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A list brought to us today because Miami was listed 6th... With an odd jab at Chicago for some reason...
Not so odd, initially I was going to post this is in the "Chicago vs Miami: whose more Internationally Renown" thread but saw it was closed. So I opened this thread instead, but it's not so much a jab at Chicago at this point but a bit amazement on my end, I was expecting for Chicago to do better than she did, honestly.
This^ is just a survey conducted among financial advisors.
As far as where this demographic actually lives:
Residents With a Net Worth of $30 Million+,
2014 New York 8,655
London 6,815
Tokyo 6,185 San Francisco 5,460
Los Angeles 5,135
Osaka 3,405
Paris 3,345
Hong Kong 3,335 Chicago 2,885
Mexico City 2,780
Washington DC 2,730
Houston 2,545
Mumbai 2,440
Beijing 2,415 Dallas 2,330
Delhi 2,130
Zurich 2,055 Toronto 1,940
São Paulo 1,885
Rio de Janeiro 1,810
Munich 1,805
Dusseldorf 1,540
Shanghai 1,535
Geneva 1,525
Hamburg 1,480
Sydney 1,470
Singapore 1,395
Rome 1,340
Madrid 1,315
Melbourne 1,240 Atlanta 1,230
Stuttgart 1,220
Shenzhen 1,180 Seattle 1,095
Seoul 1,095
It looks about right though. I highly doubt the global rich set favor San Francisco to Miami! San Francisco is going through a great tech boom but and that's great for its local economy but the place doesn't have much relevance to your typical upwardly mobile UHNWI.
It does because it's a safer, more stable, and more constrained market to park money in real estate than Miami. Also, while it doesn't have semi-tropical beaches, hordes of Brazilians in bikinis, 30 Neiman Marcuses peddling the same stuff to Latin tourists and 20 St. Regis resorts with little in the way of differentiators catering to a global market of people with newfound money and no sense of what to do with it, San Francisco is an excellent market for UHNWI with a bit more longetivity, arguably - sense, and arguably - sophistication if you count having exposure to a city that heavily favors ideas and intelligence over sheer materialism.
Miami is purely a second home city that panders across many spectrums to a lowest common denominator individual across any given income level. People with half a brain, an intellectual curiosity, a desire for refined culture, and the ability to park money in a constrained global market and benefit from a much wider range of world class amenities will choose SF both as a primary residence or as a secondary home any time over Miami.
There is a reason there are far more UHNWI in the Bay Area than anywhere else in the Americas outside of New York, and that includes much larger and much more glamorous LA. SF is a real power player city and those in the elite know that. Miami is a superficial turd worth maybe just a little bit of money to keep a pad, a yacht, and have access to good weather/beaches and superficial entertainment a few times a year. But I'd guess for many who have it made it that far in life, particularly those who worked real hard to get there, Miami is less than gratifying as a permanent city to call home.
Location: East Central Pennsylvania/ Chicago for 6yrs.
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Quote:
Originally Posted by Caesarstl;38927482[B
]A list brought to us today because Miami was listed 6th... With an odd jab at Chicago for some reason[/b]...
Exactly.... This "SDPMiami" has a thing with CHICAGO. Against it with passive-aggressive postings? Creating the other thread "Miami vs Chicago". He was aggressive at first? Then would give some passive complements? Then attempt to go for its jugular... LOL. ⤵⤵⤵⤵
As you can see Chicago is missing, it would appear if you extend the list from top 40 to top 100.
The Wealthy surely Love Miami Beach. Other sights do list Millionaire numbers CHICAGO MAKES THE LIST and amounts given. BUT YOU MUST WANT TO DEMEAN CHICAGO FOR WINNING YOUR "Miami vs Chicago" thread now closed.
THESE SIGHTS DO PLACE CHICAGO ON LIST BUT NOT MIAMI. NO LIST IS PERFECT BUT THESE AGREE MORE THEN NOT.
__________________________________________________ __________________________________________________ __________________________________ The 10 US Cities With the Most Millionaires - USTravel.Answers.com2015 numbers
NEW YORK CITY The amount of millionaires in the city of New York is 720,000. The biggest Fortune 500 companies in this city include Verizon and J.P Morgan, along with Morgan Stanley, Citigroup, AIG and Goldman Sachs. Because of the financial industry rising and falling during the recession, New York also experienced a wave of financial stability. However, it is still the number one city with the highest number of millionaires.
