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Location: That star on your map in the middle of the East Coast, DMV
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Again, I posted this in another thread. This is total of "ALL RACES" by metro area. We would still need to find out where "Black millionaires" specifically fall in line, otherwise all we could do is play the percentage game to determine the answer.
Population of Millionaires, 2015
01. New York MSA: 963,100
02. Los Angeles MSA: 364,200
03. Chicago MSA: 282,000
04. Washington D.C. MSA: 236,100
05. San Francisco/Oakland MSA: 221,600
06. Boston MSA: 162,000
07. Houston MSA: 149,700
08. Philadelphia MSA: 146,400
09. San Jose MSA: 136,400
10. Dallas/Fort Worth MSA: 126,100
11. Detroit MSA: 116,200
12. Seattle MSA: 98,500
Again, I posted this in another thread. This is total of "ALL RACES" by metro area. We would still need to find out where "Black millionaires" specifically fall in line, otherwise all we could do is play the percentage game to determine the answer.
Population of Millionaires, 2015
01. New York MSA: 963,100
02. Los Angeles MSA: 364,200
03. Chicago MSA: 282,000
04. Washington D.C. MSA: 236,100
05. San Francisco/Oakland MSA: 221,600
06. Boston MSA: 162,000
07. Houston MSA: 149,700
08. Philadelphia MSA: 146,400
09. San Jose MSA: 136,400
10. Dallas/Fort Worth MSA: 126,100
11. Detroit MSA: 116,200
12. Seattle MSA: 98,500
My educated guess would be that Atlanta would probably slot in close to or right after Seattle on the first list. Even if so it would take close to a 70-90% black millionaire percentage share to out do "numerically" either DC or NYC by metro area. By percentage of total Black millionaires in their metro compared to other races however, I could see Atlanta being #1.
Last edited by the resident09; 02-25-2019 at 09:35 AM..
Wow...Atl not on the list...still possibly has more Black millionaires but seems like an uphill task based off this list
How can Atlanta have more black millionaires than New York, or DC, or even La where the black population is single digits, when the highest income where blacks live in Atlanta is $119,000, Atlanta doesn't even have one zip code where blacks make 250,000+ , DC has 3, NY has 3, La has 4, Atl has 0, Atlanta wealth is just media hype
How can Atlanta have more black millionaires than New York, or DC, or even La where the black population is single digits, when the highest income where blacks live in Atlanta is $119,000, Atlanta doesn't even have one zip code where blacks make 250,000+ , DC has 3, NY has 3, La has 4, Atl has 0, Atlanta wealth is just media hype
Placing Oprah, Bob Johnson and Michael Jordan all together would have absolutely no effect on median household income in any Atlanta zip code. The reason this is the case is because the median is simply the midpoint of any range. The Census won't tell you how rich the people are at the very top of the range.
The term millionaire doesn't really really equate to being rich at all; especially in NYC and DC. In Atlanta, the term millionaire probably holds a lot more weight though.
The following person would be a millionaire despite living a very middle class/average lifestyle:
- A 55 year old who owns a small house in Queens [Jamaica] with an appraised value of $550k, has $300k in retirement savings [considered decent but not great], $90k in regular savings and $60k in Miscellaneous assets (2 basic newish cars, wedding ring, random collectibles, dirt bike, new furniture/electronics, etc).
A net worth if $1,000,000 is definitely a great milestone to reach and celebrate. It also signifies good financial stability; but its definitely not rich these days. Personally, I would say that a net worth of $2.5 mil and up can count as rich but many people would argue that the minimum threshold is even far higher than that.
Last edited by MemoryMaker; 02-25-2019 at 11:51 AM..
The term millionaire doesn't really mare somebody rich; especially in NYC and DC. In Atlanta, the term millionaire probably holds a lot more weight though.
The following person would be a millionaire despite living a very middle class/average lifestyle:
- A 55 year old who owns a small house in Queens with an appraised value of $550k, has $300k in retirement savings [considered good but not great], $100k in regular savings and $50k in Miscallaneous assets (2 basic newish cars, wedding ring, random collectibles, furniture/electronics, etc).
I believe the 1 million threshold excludes home equity.
Look at Footnote 1 on Page 3.
"HWNIs are defined as those having investable assets of US$ 1 million or more, excluding primary residence, collectibles, consumables and consumer durables."
Well, for starters let me say that I’m not disputing your claims. Nor is what I’m about to say an attempt to dance around them. But...
Atlanta is a smaller city than DC and a MUCH smaller city that NYC. So based off that alone, Atlanta is at a disadvantage. If they used the metropolitan area, still Atlanta is smaller than the DMV area and NYC. So, still there’s an inherent disadvantage that Atlanta faces in terms of flat out numbers regardless of city or metro figures being used. Especially if they combine DC with Baltimore.
So, let’s just say that we’re using percentages instead of numbers. Are they using real estate in determining the net worth of these millionaires? If so, well, there goes the crown to NYC and DC just off real estate alone.
And then there’s this: how many of these millionaires are in the $1,000,000-$1,999,999 range of liquid assets verses those of $5 million or true HNWI over $30 million?
I have a hard time believing that Atlanta with all of its musicians, actors, TV Stars, song writers, music producers, film producers, on top of the usual business owners, trust fund babies, doctors, lawyers, and CEOs is behind DC. And if so, on the higher end (above $5 million in liquid assesets or more) I believe Atlanta would come out on top.
NYC, I would still believe to be head and shoulders above both, probably even if you combined the two. Especially considering both Jay-Z and Diddy call New York home. I believe the wealthiest famous black Atlantan would be Tyler Perry. I believe DC and NYC can claim one black billionaire each, too. Which is something that I don’t think Atlanta can.
But if someone has a link or source, there are still hours left in this Holy Day.
I've never seen a list that ranked liquid assets for people. That information is impossible to get. Only net worth is ranked regardless of race, gender, creed, city, or state. How are you going to find out how much somebody has in the bank? It's not public record.
Another problem with liquid assets is the lack of income being generated from it. From an economical standpoint, you don't want to have an overabundance of liquid assets. You want your money invested.
Placing Oprah, Bob Johnson and Michael Jordan all together would have absolutely no effect on median household income in any Atlanta zip code. The reason this is the case is because the median is simply the midpoint of any range. The Census won't tell you how rich the people are at the very top of the range.
There are 23,000 black people in the Atlanta metro area that make over 200K a year
There are 22,000 black people in the Los Angeles metro area that make over 200K a year
There are 70,000 black people in the New York metro area that make over 200k a year
There are 68,000 black people in the DC metro that make over 200k a year
Doesn't the law of large numbers tell us that there are more black millionaires in New York & DC than Atlanta & La
Moderator cut: link removed, competitor site
Last edited by Yac; 08-19-2020 at 01:44 AM..
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