Rise in millionaires lands Philly on a list

Posted: July 15, 2011

When it comes to HNWIs, Philadelphia is up 6 percent.

That growth rate tops all but seven other U.S. cities, according to Forbes.

Fear not. It's not a toxic compound or new psychological syndrome. This is a good thing. At least for the HNWIs themselves - High Net Worth Individuals.

Millionaires.

According to Forbes, the Philadelphia area beat out even tech mecca San Jose for an increase in folks with "at least $1 million in investable assets," which doesn't count primary homes. By that definition, the 110,400 HNWIs here likely include a share of longtime savers, not just high-income tycoons, star entertainers and athletes.

Below are "America's Fastest-Growing Millionaire Metropolises," in terms of year over year growth.

Note that in total numbers, Philadelphia has more millionaires than No. 1 Houston and No. 5 Boston, as well as Detroit and San Jose.

Houston: 96,700 millionaires, up 9.6 percent.

Los Angeles: 256,500, up 8.8 percent.

New York: 720,000, up 7.9 percent.

Washington, D.C.: 164,400, up 7.9 percent.

Boston: 109,800, up 7.3 percent.

Chicago: 212,300, up 7.1 percent.

San Francisco: 147,400, up 6.6 percent.

Philadelphia: 110,400, up 6 percent.

Detroit: 92,100, up 3.4 percent.

San Jose: 88,800, up 2.7 percent.


Contact staff writer Peter Mucha at 215-854-4342 or pmucha@phillynews.com.

 

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