Million millionaires (New York, York: real estate, home, estate)

[Clarallel]

And probably most of them feel as if they can barely afford NYC.



New York City is home to nearly 1 million millionaires, more than any other city in the world

https://www.cnbc.com/amp/2019/01/18/...the-world.html

[Mr.Retired]

Originally Posted by Clarallel

And probably most of them feel as if they can barely afford NYC.



New York City is home to nearly 1 million millionaires, more than any other city in the world

https://www.cnbc.com/amp/2019/01/18/...the-world.html

I would think given this economic market;
Uncertainty is the biggest fear

[Mr. Ryu]

I wonder what the breakdown is;

New millionaires
Generational Wealth
Trust Fund
etc?

[nybklyn]

If the stock market crash, I wonder how fast would it takes for those millions millionaire to vanish.

[Foamposite]

Yikes

[McVinney]

Originally Posted by Mr. Ryu

I wonder what the breakdown is;

New millionaires
Generational Wealth
Trust Fund
etc?

I'm guessing home ownership accounts for the better chunk of it.

[Foamposite]

Originally Posted by McVinney

I'm guessing home ownership accounts for the better chunk of it.

Yeah that nakes sense because I doubt 1/9 of NYC residents have 1 million liquid

[mathjak107]

Originally Posted by nybklyn

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 .

[mathjak107]

Originally Posted by McVinney

I'm guessing home ownership accounts for the better chunk of it.

as it should ...real estate values are very high in nyc.

but remember , retiring on a million bucks is only 40k a year pretax . my buddy gets more than that from the dept of sanitation as a pension .

[eddiep83]

Originally Posted by Foamposite

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.