJ.
i've got a ferrari california and a rolls royce phantom in my town. among other nice rides...
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Old 11-18-2011, 07:50 AM
 
Location: NJ
12,284 posts, read 30,939,609 times
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Quote:
Originally Posted by Retriever View Post
Are millionaires fleeing NJ?
Based on a recent ride through Peapack/Gladstone, I don't think so.
The traffic, which included 2 late-model Bentleys, a Rolls-Royce, a Maybach, a Maserati Quattroporte, some type of Ferrari, and a significant number of high-end Mercedes and BMW models, was fairly heavy on the main street on a late Saturday afternoon.

Is this a scientific study? Obviously not.
However, when I see a large assemblage of cars--most of which cost more than many folks' homes--such as that in the space of about 15 minutes in a small town, it surely looks to me like the super-wealthy are alive and well in NJ.
or take a stroll through the Short Hills Mall.
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Old 11-18-2011, 09:54 AM
PDD
 
Location: The Sand Hills of NC
8,776 posts, read 14,138,585 times
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Quote:
Originally Posted by Retriever View Post
Are millionaires fleeing NJ?
Based on a recent ride through Peapack/Gladstone, I don't think so.
The traffic, which included 2 late-model Bentleys, a Rolls-Royce, a Maybach, a Maserati Quattroporte, some type of Ferrari, and a significant number of high-end Mercedes and BMW models, was fairly heavy on the main street on a late Saturday afternoon.

Is this a scientific study? Obviously not.
However, when I see a large assemblage of cars--most of which cost more than many folks' homes--such as that in the space of about 15 minutes in a small town, it surely looks to me like the super-wealthy are alive and well in NJ.
You forgot to mention the "Stable" located in Gladstone which sells many of those cars you saw.

If the wealthy were truly leaving NJ that dealer would not be doing much business.
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Old 11-18-2011, 10:09 AM
 
51 posts, read 100,783 times
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Quote:
Originally Posted by bradykp View Post
i've got a ferrari california and a rolls royce phantom in my town. among other nice rides...
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.
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