Skip to comments.New Jersey tops US in Number of Millionaires
Posted on 01/11/2008 2:10:30 PM PST by Clemenza
New Jersey has the most millionaire households in the country, according to a marketing company's fifth annual ranking.
The Garden State moved up from No. 2 in 2005 and 2006 to No. 1 last year on the index, compiled by Phoenix Affluent Marketing Service, which does research for companies that sell luxury products, investments and the like to the wealthy.
According to the service, in 2007, 7.12 percent of New Jersey's 3.2 million households had a total of $1 million or more liquid or investable assets. That includes items such as savings, stocks and bonds, precious metals, the cash value of certain life insurance policies and retirement accounts not controlled by employers, but not equity in homes.
In 2006, 6.46 percent of New Jersey households met the $1 million standard. The figure was 5.89 percent in 2005. Hawaii ranked first in both those years, but fell to fourth in 2007. Maryland was second last year and Connecticut was third.
"It's obviously hard to pinpoint what the major driver is," said David Thompson, managing director at Phoenix Affluent.
But he said many New Jersey residents work for the financial services industry in the New York metropolitan area and received large bonuses last year.
"I think that would have the most to do with it," Thompson said, adding that New Jersey has always been in the top 10 in the survey.
The survey rankings are based on Census data and online surveys of thousands of affluent households.
Take into account purchasing power parity, and you will see that we are not as “wealthy” as these numbers indicate.
explains their governor.
Well, I’m not one of them. However, we do know a few “millionaires” living here in South Jersey, and they didn’t get rich working in financial services. They were entrepreneurs for start-up companies in other business sectors.
They’re the only ones who can afford to pay the property taxes.
Yes, like millionaires (because they bought their home 40 years ago) who can’t afford to pay property taxes (like 20K/year for a fairly modest house in some towns.)
I remember once in the 60’s there was a section of Wichita Falls, Texas, that had more millionaires than anywhere else in the country.
Sweet lord. 20K a year for property tax.
I always thought of South Jersey as being filled with Yoo-yun members who took the Walt Whitman Bridge to Gloucestor and Camden Counties. There are some wealthy folks in places like Haddonfield, but most of the wealth in the state is concentrated north of I-195, especially in Hunterdon/Somerset/Morris Counties (all of which vote GOP, BTW).
Corzine was a “pump and dumper” who was “asked to leave” Goldman by Hank Paulsen. He is an outstanding salesman, but far from a financial genius (as shown by his pathetic budgets).
I’m RICH!! (Oh—wait a minute, mebbe not)
Doesn’t Corzine look like a street bum who happened to steal a nice suit that happened to fit?
He was a great salesman, which accounted for his wealth. All that money can buy neither class nor management skills.
Maybe some are “the millionaire next door,” folks who got into run of the mill small businesses and worked long and hard over the years. I understand the owners of plumbing companies, electrical contractors, and HVAC contractors can often do this. One plumber told me he makes as much as a physician in a specialty.
You HAVE to be a millionaire to pay the taxes there!
Few people realize that, when you look at profiles of the wealthy, how many are business owners/entrepreneurs versus “salarymen.”
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