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.
Mantolocking and Bay Head in particular.
“Mantolocking and Bay Head in particular.”
Yes, my daughter bought one of those little old bungalows in Lavallette (just south of Mantoloking) a few years years ago only to demolish it and build a huge house. That little old bungalow was $600,000!
One after another are purchased and the multi million dollar homes are replacing them. It boggles my mind.
Most red states are below the average and the blue states are richer. Very interesting I must say. Yes I live in a state that has turned blue recently and we are not very high on the rank list. Pennsylvania.
One in seventeen Alaskans is a millionaire. Thank you ARCO, BP, and of course, Mother Nature.
Did they count the money Tony Soprano had hidden with the bird seed?
What’s a million dollars? Soon it will cost that much to buy a loaf of bread. Believe me when I tell you that when Argentina had a gold peso it was money. Then inflation came, then hyperinflation. Paper money is worth exactly what it’s printed on.
When Herb Kelleher (founder of Southwest Airlines) was asked by his mother when he made his first million why he didn't live on a huge estate with servants, he told her (and keep in mind, this was during the era of stagflation), "ma, being a millionaire aint what it used to be." And this is in Dallas, TX where a million buys a lot more than in NY and NJ.
Also remember that in NJ, the red counties are wealthier than the blue counties.
I’ve lived in NJ all my life. It is more corrupt than ancient Rome. Yea , tons of rich people , politicians and gangsters . The rest of us suffer under an oppressive Democrat machine for the last 80 years.
Remember that the last Republican Senator elected from NJ was uber-RINO Clifford Case, and he was first elected when my father was in the Cub Scouts.
Anthony Soprano declined comment.
Take into account purchasing power parity, and you will see that we are not as “wealthy” as these numbers indicate.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Yes, I live on a very modest income in South Carolina, my stepson thinks he wants to live in California. He doesn’t seem to understand that in the area where he wants to live the life we live now would cost millions just for the real estate alone.
Yet with wage levels as low as they are down there, these same folks can afford to own their own homes.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Back in the seventies I knew men in Columbia, SC who worked servicing copiers and blueprint machines etc. who owned a nice home in Columbia and a place on Lake Murray as well. To do the same thing now you had better be making major money.
My sister's house in TN would be AT LEAST $800K here. She also doesn't have to worry about a state income tax, and sky-high property taxes.
Yet, for all of these problems, I am happy here. I live in a historic town (scene of an ambush on the Brits) and within an easy train ride to NYC (or an hour drive to Philly, as if you want to go there ;-) ).
“If I had a seven figure income...
such a report would send shivers down my spine. Reports such as this do nothing except stimulate state government to raise taxes.”
I honestly don’t think people with a seven figure income care about taxes being raised....just something I’ve observed here.
I find it interesting, too, especially considering how the northeast is viewed by the rest of the country. That’s why I like to post that link whenever possible.
For both of you, with regard to Democrats and wealthy counties: I grew up in one of the wealthiest counties in PA - Montgomery County. But I grew up in a lower-income, working class town within that county. Our town was solidly Republican until, say, 20 years ago. Meanwhile, we worked and had relatives in the wealthier parts of the county, and they were mostly liberal Democrats. The Main Line was populated with Democrats at that time; at least, that was their reputation. I can’t find the numbers to back that up, though, and maybe their voting pattern has changed since then. Maybe napscoordinator is familiar with it.
At any rate, that idiot Corzine and his allies in Trenton are certain to make sure New Jersey will soon have a population structure broken down between super rich, poverty stricken working poor,masses of illegal invaders pulling in bucks in the hidden economy, and parasites in the government and school and law enforcement system, growing fat over the situation.
The cop unions don't seem as bad as in my home county of Nassau, and its equally noxious sister county of Suffolk, where cops make six figures with overtime for driving around the mean streets of Great Neck, Port Salonga, and East Hampton.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.