Where Millionaires Live in America
By Stacy Rapacon
If you want to get a glimpse of the rich life (without having to resort to reality television), you may not have to look as far as you think. Millionaires are everywhere, and their ranks are growing. According to research firm Phoenix Marketing International, 6.1 million households in the U.S. can boast liquid, investable assets of $1 million or more, excluding real estate, retirement plans and business partnerships. That's up about 3% from a year earlier. The number of penta-millionaire households (with investable assets of $5 million or more) has grown by about 7%.
Because you might not be able to spot these millionaires next door (see The Invisible Rich), PMI homed in on their stomping grounds in its 2012 report, which examines wealthy residents of 942 urban areas. You'll find millionaires living in all corners of the nation, though not always concentrated in the big cities you might expect. And in case you're interested in what it would take to call these folks your neighbors, we researched the median incomes and home values of these millionaire-laden locations.
Check out the list of the ten cities with the highest concentration of millionaires.
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*Population, household incomes and home values courtesy of the U.S. Census Bureau. The 942 urban areas ranked by PMI are known as "core based statistical areas," federally defined geographic delineations that include both metropolitan areas (50,000-plus population) and micropolitan areas (population between 10,000 and 50,000).
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