LOS ANGELOS The number of millionaires in Los Angeles is 256,500. The largest industries in this city are not only the entertainment industry but also education, health and energy. LA is the home of one of the most active ports in the world. Because of the need for military officials, the city's center for defense wasn't hit too hard.
CHICAGO The number of millionaires in Chicago is 212,300 . According to a report by Moody's, Chicago has a more varied economy than any other large U.S city, a fact that made it more resilient during the recession. The number of millionaires in Chicago is 212,300, and this is mainly due to Fortune 500 companies such as Boeing and Exelon.
WASHINGTON DC The number of millionaires in Washington DC is 164,400. This city did not suffer as badly while the recession was going on because the government and the military did not make cut backs on employment. However, Fannie Mae and Freddie Mac did take a huge hit and are now both bankrupt. Although this is true, there are still 164,400 millionaires in this city and Fortune 500 companies are The Washington Post and Danaher.
__________________________________________________ __________________________________________________ ___________________________________ Cities With The Most Millionaires In The United States | Spirit 1340
1. New York City – 727,100 Millionaires
2. Los Angeles – 255,600 Millionaires 3. CHICAGO- 205,400 Millionaires
4. Washington, D.C. – 166,200 Millionaires
5. San Francisco – 142,600 Millionaires
__________________________________________________ __________________________________________________ ____________________________________ Which US Cities Have the Most Millionaires?2013
The numbers below show the HNWI population in the five U.S. cities that have the most of them, as well as the percent by which each city's number of millionaires increased between 2008 and 2009.
2010 U.S. Metro Wealth Index numbers
New York: 667,200 (+18.7%)
Los Angeles: 235,800 (+13.3%) CHICAGO: 198,100 (+15.1%)
Washington, D.C.: 152,400 (+19.3%)
San Francisco: 138,300 (+14.5%)
Philadelphia: 104,100 (+20.1%)
Boston: 102,300 (+14.4%)
Detroit: 89,100 (+12.1%)
Houston: 88,200 (+28.9%)
San Jose: 86,500 (+24.5%)
__________________________________________________ __________________________________________________ ___________________________________ The wealthiest cities in the world - A Luxury Travel Blog2013
Here’s a round-up of the top 20 cities with the most millionaires, multi-millionaires and billionaires: DIVISIONS
Millionaires.............................Multi-millionaires..........................Billionaires
1. Tokyo – 461,000 millionaires...1. London – 4,224 multi-millionaires..1. New York – 70 billionaires
2. New York – 389,000...............2. Tokyo – 3,525.............................2. Moscow – 64
3. London – 281,000..................3. Singapore – 3,154.......................3. London – 54
4. Paris – 219,000.....................4. New York – 2,929........................4. Hong Kong – 40
5. Frankfurt – 217,000...............5. Hong Kong – 2,560......................5. Beijing – 29
6. Beijing – 213,000..................6. Frankfurt – 1,868.........................6. Mumbai – 26
7. Osaka – 190,000...................7. Mexico City – 1,850......................7. Istanbul – 24
8. Hong Kong – 187,000............8. Paris – 1,500...............................8. Shanghai – 23
9. Shanghai – 166,000..............9. Osaka – 1,450..............................9. Paris – 22
10. Singapore – 157,000...........10. Beijing – 1,318...........................10. Los Angeles – 19
11. Seoul – 131,000.................11. Seoul – 1,302.............................11. Shenzhen – 19
12. Munich – 130,000...............12. Toronto – 1,184..........................12. CHICAGO- 15
13. Rome – 127,000.................13. Munich – 1,113...........................13. Singapore – 13
14. Los Angeles – 126,000........14. Shanghai – 1,028........................14. Tokyo – 12
15. Toronto – 118,000..............15. Los Angeles – 950.......................15. Guangzhou – 12 16. CHICAGO- 107,000 .........16. Rome – 945...............................16. San Francisco – 11
17. Sydney – 104,000..............17. Sydney – 931.............................17. Dallas – 11
18. Houston – 103,000.............18. Moscow – 821............................18. Dubai – 11
19. Mexico City – 102,000........19. CHICAGO - 809 .......................19. Houston – 10
20. Moscow – 101,000.............20. Houston – 777............................20. Sao Paolo – 10
Apparently, according to the reports, the country to watch is China which is predicted to overtake Japan and Germany to become the second largest wealth market in the world by 2020. India is also expected to rise up the rankings, from 11th place in 2012 to 5th place by 2020.
It looks about right though. I highly doubt the global rich set favor San Francisco to Miami! San Francisco is going through a great tech boom but and that's great for its local economy but the place doesn't have much relevance to your typical upwardly mobile UHNWI.
