Why Do Millionaires Like Los Angeles? (San Diego, Riverside: home, to buy, income)

[sdurbanite]

Originally Posted by TheRealAngelion

LA County is home to more millionaires than any other county in the United States with a whopping 262,800 millionaire households! (and this does not include the value of one's primary residence)

http://money.cnn.com/2006/03/28/news.../millionaires/

If LA is as bad, dangerous, and gang infested as some people on this forum claim, why do the most financially successful and affuent in the land continue to call LA home?

This stat is easy to understand. LA County has the highest number of millionaires in it's county because it has the highest county population of them all.

Both SD and OC have a higher percentage of millionaires based on the county populations.

[TheRealAngelion]

Originally Posted by JerZ

Do you really place the incredibly rich, with sophisticated anti-theft systems in their homes, cars, and kids' Radio Flyer wagons for all you know, who don't have to actually venture into "the bad parts" themselves to so much as pick up dry cleaning, and live in gated communities, on par with the rest of the LA population?

Of course millionaires like it here. It's a high-profile name. Hollywood and Beverly Hills and yadda yadda. It "looks" good to have a certain zip code. And it's always warm out. But do these people have to actually "touch" LA? Nope. So they get all the good...and none of the bad.

Surely you realize this.

The rich in LA are not sheltered from the rest of the city and county as a whole as you presume, unless they lock themselves in their houses and never leave. Many, if not most, have jobs to go to every day, errands to run, appointments to keep and go out to shop and entertain themselves like everyone else. They experience the same traffic, see the same graffiti on the fwy, stand in the same line at the DMV, and see the same influx of immigrants, legal and illegal, and so on and so on as everyone else.

Most rich people in LA county do not live in gated communities or even on gated estates. Some do, but the vast majority do not. If you have ever been or driven through some of the wealthiest neighborhoods (e.g. Beverly Hills, Bel Air, Brentwood, Pacific Palisades, Santa Monica etc.), you can walk right up to the front door and ring the door bell! These houses are not hidden from public view.

Also, as Majoun pointed out, some of the wealthier neighborhoods where millionaires might live (e.g. Pasadena, Los Feliz, Sherman Oaks, Hollywood, dowtown, Baldwin Hills, Hancock Park, etc) are adjacent to working class and low income areas, so encoutering the bad and ugly along with the good and pretty is unavoidable.

[miracle]

Originally Posted by TheRealAngelion

The rich in LA are not sheltered from the rest of the city and county as a whole as you presume, unless they lock themselves in their houses and never leave. Many, if not most, have jobs to go to every day, errands to run, appointments to keep and go out to shop and entertain themselves like everyone else. They experience the same traffic, see the same graffiti on the fwy, stand in the same line at the DMV, and see the same influx of immigrants, legal and illegal, and so on and so on as everyone else.

Most rich people in LA county do not live in gated communities or even on gated estates. Some do, but the vast majority do not. If you have ever been or driven through some of the wealthiest neighborhoods (e.g. Beverly Hills, Bel Air, Brentwood, Pacific Palisades, Santa Monica etc.), you can walk right up to the front door and ring the door bell! These houses are not hidden from public view.

Also, as Majoun pointed out, some of the wealthier neighborhoods where millionaires might live (e.g. Pasadena, Los Feliz, Sherman Oaks, Hollywood, dowtown, Baldwin Hills, Hancock Park, etc) are adjacent to working class and low income areas, so encoutering the bad and ugly along with the good and pretty is unavoidable.

100% with you

some people try to make a colombian or mexican or rio picture of Los Angeles, where people live in gold jails. Here are good and bad areas but is not different from many other cities in every developed country of the world.

As i said, I lived in Barcelona and Madrid, and there you can see illegals everywhere down the bridges and in deserted buildings in downtown areas next door of luxury shops as Versace or D&G, and no problem there, nobody feels afraid of walking by streets or going dinner at night, the problem as I said in other post, is that in Europe poors are poors, sometimes also are addicted but very few carry a fire gun, here weapons are owns by everyone, legal or illegal, poor or rich, black or white, and what can be only a car stolen sometimes finally ends in a murder, but the poor level is not different here than in many ohter major metropolis around the world.

Do you visit Paris??? do you know how many illegal live there, from Morocco, Algeria, Romania....?? And Italy and Spain?

Read this about illegals in Europe,

http://news.monstersandcritics.com/e...Guinea-Conakry

[Angelrocks]

I would also assume that perhaps some of them have taken money out of their equity to invest in other business ventures.

It's easy to tap into your equity (if you purchased before the boom) when prices of homes are that high!

[SouthBayTodd]

Originally Posted by TheRealAngelion

LA County is home to more millionaires than any other county in the United States with a whopping 262,800 millionaire households! (and this does not include the value of one's primary residence)

http://money.cnn.com/2006/03/28/news.../millionaires/

If LA is as bad, dangerous, and gang infested as some people on this forum claim, why do the most financially successful and affuent in the land continue to call LA home?

parts of LA are gang infested - but not anywhere near where all those millionaires live

[Candid Canuck]

the weather!!! all the young stars are there...

easy to get laid!

[LAGUY122]

Like a previous poster said, L.A. County has the most millionaires because they have the highest population by far!!

If you were to go by percentage, L.A. county would not be on top. Actually by count, New York City has the most billionaires than anywhere else in the United States. They also have the most millionaires by percentage, according to Forbes.

And why L.A.? Because Los Angeles has nice weather, beaches etc. Yes, it has a lot of questionable parts, but it is still a fine city!!!

[SouthBayTodd]

good point - LA is HUGE

which also explains why some areas are crappy

"the largest city in the state of California and the second-largest in the United States. It is an Alpha world city having a population of 3.8 million people and spanning 465 square miles."

[jbear182]

Cali has a ton of money. Millionaires like LA because it is where they earned their millions in the first place.

[TheRealAngelion]

Originally Posted by LAGUY122

Like a previous poster said, L.A. County has the most millionaires because they have the highest population by far!!

There's not necessarily a correlation or cause and effect relationship between LA's population size and the number of millionaire residents. That's like saying because New York is the most populous city, it has the most criminals or the most crime, which would not be a logical conclusion.