Where the Millionaires Are
You may assume that most of the nation's millionaires live in places like New York and Los Angeles — and many of them do. In reality, the cities with the highest percentages of super-wealthy citizens are much smaller.
According to new data from the Wall Street Journal, the U.S. metro area with the highest concentration of millionaires is Los Alamos. In that New Mexico town, there are 912 households with more than $1 million in assets — 11.62 percent of the area's population.
Fredericksburg has the highest percentage of millionaires in Texas, with 6.45 percent of the population holding $1 million or more in assets.
Second on the list is Summit Park, Utah, with 9.6 percent of the population holding more than $1 million in assets. Washington, D.C., home to countless government officials and lobbyists, is No. 3, where 195,639 millionaire households make up 8.81 percent of the area's population.
In Texas, Fredericksburg has the highest percentage of millionaires. There, 701 households have more than $1 million in assets, comprising 6.45 percent of the area's population. Nationally, Fredericksburg ranks No. 47.
No. 2 on the Texas list is Kerrville, where millionaires make up 5.99 percent of the area's population. The West Texas town of Andrews takes the No. 3 slot in the state, where 356 millionaire households comprise 5.84 percent of the population. Gainesville lands at No. 4, where 825 millionaire households account for 5.6 percent of the population.
With 120,841 millionaire households, or 5.5 percent of the population, Houston-The Woodlands comes in at No. 5 on the Texas list and No. 133 in the nation. Snyder, a little town southeast of Lubbock with 325 millionaire households, ranks No. 6, with 5.42 percent. It is followed by Midland (No. 7, with 5.4 percent), Austin-Round Rock (No. 8, with 5.39 percent) and Brenham (No. 9, with 5.38 percent).
Dallas-Fort Worth-Arlington has the highest number of millionaire households in Texas — 132,601 — but it's good for only a No. 10 ranking statewide, because that's 5.35 percent of the area's overall population. Nationally, DFW comes in at No. 155.
The nation's most populous cities weren't very close to the top of the list. New York-Newark ranks No. 50 overall, and Los Angeles-Long Beach falls at No. 123.