The 'global rich'? The Bay Area is home to more Billionaires and Ultra High Net Worth Individuals than anywhere in North or Sourh America except New York.
It does because it's a safer, more stable, and more constrained market to park money in real estate than Miami. Also, while it doesn't have semi-tropical beaches, hordes of Brazilians in bikinis, 30 Neiman Marcuses peddling the same stuff to Latin tourists and 20 St. Regis resorts with little in the way of differentiators catering to a global market of people with newfound money and no sense of what to do with it, San Francisco is an excellent market for UHNWI with a bit more longetivity, arguably - sense, and arguably - sophistication if you count having exposure to a city that heavily favors ideas and intelligence over sheer materialism.
Miami is purely a second home city that panders across many spectrums to a lowest common denominator individual across any given income level. People with half a brain, an intellectual curiosity, a desire for refined culture, and the ability to park money in a constrained global market and benefit from a much wider range of world class amenities will choose SF both as a primary residence or as a secondary home any time over Miami.
There is a reason there are far more UHNWI in the Bay Area than anywhere else in the Americas outside of New York, and that includes much larger and much more glamorous LA. SF is a real power player city and those in the elite know that. Miami is a superficial turd worth maybe just a little bit of money to keep a pad, a yacht, and have access to good weather/beaches and superficial entertainment a few times a year. But I'd guess for many who have it made it that far in life, particularly those who worked real hard to get there, Miami is less than gratifying as a permanent city to call home.
My blunt take (as a native Floridian).
San Francisco only appeals to HNWI and UHNWIs in the tech industry. Period. It doesn't have cross-over appeal like other major global cities.
If your typical Russian billionaire who has nothing to do with tech, Saudi princess or a Royal from the United Kingom were looking to move to the United States, do you really think they'd move to San Francisco? No.
Many of these people might be tacky, but that doesn't change the fact that San Francisco is seen as rather dull and pedestrian to these people. There are 100k UHWNI worldwide, and 4,000 of them live in San Francisco...congrats, the place is doing very well for itself during this tech bubble but it still isn't a place your typical jetting UHWNI would bother with.
Quote:
There is a reason there are far more UHNWI in the Bay Area than anywhere else in the Americas outside of New York
Because San Francisco is the hub of the tech industry. The tech industry is doing very well at the moment, hence the swelling of UHWNI. Bay Area having that many UHNWI doesn't have to do with how "desirable" it is to the typical wealthy person. If you're in tech, you have to live there. There are examples of very wealthy international jet-setters moving to New York, London, LA, Miami but I've never heard of one just moving to San Francisco because they liked it.
Houston has more UHWNI than Zurich (according to that particular source posted above), but do you really think Houston is more desirable to rich people Zurich? LOL.
It does because it's a safer, more stable, and more constrained market to park money in real estate than Miami. Also, while it doesn't have semi-tropical beaches, hordes of Brazilians in bikinis, 30 Neiman Marcuses peddling the same stuff to Latin tourists and 20 St. Regis resorts with little in the way of differentiators catering to a global market of people with newfound money and no sense of what to do with it, San Francisco is an excellent market for UHNWI with a bit more longetivity, arguably - sense, and arguably - sophistication if you count having exposure to a city that heavily favors ideas and intelligence over sheer materialism.
More fat girl whining about how the beautiful woman gets all the attention. That's how I read your posts.
Quote:
There is a reason there are far more UHNWI in the Bay Area than anywhere else in the Americas outside of New York,
Part of that reason is job responsibility, certain legal loopholes or corporation loopholes about living in the same state as the company (depending on your residency, your tax burden, your relationship with the company, etc will be different). I deal with this on a daily basis, since as I said in an earlier thread, I'm an iOS developer who does work for (ironically mostly Bay Area companies) but lives out of state in Miami. This determines in some cases how I file my taxes, and a couple companies are urging me to establish some kind of "residency" in California, which would obviously be fake but just for tax purposes (which may seem counterintuitive because Florida has no state income tax but it's a long story).
But when it comes to the global rich, a Moscow business entrepreneur, a Venezuelan oil Tycoon, a Sudanese Camel herder (don't laugh, there is money in that business if you have a lot of camels, some of these people have herds of 100,000s of camels at thousands a camel), they will choose Miami over San Francisco. At least according to this study. And it's probably all on the "lifestyle" ranking, because to be quite frank that's why I choose Miami over San Francisco even though everyone is pulling me to relocate there.
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