Well even with the housing market’s collapse and the stock market’s tumble at least some people are still rich. That’s according to the latest data from the market research firm TNS.
The number of households with over $1 million in net worth outside of their primary residence increased 5.9% last year to an estimated 9.9 million nationwide. The mean age of these millionaires is 66. Their average net worth is $4.6 million.
Some 75% of them owned stocks. About 60% said their approach to investing hasn’t changed much. As the book The Millionaire Next Door pointed out a few years ago, most people get rich not by speculating, just by earning decent money, spending less than they earn, and socking away the difference.
New York is the metro area with the highest number of millionaires. There are 661,000 in the New York metro area, almost 10% of the population. Here’s the full top ten city list:
New York, 661,000 millionaires
Los Angeles 376,000
San Francisco 178,000
We’ll see what happens this year.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.