New York City: City with the Highest # of Millionaires in US
August 12, 2010
While New York City’s millionaires seem to have recovered from the recession that began in 2007, in Los Angeles, the ranks of millionaires are still down from pre-recession levels.
In New York City, the rise in the number of millionaires in 2009 was enough to make up for the losses the year before — bringing the total number of millionaires in the city up to 667,200.
Capgemini, a French consulting firm, calculated the number of individuals with a net worth of over $1 million, excluding real estate, in the 10 largest metropolitan areas in the United States. The results provide further indication that the nation’s wealthy have recovered more swiftly than the nation’s less-well-off. In the 10 cities in the study, the number of millionaires grew by 17.5% in 2009, a year when the national unemployment rate increased from 5.8% to 9.3%.
Most of the gains for the rich are attributed to the climb in the stock markets. New York had more millionaires than the next three cities combined — Los Angeles, Chicago and Washington — and was one of four cities to see its millionaire ranks bounce back to where they were in 2007, along with Washington, Houston and San Jose.
Via LA TIMES
