NYC more millionaires than LA, Chicago, DC COMBINED (largest, population, Los Angeles)

[RazorRob305]

Originally Posted by newjitty

didn't know it was to THAT extent .. believe it's on metro basis, interesting nonetheless..

New York City Has Most Millionaires In The Country (SLIDESHOW)

So, does this mean that there are more Ivy league scumbag types in NYC than those other places?

[Yankee.]

Originally Posted by Awesome Danny

Well yeah, its population is like a giant compared to the other three.

No. Not really.

NYC's metro only has a few million more people than Los Angeles metro, for instance, yet NYC has nearly 3X the millionaire population of LA.

And if we go by percentage, NYC is only behind San Jose.

1. San Jose 4.9%
2. New York City 4.3%
2. San Francisco 3.9%
4. Washington, DC: 3.5%
5. Boston: 2.7%
6. Chicago: 2.6%
7. Detroit: 2.5%
8. Los Angeles: 2.3%
9. Philadelphia: 2.2%
10. Houston: 1.9%

But % only means so little, NYC is a gateway city for immigrants and it's astonishing it's nearly #1 in % with its massive and diverse populations and especially with all the poor people who flock to NYC from their dysfunctional third world countries and depress wealth statistics in comparison to a much smaller and more uniform metro San Jose. I'm not sure San Jose has comparable slums of Newark or South Bronx.

But it should be noted that the Bridgeport-Stamford-Norwalk MSA (Greenwich, New Canaan, Darien, etc) is not part of NYC's MSA but NYC's CSA, so it's not counted as "NYC" on this list. The Bridgeport-Stamford-Norwalk MSA is NYC's version of San Jose, only richer. Bridgeport has a higher percentage of millionaires than SJ (around 10%), and lso has the highest per capita income of all MSA's in the United States....but its not as large as SJ so it didn't have enough in raw numbers to make this CapGemini HNWI list.

When it comes to wealth, nothing in the world beats the greater NYC, specifically the Manhattan-Greenwich corridor.

[K.O.N.Y]

Originally Posted by eek

where are these places?





...just saying tho. don't underestimate the other boroughs...

Agreed theres 15 million dollar mansions and waterfront homes in the NORTH bronx

[newjitty]

re: BROOKLYN/QUEENS and outer boros..

yes i believe it was la times blogspot that noted the insanity of NYC..

certain parts of BROOKLYN going at $2,000 per sq ft while Beverly Hills averaged $680 per sq ft.. of course its city vs suburb..

but to think parts of Brooklyn were 3 times the price of Beverly Hills was quite unexpected.

[Gtownoe]

NYC is pricing out all of the cool people.

How do young people even live there?

[Remisc]

Originally Posted by Gtownoe

NYC is pricing out all of the cool people.

How do young people even live there?

Thats how the Yuppie was born, my friend.

[Gtownoe]

^^ Even yuppies are getting priced out though. More like kids who have their parents pay their rent.

[DANNYY]

Originally Posted by Yankee.

No. Not really.

NYC's metro only has a few million more people than Los Angeles metro, for instance, yet NYC has nearly 3X the millionaire population of LA.

And if we go by percentage, NYC is only behind San Jose.

1. San Jose 4.9%
2. New York City 4.3%
2. San Francisco 3.9%
4. Washington, DC: 3.5%
5. Boston: 2.7%
6. Chicago: 2.6%
7. Detroit: 2.5%
8. Los Angeles: 2.3%
9. Philadelphia: 2.2%
10. Houston: 1.9%

But % only means so little, NYC is a gateway city for immigrants and it's astonishing it's nearly #1 in % with its massive and diverse populations and especially with all the poor people who flock to NYC from their dysfunctional third world countries and depress wealth statistics in comparison to a much smaller and more uniform metro San Jose. I'm not sure San Jose has comparable slums of Newark or South Bronx.

But it should be noted that the Bridgeport-Stamford-Norwalk MSA (Greenwich, New Canaan, Darien, etc) is not part of NYC's MSA but NYC's CSA, so it's not counted as "NYC" on this list. The Bridgeport-Stamford-Norwalk MSA is NYC's version of San Jose, only richer. Bridgeport has a higher percentage of millionaires than SJ (around 10%), and lso has the highest per capita income of all MSA's in the United States....but its not as large as SJ so it didn't have enough in raw numbers to make this CapGemini HNWI list.

When it comes to wealth, nothing in the world beats the greater NYC, specifically the Manhattan-Greenwich corridor.

In literal context that was what I was saying to someone else earlier this week when it came to unemployment rates. I did not know why New York City despite being a gateway city like Los Angeles was not affected by a higher unemployment rate.

