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Comments about ‘Say what? 1 in 25 New Yorkers are millionaires’

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Published: Tuesday, Aug. 5 2014 6:41 p.m. MDT

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Meadow
Alpharetta, GA

On in 25 in NYC seems pretty low, actually. Four percent of Americans nationwide have net assets of at least $1,000,000, acc. to a July 16, 2014 article on ABCnews.go.com. Acc. to the Wall Street Journal on the same day, the percentage of millionaires is highest in Maryland, at 7.7% In Utah, it's 4.95%, higher than in NYC.

Bob A. Bohey
Marlborough, MA

If one has been working for 25-30 yrs. and contributing the max into a 401k or other type of retirement account it's easy to imagine that there are that many millionaires in NY.

Brave Sir Robin
San Diego, CA

Next question that needs to be answered: How many of those NYC millionaires in debt? Remember, how much money you make matters little. It's how much you make vs. how much you spend. In Manhattan, chances are many of those millionaires are living paycheck to paycheck.

DN Subscriber
Cottonwood Heights, UT

If I had a million dollars, I darn sure would leave New York (City and state) in a hearbeat.

If they offered to pay me a million dollars, I would not move to New York.

And, since neither of the above has happened, I am much happier being here in Utah anyway!

JoeCapitalist2
Orem, UT

From the article: "A millionaire is someone whose net worth, excluding their primary residence, is $1 million or more."

So, if you can't count your equity in your home then you have to have quite a few other assets to qualify. It is not based on your income or stuff you buy on credit.

Personally, I think equity in a home is wealth and should be counted. That all said, with the cost of living these days, being a millionaire does not necessarily make one "rich" anymore.

nonceleb
Salt Lake City, UT

And most of them can't afford an Upper East Side apartment.

Thinkman
Provo, UT

I have a child who lives there now and will encourage my child to stay put! Go EAST young girl/man, go east to NY!

Happy Valley Heretic
Orem, UT

Every one of them a job creator, i'm sure.

cjb
Bountiful, UT

The I.Q. of Jews is higher than the population at large so this isn't terribly surprising.

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