Interesting
http://www.us.capgemini.com/industries/ind_pressr…
New York City 3.6%
San Francisco 3.4%
Boston 2.9%
Washington 2.9%
Chicago 2.2%
Detroit 2.2%
Los Angeles 2.0%
Philadelphia 1.8%
Houston 1.5%
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Pretty old metrics, but always fun to compare data nonetheless.
What up 415!!!
Metro Detroit is wealthier than LA.
How hilarious and ironic.
Pointless without a COL adjustment. Also be interesting to exclude mortgaged property. A lot of broke ass people have million dollar (only 358 payments left!) 1500 sq ft homes in San Fran.
This study only counts investable assets, which does not include primary residence.
Detroit?
Once upon a time (not too long ago sadly), Detroit ran the auto industry and that brought a lot of money into the area. GM, Ford and Chrysler dominated domestic auto sales, but as the consumer realized they could get a better product for a better value with the Asian auto companies, the Big 3 - along with the Detroit economy - has gone down the toilet.
Nevertheless, there are still a lot of wealthy auto executives in the area.
I would imagine it's the low-income factory workers leaving Detroit, thereby decreasing the denominator and leaving the numerator pretty unchanged.
Whereas in LA, low-income immigrants are flooding the city, thereby increasing the denominator and keeping the numerator constant.
Last time I checked 7 % of the population in New Jersey were millionaires.
Latest Market News www.financialnormal.com
Financial Normal -
New Jersey is a state and not a city.
haha i think Financial Normal was referring to likes of The Situation and Snookie...
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