Rather Los Angeles's situation bothers me as comparatively its had the same level of everything as New York City, taxes rates, immigration policies, etc.. but its faring a lot worse. I can understand maybe a slight slip up here and there but 12.5% unemployment rate is by far scary image for any large metro to have.

But the difference came into play that it is strongly lacking in the White Collar industries that New York City has already. The artistic and innovative industries would give it a boost, and keep its economy within stabilization. Hopefully it will go through with that. Thus the reason why New York City and Bay Area attract more Millionaires per capita to Los Angeles and places like that.

For example see the following information for more on track detail, I'll walk this through.

Economic Output by CSA:

1. New York-Newark-Bridgeport, NY-NJ-CT-PA CSA $1.434 Trillion
Bridgeport-Stamford-Norwalk, CT Metro Area $81,389
Kingston, NY Metro Area $4,679
New Haven-Milford, CT Metro Area $37,643
New York-Northern New Jersey-Long Island, NY-NJ-PA Metro Area $1,264,896
Poughkeepsie-Newburgh-Middletown, NY Metro Area $21,029
Torrington, CT Micro Area
Trenton-Ewing, NJ Metro Area $24,458

2. Los Angeles-Long Beach-Riverside, CA CSA $866.095 Billion
Los Angeles-Long Beach-Santa Ana, CA Metro Area $717,884
Oxnard-Thousand Oaks-Ventura, CA Metro Area $35,080
Riverside-San Bernardino-Ontario, CA Metro Area $113,080

3. Washington-Baltimore-Northern Virginia, DC-MD-VA-WV CSA $533.542 Billion
Baltimore-Towson, MD Metro Area $133,012
Lexington Park, MD Micro Area
Washington-Arlington-Alexandria, DC-VA-MD-WV Metro Area $395,747
Winchester, VA-WV Metro Area $4,783

4. Chicago-Naperville-Michigan City, IL-IN-WI CSA $526.895 Billion
Chicago-Naperville-Joliet, IL-IN-WI Metro Area $520,672
Kankakee-Bradley, IL Metro Area $3,094
Michigan City-La Porte, IN Metro Area $3,336

5. San Jose-San Francisco-Oakland, CA CSA $508.418 Billion
Napa, CA Metro Area $7,434
San Francisco-Oakland-Fremont, CA Metro Area $310,825
San Jose-Sunnyvale-Santa Clara, CA Metro Area $146,687
Santa Cruz-Watsonville, CA Metro Area $9,903
Santa Rosa-Petaluma, CA Metro Area $20,229
Vallejo-Fairfield, CA Metro Area $13,340

6. Boston-Worcester-Manchester, MA-RI-NH CSA $413.930 Billion
Boston-Cambridge-Quincy, MA-NH Metro Area $299,590
Concord, NH Micro Area
Manchester-Nashua, NH Metro Area $20,782
Providence-New Bedford-Fall River, RI-MA Metro Area $65,152
Worcester, MA Metro Area $28,406

7. Houston-Baytown-Huntsville, TX CSA $403.202 Billion
Houston-Sugar Land-Baytown, TX Metro Area $403,202

8. Dallas-Fort Worth, TX CSA $383.082 Billion
Athens, TX Micro Area
Dallas-Fort Worth-Arlington, TX Metro Area $379,863
Sherman-Denison, TX Metro Area $3,219

9. Philadelphia-Camden-Vineland, PA-NJ-DE-MD CSA $351.680 Billion
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Metro Area $331,897
Reading, PA Metro Area $14,838
Vineland-Millville-Bridgeton, NJ Metro Area $4,945

10. Atlanta-Sandy Springs-Gainesville, GA-AL $276.197 Billion
Atlanta-Sandy Springs-Marietta, GA Metro Area $269,799
Gainesville, GA Metro Area $6,398

11. Miami-Ft Lauderdale-Pompano Beach, FL Metro Area $261.263 Billion

12. Detroit-Warren-Flint, MI CSA $236.457 Billion
Ann Arbor, MI Metro Area $17,891
Detroit-Warren-Livonia, MI Metro Area $200,856
Flint, MI Metro Area $11,406
Monroe, MI Metro Area $6,304

Population Centers for CSA:

01. New York-Newark-Bridgeport, NY-NJ-CT-PA CSA 22,232,494

02. Los Angeles-Long Beach-Riverside, CA CSA 17,820,893

03. Chicago-Naperville-Michigan City, IL-IN-WI CSA 9,804,845

04. Washington-Baltimore-Northern Virginia, DC-MD-VA-WV CSA 8,440,617

05. Boston-Worcester-Manchester, MA-RI-NH CSA 7,609,358

06. San Jose-San Francisco-Oakland, CA CSA 7,427,757

07. Dallas-Fort Worth, TX CSA 6,805,275

08. Philadelphia-Camden-Vineland, PA-NJ-DE-MD CSA 6,533,122

09. Houston-Baytown-Huntsville, TX CSA 5,968,586

10. Atlanta-Sandy Springs-Gainesville, GA-AL CSA 5,831,778

11. Detroit-Warren-Flint, MI CSA 5,327,764


Los Angeles-Long Beach-Riverside, CA CSA $866.095 Billion + Chicago-Naperville-Michigan City, IL-IN-WI CSA $526.895 Billion = $1.399 Trillion compared to New York-Newark-Bridgeport, NY-NJ-CT-PA CSA $1.434 Trillion

