On in 25 in NYC seems pretty low, actually. Four percent of Americans nationwide
have net assets of at least $1,000,000, acc. to a July 16, 2014 article on
ABCnews.go.com. Acc. to the Wall Street Journal on the same day, the percentage
of millionaires is highest in Maryland, at 7.7% In Utah, it's 4.95%, higher
than in NYC.
If one has been working for 25-30 yrs. and contributing the max into a 401k or
other type of retirement account it's easy to imagine that there are that
many millionaires in NY.
Next question that needs to be answered: How many of those NYC millionaires in
debt? Remember, how much money you make matters little. It's how much you
make vs. how much you spend. In Manhattan, chances are many of those
millionaires are living paycheck to paycheck.
If I had a million dollars, I darn sure would leave New York (City and state) in
a hearbeat.If they offered to pay me a million dollars, I would not
move to New York.And, since neither of the above has happened, I am
much happier being here in Utah anyway!
From the article: "A millionaire is someone whose net worth, excluding their
primary residence, is $1 million or more."So, if you can't
count your equity in your home then you have to have quite a few other assets to
qualify. It is not based on your income or stuff you buy on credit.Personally, I think equity in a home is wealth and should be counted. That all
said, with the cost of living these days, being a millionaire does not
necessarily make one "rich" anymore.
And most of them can't afford an Upper East Side apartment.
I have a child who lives there now and will encourage my child to stay put! Go
EAST young girl/man, go east to NY!
Every one of them a job creator, i'm sure.
The I.Q. of Jews is higher than the population at large so this isn't