Learn where most millionaires live and don’t live and 2 reasons why it may change in the future.
This article was on CNBC. It listed where millionaires live and don’t live.
It was thought provoking for a few reasons.
First let me read you the list of 5 cities most millionaires live in.
1. Maryland – 7.55 percent
2. Connecticut – 7.4 percent
3. New Jersey – 7.39 percent
4. Hawaii – 7.35 percent
5. Alaska – 7.15 percent
This is not surprising for a couple reasons.
I learned a long time ago that people can make a lot of money by being where large amounts of money flow. Since Maryland and WA DC are where large amounts of government money flow, it makes sense these are in the top 10 per capita. (I’m not suggesting anything illegal is occurring). It reminds me of the Tom Wolfe novel Bonfire of the Vanities when Sherman, the protagonist and “Master of the Universe”, his wife describes to their daughter, Campbell, what her bond trader husband does:
“Just imagine that a bond is a slice of cake, and you didn’t bake the cake, but every time you had somebody a slice of the cake a tiny little bit comes off, like a little crumb, and you can keep that. […] If you pass around enough slices of cake, then pretty soon you have enough crumbs to make a gigantic cake.” Chapter 10, page 229
That can apply to many types of businesses, but if a lot of money is flowing, someone’s going to be taking crumbs from it, so it’s no surprise to me that #1 is Maryland, near the government and #2 is Connecticut, home of many of the largest hedge fund traders and #3 is New Jersey where a lot of Wall Street firms work. WA D.C. is #9.
#4 is Hawaii – you have to think a little harder, but their real estate market is very high from selling to Americans and Japanese, so I would imagine real estate has made a huge contribution to that market. Having a limited population due to small land mass also helps the per capita number.
#5 being Alaska is a bit trickier. Of course Alaska is known for oil and military among other things but since this is per capita and Alaska doesn’t have a huge population, it skews it a bit.
For total numbers, CA, TX & NY win hands down. I don’t think anyone is surprised by that.
The bottom five are:
47. Alabama – 4.46 percent
48. Kentucky – 4.32 percent
49. West Virginia – 4.22 percent
50. Arkansas – 4.08 percent
51. Mississippi – 3.77 percent
Not really a surprise here either. Real estate, high tech, etc. are not these states’ strong suits.
But here are the game changers…
1. People still don’t realize you can work from anywhere and make a very good living with your computer.
They don’t realize there’s a quiet entrepreneurial revolution.
Money is being made online from anywhere with a computer.
Get your domain name, set up hosting and learn how to start a blog.
Everyone should have a website. Grab your name as a domain name.
2. Recently I saw a flying car. I will post a link to it on my website.
It drove and flew! What are the ramifications of being able to fly door-to-door to where you want to go?!
If this technology becomes commercially viable, property that is out farther will start to sell because the commute will be shorter. You also won’t have to live near your job if you’re an online entrepreneur.
Entrepreneurship is the future.
You could live in the San Juan Islands and fly into Seattle.
How many years are we away from this? Who knows but it’s coming and so are more creative ways to make money. You won’t need to live near overpriced real estate for much longer.
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