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Bottom line, some cities just have more millionaires than others. It's real simple - you are a millionaire (at least in this methodology) if you have over $1,000,000 in net assets, excluding your home. The price of eggs, electricity or Memphis BBQ is not relevant. Certain cities generate a lot of wealth for a lot of people..... hence the list. Some cities just ain't generating the wealth.
And some cities are just generating wealth for a small fraction of the population.
While lists like this are interesting, I'm FAR more impressed by cities that have high median household incomes (adjusted for cost-of-living). That's much more indicative of widespread success and wealth generation than places that happen to be home to the most CEO 1%-ers.
And some cities are just generating wealth for a small fraction of the population.
While lists like this are interesting, I'm FAR more impressed by cities that have high median household incomes (adjusted for cost-of-living). That's much more indicative of widespread success and wealth generation than places that happen to be home to the most CEO 1%-ers.
It's great that you appreciate the importance of robust median incomes, and that is indeed an important conversation to have for an appropriately named thread. This topic was about the curiosity of millionaires per capita, not the relative health of the huddled proletariat masses. By definition, it is not "widespread", although it looks like you can drop the Occupy Wall Street talk of "the 1%" and replace it with the 2% now (at least in North America).
It's great that you appreciate the importance of robust median incomes, and that is indeed an important conversation to have for an appropriately named thread. This topic was about the curiosity of millionaires per capita, not the relative health of the huddled proletariat masses. By definition, it is not "widespread", although it looks like you can drop the Occupy Wall Street talk of "the 1%" and replace it with the 2% now (at least in North America).
So what is the significance of having a high concentration of very wealthy people in a city? And do you know what you're saying with this talk of the 'proletariat'?
I am not surprised by Toronto's ranking. Nowadays most houses in a relatively central area (not rich enclaves) cost above $1million and a two bedroom apartment is above half a mil.
Houston is not surprising either as it is the capital of the energy industry. don't know why rich people would want to live there though.
So what is the significance of having a high concentration of very wealthy people in a city? And do you know what you're saying with this talk of the 'proletariat'?
The significance is whatever you want it to be. I enjoy things I find curious, personally.
And I apologize for opening the "Marx box" with my hyperbole; I am sure you are one of many who is itching to set me straight on my errant references. Let's not do that (or talk about social inequality, Gini coefficients, book reviews on the latest Piketty text, etc.). Let's instead talk about the astonishing amount of millionaires in Switzerland........
Well that's under two assumptions. First being that you consider $1 million dollars a lot of money. I, however, do not. I consider it squarely middle class, the upper part of it, but not any sort of elite amount of money by any means. The second assumption being that you perceive CEO's as the only ones with $1 million dollars. If you live in any large market city, that's total flawed design as their top lawyers, doctors, engineers, techies, financiers, and the like should all be able to attain that much. $1 million isn't anything hard to attain, most people with the average joe salaries of $120,000 a year could attain that with healthy money management in adequate time.
Technically if we evaluate net assets; then I could make the case that I grew up in one of these households but never felt like I was in the 2% of society in any of the places I've lived in. Although in Chicago, I definitely did walk away feeling like our material possessions were almost always "too flashy" compared to our neighbors, particularly the cars.
I am not surprised by Toronto's ranking. Nowadays most houses in a relatively central area (not rich enclaves) cost above $1million and a two bedroom apartment is above half a mil.
Houston is not surprising either as it is the capital of the energy industry. don't know why rich people would want to live there though.
The significance is whatever you want it to be. I enjoy things I find curious, personally.
And I apologize for opening the "Marx box" with my hyperbole; I am sure you are one of many who is itching to set me straight on my errant references. Let's not do that (or talk about social inequality, Gini coefficients, book reviews on the latest Piketty text, etc.). Let's instead talk about the astonishing amount of millionaires in Switzerland........
Heh, fair enough. As to the number of millionaires in Switzerland, mulling over that little factoid will land me in philosophical hot water.
Well that's under two assumptions. First being that you consider $1 million dollars a lot of money. I, however, do not. I consider it squarely middle class, the upper part of it, but not any sort of elite amount of money by any means. The second assumption being that you perceive CEO's as the only ones with $1 million dollars. If you live in any large market city, that's total flawed design as their top lawyers, doctors, engineers, techies, financiers, and the like should all be able to attain that much. $1 million isn't anything hard to attain, most people with the average joe salaries of $120,000 a year could attain that with healthy money management in adequate time.
Perhaps the "CEO 1%" remark was a bit of an exaggeration, but I think you may have a skewed perception of "average joe" salary if you consider 120K to be "average." When national median household income is still around 52K, you're still talking about a fairly exclusive portion of the population when an individual is making a six-figure salary. Do you honestly believe the "average joe" is a doctor, lawyer or engineer? These are considered high-achieving careers for a reason. Even in a large market city a la New York or Toronto, for every lawyer there are about 10 middle-to-lower income professions like housekeepers, school teachers and retail workers.
I simply took issue with the notion that these cities are generating widespread wealth, when it's pretty obvious that wealth has become more concentrated, and there are certain cities where people of considerable means will concentrate themselves -- those places being the cities on this list.
Perhaps the "CEO 1%" remark was a bit of an exaggeration, but I think you may have a skewed perception of "average joe" salary if you consider 120K to be "average." When national median household income is still around 52K, you're still talking about a fairly exclusive portion of the population when an individual is making a six-figure salary. Do you honestly believe the "average joe" is a doctor, lawyer or engineer? These are considered high-achieving careers for a reason. Even in a large market city a la New York or Toronto, for every lawyer there are about 10 middle-to-lower income professions like housekeepers, school teachers and retail workers.
I simply took issue with the notion that these cities are generating widespread wealth, when it's pretty obvious that wealth has become more concentrated, and there are certain cities where people of considerable means will concentrate themselves -- those places being the cities on this list.
I agree with your post but Im not sure what a school teacher's salary is in the U.S but in Ontario starting salary is 45 and 55k per year and those with 10 years service earn between 76 to 92K per year - not chump change! A 1st class Police Constable in Toronto (which takes about 5 years after Cadet) makes 92K and with just a bit of OT can easily make 100K... So basically a schoolteacher and Police Constable couple in Toronto who have been working only a decade pull in between 175-191K per year.
Last edited by fusion2; 07-25-2014 at 10:17 PM..
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