I was looking at the July 17 Puget Sound Business Journal, which had a short article about the number of millionaires in Washington state. It said a study showed that number has declined the past two years.
What surprised me was the number. How many households in Washington state are worth $1 million or more? The answer is… 122,520, or 4.8 percent. Wow, that seems high to me. What do you think?
It depends on what they included in their assessment. If they included property, no. If it was cash money, like millions in the bank, yes…no….yes….maybe.
We have some very rich people down there in King County. Not only Microsoft (bless their geeky little hearts), but companies that are offshoots of the computer giant.
Many of those rich don’t live in the traditional rich neighborhoods, but will buy a few existing lots just outside of town and build discreet mansions. You’ll be driving along a upper middle class neighborhood and suddenly there’s a mansion in the middle of the block.
You’re right about King County, Gentlethug. I’ll try to track down the study the PSBJ used to see if its broken down by county to see how concentrated it is in King.
Thanks, Dave. I meant to say “If they included property, yes.” Meaning that many can be property rich and cash poor, especially the inherited land owners.
Think you can break that land stat out?
Gentlethug,
I tracked down the study and it appears to exlude land It’s only a press release, which doesn’t break down the region. The press release is below, and the stats are found by going to its web site
http://www.phoenixmi.com/index.php
Hawaii Maintains Lead in Millionaires Per Population
Rhinebeck NY – July 8, 2009 – The Phoenix Affluent Marketing Service, a Phoenix Marketing International practice, announced today the number of millionaires in the U.S. has declined by 14% over the past two years. Additionally the Phoenix data shows that Hawaii again leads the nation in the percent of millionaires per overall population.
Phoenix’s annual market sizing analysis and aggregate wealth rankings shows that approximately 6.4% of Hawaii’s households are millionaires, leading the nation for the second year in a row. Phoenix defines a millionaire household as one with $1 million or more in investable or liquid assets (excluding sponsored retirement plans and real estate). Rounding out the top five states in millionaires per population are Maryland (6.3%), New Jersey (6.2%), and Connecticut (6.2%). These states maintained their order of ranking from 2008. Virginia (5.5%) cracked the top five in 2009, up from 6th in 2008, while Massachusetts (5.4%) came in 6th in 2009, down from 5th in the previous year.
“While the top states in millionaire percentages were little changed from the previous year, overall, the market downturn has taken its toll on the ranks of millionaires in most states,” says David Thompson, Managing Director of the Phoenix Affluent Market. “Since June of 2007, we estimate that the number of millionaires nationally has declined by 14%,” notes Thompson. Phoenix estimates that there are now about 5.1 million households in the U.S. that qualify as millionaires, down from nearly six million two years ago.
About Phoenix Marketing International
Founded in 1999, Phoenix Marketing International is one of the fastest growing marketing services firms in the United States. With offices across the country and partnerships with many of the largest companies in the financial services, pharma, automotive, healthcare, and travel and leisure industries worldwide.
Phoenix Marketing Contact:
David Thompson
Managing Director
Phoenix Affluent Market
860-653-1720
Thanks, Dave.