Skip to comments.Millionaire meltdown in Los Alamos: Nuke lab town has highest concentration of rich in America
Posted on 11/08/2011 1:11:38 PM PST by george76
Nearly 12 per cent of households in Los Alamos have assets worth $1m or more.
The northern New Mexico town of Los Alamos has been revealed as having the highest concentration of millionaires in America.
The town, which is home to a government nuclear weapons lab, topped a report after it was found that more than one in ten households is home to a millionaire.
Report findings state there are 885 millionaire households among the population of Los Alamos of around 18,000.
Los Alamos saw off competition from Naples, Florida, which was second, and Bridgeport, Connecticut, which was third in the list.
(Excerpt) Read more at dailymail.co.uk ...
Many, if not most, were from the sizable Lebanese community in Mexico who found that trading in Navajo Jewelry and Art (real and imitation) was very profitable. Low overhead, high margins and high turnover plus an endless supply of gullible customers (who couldn't tell a Navajo from a Lebanese) delivered to their doorstep via I-40 made for a perfect setup for culturally sharp traders.
That, plus a mostly cash business under the IRS radar, made a bunch of Lebanese very wealthy.
But you had to live in Gallup.
Let me assure you, Washington is a very expensive place. Having an income that would make you “rich” in Peoria makes you just middle class here.
Overpaid government workers.
That said, I lived in NM for a couple of years. It is well known -- the vast majority of the beautiful homes in the outskirt towns of Albuquerque are owned by the scientists from the labs in the area. Then when they are done with the labs they go out on their own as consultants to the same labs, doing the same jobs but charging 3x as much.
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Yes, that's where we keep our nuclear secrets, coincidence?
If you have been to Gallup, you have doubtless seen some of the little roadside stands along the highway pullouts where the Navajo women have a table and a little display of jewelry. Many are making peanuts but with a good location and good merchandise many are making $400 or $500 or $600 a day for as many days as they care to work. Look at their cars. Ive never seen so damn many Escalades in my life. One family had five. They have no credit, they pay for their cars in cash.
Twenty-some years ago I was offered a job on the reservation that paid $200,000 plus. The plus meant that no one knew the true figure. Base was around 200,000 but there were so many automatic sidelines that you could easily double that figure under the table and there werent any tax men around to say boo. The only limitation was time and stamina. The company making the offer had plenty of takers but none of them lasted more than six months. The job itself was gruelling and you had to be available 24 hours a day 7 days a week with no real days off except on a catch-as-catch-can basis. That, added to the harsh cultural and living conditions, drove all takers off in months under pain of divorce.
I was young and bushy tailed and I knew exactly what I was getting into. I figured that I would do it for the adventure, five years and out. Before I could make the move the offer was withdrawn as the company decided to try to run the territory from around the edges, Farmington and Flagstaff, and make less money but have fewer headaches.
Gallup is still a good place to get rich. They have cracked down on liquor and severely dented that but that opens up opportunities slightly more upscale. Hotel occupancy is high and rates are solid. Tradesmen with a skill dont have a lot of competition. Being in New Mexico, Gallup is covered by their truth in labeling law but Indian jewelry is still a hot item and entry costs low. Its a nasty place to live but with the reservation and I-40, the money is flowing.