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You may be living next door to a millionaire and not even realize it.
- Millionaires make up nearly one-sixth of the American population.
- Looking at cities with more than 50,000 residents, Kiplinger revealed the 10 places where the highest number of residents are millionaires.
- A metro in Connecticut takes the top spot; neither New York nor Los Angeles makes the cut.
You may be living next door to a millionaire and not even realize it.
Kiplinger and Phoenix Marketing International, a firm that tracks the affluent market, found out how many millionaires live in 933 urban areas and discovered that 5.8% of American households have investable assets of at least $1 million. That doesn't take into account real estate, retirement plans, and business partnerships.
The analysis revealed the 10 metro areas with the highest concentration of millionaires in a population of at least 50,000 residents.
Unsurprisingly, the cities with a lot of millionaires also have high household incomes and home values. One metropolitan area has a median household income above $100,000 and a median home value over $900,000.
While New York and Los Angeles might be thought of as the hometowns of the rich and famous, neither city made the cut - even though they have a lot of millionaires, their overall populations are also massive. Several areas that made the list could be considered suburbs of larger cities frequented by millionaires. For example, Boston and Baltimore aren't on the list, but smaller, neighboring cities are.
In these 10 cities, at least 8% of households are considered millionaires.