Los Angeles CSA (17,820,893) + Chicago CSA (9,804,845) = 27,625,738 people to New York CSA of 22,232,494



That is a difference of 5+ Million in population but the GDP still does not exceed New York City's.

I guess this can explain why:

Average Wage of All Classes:


Average Wage-Service Class


Average Wage-Working Class



Top 20 CSAs GMP/Per Capita Net 2008 $USD :
01. San Jose-San Francisco-Oakland, CA (CSA) $67,111
02. New York-Newark-Bridgeport, NY-NJ-CT-PA (CSA) $64,474
03. Washington-Baltimore-Northern Virginia, DC-MD-VA-WV (CSA) $58,883
04. Boston-Worcester-Manchester, MA-RI-NH (CSA) $54,809
05. Houston-Baytown-Huntsville, TX (CSA) $54,662
06. Hartford-West Hartford-Willimantic, CT (CSA) $53,204
07. Chicago-Naperville-Michigan City, IL-IN-WI (CSA) $52,427
08. Seattle-Tacoma-Olympia, WA (CSA) $52,064
09. Denver-Aurora-Boulder, CO (CSA) $51,274
10. Philadelphia-Camden-Vineland, PA-NJ-DE-MD (CSA) $50,534
11. Los Angeles-Long Beach-Riverside, CA (CSA) $50,333
12. Dallas-Fort Worth, TX (CSA) $49,707
13. Minneapolis-St. Paul-St. Cloud, MN-WI (CSA) $49,304
14. Atlanta-Sandy Springs-Gainesville, GA-AL (CSA) $48,653
15. Detroit-Warren-Flint, MI (CSA) $48,586
16. Sacramento-Arden-Arcade-Yuba City, CA-NV (CSA) $48,364
17. Raleigh-Durham-Cary, NC (CSA) $47,235
18. Midland-Odessa, TX (CSA) $47,226
19. Austin-Round Rock-Marble Falls, TX (CSA) $46,998
20. St. Louis-St. Charles-Farmington, MO-IL (CSA) $46,042

In Summary:
Los Angeles needs to attract more white collar jobs, the per capita income by CSA standards suffers a bit. They need to add in White Collar jobs and expand on that to improve their economy, they basically need to do what Seattle is doing right now.

[uptown_urbanist]

As noted, NYC also has a lot more people. Cost of living is also much higher there; a million dollars will buy you a lot more in LA, DC, or Chicago than it will in NYC. Finally, don't forget the fact that the very wealthy, they often have multiple homes; I worked with people in LA and DC who also had homes in NYC, so there's a lot of movement back and and forth between those truly at the economic top. Still, obviously NYC is the biggest city in the country and a major international center, so understandably it's going to attract many millionaires, and well as provide opportunities for those not already millionaires to move up the financial ladder. (not to mention all the people with family wealth who live there, and who aren't depending -- and never have -- on jobs for their money) Still, a million dollars doesn't go all that far in NYC, at least not when compared with what it will get you in the other big cities mentioned.

As far as LA, the housing market bust has a lot to do with its worse economy, not a lack of white collar jobs. LA currently DOES need more white collar jobs, but that's because it currently needs more jobs of all kinds.

[DANNYY]

Originally Posted by uptown_urbanist

As far as LA, the housing market bust has a lot to do with its worse economy, not a lack of white collar jobs. LA currently DOES need more white collar jobs, but that's because it currently needs more jobs of all kinds.

Los Angeles in general has seen economic slow shift and slight decline since the late 1980's periodically to present day situation. A lot of things need a stronger factor for Los Angeles in play, Bay Area is a prime Californian example of what the overall economy should look like. Diverse with as many sectors as possible.
Necessarily all creative class and high end intellectual jobs are not needed to get the economy rolling but having a good amount of that does help. Los Angeles needs to invest in market economies for those sectors.

Los Angeles has been economically struggling for a good 10 years now, but it finally just blew up out of proportion during the recession.
It would be a good idea for them to get into some of the sectors that Bay Area has, and go through the economic renaissance that Seattle is seeing right now.

I would imagine that foreclosure crisis is the main point of concern for the Inland Empire as well?

Hopefully they get this on fix and get moving again, it would be ideal for every city in America to reach stabilization as soon as possible.