1. Money
Joshua Kennon

How Many Millionaires Live In Your City?

By August 5, 2010

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The Wall Street Journal has a fantastic article detailing the American cities with the most millionaires, along with the percentage growth in each over the past few years.  This confirms the statistics I shared in an article, American Millionaires Back to Pre-Crisis Levels.  It looks like the capitalist class is alive, healthy, and kicking.

United States Cities with Most Millionaires

New York - 667,200 millionaires, +18.7%
Los Angeles - 235,800 millionaires, +13.3%
Chicago - 198,100 millionaires, +15.1%
Washington, D.C. - 152,400 millionaires, +19.3%
San Francisco - 138,300 millionaires, +14.5%
Philadelphia - 104,100 millionaires, +20.1%
Boston - 102,300 millionaires, + 14.4%
Detroit - 89,100 millionaires, +12.1%
Houston -- 88,200 millionaires, +28.9%
San Jose -- 86,500 millionaires, +24.5%

For more information, read Household Income in the United States to see where you and your family ranks and Class and Income in the United States to see how sociologists classify people as "low income", "working class", "middle class", "upper middle class", and "capitalist class".

The sad thing is, many new investors still remain woefully ignorant of the fact that the average American millionaire lives in a house valued at less than $300,000, drives a Toyota, shops at Costco, and never made more than $80,000 in a single year.  They just spent less than they earned, and let compound interest do the rest.

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