Posted on 01/31/2019 2:44:26 AM PST by C19fan
For the first time since 2010, Maryland does not rank as the top state for millionaires per capita. Maryland, which fell to No. 4, was replaced on this year’s list by New Jersey.
When compared with states, the District now ranks No. 2 for millionaires.
Phoenix Marketing International’s annual Phoenix Wealth and Affluent Monitor survey found that U.S. millionaire households have risen to 7.7 million. Over the past 12 months, the number of households in the U.S. with over $1 million in assets has increased by 534,000.
(Excerpt) Read more at wtop.com ...
There are three interesting aspects to what happened in Maryland, and DC. First, around a decade ago.....Maryland sought to raise income tax levels on the ultra rich in their state. Within the first year, it was noted that various people were looking at the taxation and moving either to Delaware, Penn, or DC. As far as I know....that trend has never diminished. Once you reach a certain level of income...while you may have a particular business you enjoy...living in Maryland is probably not an option.
Second, the NE and SE of the District is changing. The low-income status of the areas is lessening, with townhouses being erected, and the city providing increased police activity. This is especially true around the Nationals ball park.
Third, there’s simply a lot of upper class people with lifestyles that require the spending of money and consumption of cash. This is especially true around Alexandria, Arlington, Georgetown, Silver Springs, and Fairfax. A smart businessman with an aggressive style...can build onto his wealth very easily.
I would bet that most of the asset value is tied up in they home value.
The poll is rigged. It should be Assets - Liabilities. If they don't count Mortgages, they probably don't count Home Equity Loans, Student Loans, and Liabilities, such as Alimony, back Child support etc.
No the Definition is 'Assets - Liabilities' otherwise the statistic is Bogus!
What happens when real estate crashed when interest rates rise?
crashed = crashes
There is only two ways DC can be “number 2”. We’re either talking about going potty or the U.S. Government is the most corrupt government on the planet.
I was in Southeast DC the other day. It looked like post WW2 Germany. In the middle was a new sports complex for a basketball farm team. The Go Go’s.
DC is a banana republic on the Potomac. The US gov't spends more $ than any gov't on the planet. Stealing a tiny percentage is enough to make one fabulously wealthy. Of course DC is completely corrupt.
O’Malley’s millionaires tax is why Maryland dropped:
https://dailycaller.com/2015/09/01/affluent-taxpayers-jobs-fled-maryland-under-omalley/
Unintended bad consequences always
So, of the 10 top states for ‘the wealthy’, only Alaska is conservative (mostly), new Hampshire borderline, and 8 other states that are either solid blue, or close enough.
If people with that much money want to vote Democrat, let them go crying to their Democrat friends when it comes to raising taxes on them - I’m sick of our side fighting for them, given what we get in return - which is nothing.
DC year 2000 84th city per capita income in USA
DC year 2018 -number one city USA
Thank Obama for most of that-but Fed.gov has retailing of itself -mostly to overseas “donors” -they pay better-down pat now.
Their biggest concern is that Trump upends the whole scam
I live in NJ and have net investable assets slightly above $1 million. My financial adviser says this is 96% of what I need to make it to 100. Have never voted for a Democrat in the 34 years I’ve lived here. Think some people are confusing income and assets on this forum. In your later years you need to have this many assets if you want to maintain your life style in old age in a high tax state. Moving is difficult although we’ve discussed it often. Inertia, family and friends make it hard to move, so we stay and pay.
On the other hand, most people deep in dept do not have a lot of liqued assets around.
How are the numbers collected? Lots of investors invest in real estate. Some advertizers contend that most millionaires made their money in real estate.
So someone with 10 million in apartement complexes is not considered a millionaire, but another with a 401K of 1 million and a $900,000 mortgage is a millionaire.
Back in the 1950’s there wa a TV show called “The Millionaire”. One Million dollars today has the same buying power as $115,000 did in 1958.
Inflation robs us all.
You must have good genetics, good health, and a healthy lifestyle, or the money does not make much difference.
Not surprising that your financial advisor focuses on the money, but money alone is nowhere near 96% of what it takes to reach 100 years old...
I may be misinterpreting your post. Please correct me if I am.
Also, "maintaining your lifestyle" is a very slippery, indefinite standard.
It can be easily managed by being a little stoic and starting with a frugal, low-cost, satisfying life, or living a wasteful, high cost, unsatisfying life, or anywhere on the map of which those two are at opposite ends.
In the DC suburbs, Our grown children can’t afford to live here so they move to CO ,NC, and SC and FL. The parents seem to follow in a few years.The housing in these booming trading states is getting too expensive for the parents now ironically.
The criteria is a slight variation (probably due to misunderstanding on the part of the reporter) on the definition of an "Accredited Investor" .
Accredited investors are considered by the SEC to be more sophisticated than average, and it is legal to sell them investment products which the SEC does not believe are suitable for most people.
My personal policy is that if I do not understand an investment product, I am not going to put any money into it.
Yes, rampant, institutionalized bribery and payola in the Fed.gov is what fuels Never-Trumpers and anti-Trump hysteria.
1. Having a financial advisor is usually very bad for you financial health.
2. Congrats on getting to that milestone -- now dump that drag on your resources.
3. Head over to this site and learn how to do it on your own Bogleheads
Bogleheads are devotees of Jack Bogle who popularized the idea of low cost index investing. This has been demonstrated to beat almost every financial advisor on the planet.
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.