The fact that New York City is home to the most millionaires in the U.S. probably doesn’t come as a shock. More surprising is the fact that the place with the highest concentration of millionaires as a percentage of households is not the Big Apple but rather a tiny town in New Mexico.
Only about 5% of the country, or 6.1 million households, qualify as true millionaires. That is, they boast liquid, investable assets of $1 million or more, excluding real estate, employer-sponsored retirement plans and business partnerships. Research firm Phoenix Marketing International identifies where these millionaires live in an annual survey of wealthy residents in 942 urban areas. We’ve also researched the typical incomes and home values in the top ten cities, in case you’re interested in living next door to one of these millionaires.
And to see the cheapest places to live in America, visit Kiplinger.com:
(Note: Population, household incomes and home values are from the U.S. Census Bureau and represent data for each metropolitan or micropolitan area. The 942 urban areas ranked by Phoenix Marketing International are known as "core based statistical areas," federally defined geographic delineations that include both metro areas, with a population of 50,000 or more, and micro areas, with a population between 10,000 and 50,000. Living costs are provided by the Council for Community and Economic Research.)