Million millionaires (New York, York: real estate, home, estate)
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If the stock market crash, I wonder how fast would it takes for those millions millionaire to vanish.
so far all these downturns are only temporary .. just look at this last bear market , we gained back 3000 points in 10 trading days. if it wasn't for bad investor behavior by either trying to time things or panicking no one would have lost a penny in broad based funds to date over the long term . even the great depression recovered in 4-1/2 years in dollar terms .
Yeah that nakes sense because I doubt 1/9 of NYC residents have 1 million liquid
but even then, you have to own your home outright in order for it to be an asset. This number seems off, over 11% of people in NYC are millionaires? I know a million isn't what it used to be but that still seems extremely high.
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