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Old 01-14-2021, 03:29 PM   #41
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Interesting that Maryland, New Jersey and 7 other states have a higher % millionaires than California or New York. I was also guessing CA and NY would top the list.
There may be many higher income jobs in Cal and NY, but more wealthy people are business owners, not salaried employees, and business ownership is pretty consistent around the country.
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Old 01-14-2021, 03:30 PM   #42
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IIRC, for those that posted to net worth surveys in this forum, that average would probably be in the top 4-5% NW.
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Old 01-14-2021, 03:39 PM   #43
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Here is a Newsweek article about the minimum NW required to be in the top 1% by State. I don't have any idea if this is comparable to the data posted by the OP.

"The analysis used population estimates from the 2019 U.S. Census Bureau and net worth estimates from Windfall's wealth database of more than 80 million households. For each state, the minimum net worth required to qualify in the top 1 percent for that state is included, along with the median net worth of all homeowners with a primary residence in that state, and total homeowners with a net worth of $1 million or more. Net worth represents an individual's assets like homes, cars, and investments, less their liabilities like and other debt."

California -$6.8M
Georgia - $2.2M
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Old 01-14-2021, 03:43 PM   #44
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Large northern portions of each state (CA/NY)has substantial less monies than their southern portion of the state members.
I believe in CA the divide is more east/west than north/south, with Palm Springs as an exception.
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Old 01-14-2021, 03:51 PM   #45
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That is my thought as well. I would be interested to see this data excluding the value of the primary residence. I also wonder about the distribution of these households given that the home value is included. Perhaps many of them are located in areas with very high property values? It's difficult to believe that in a room of 100 people (different households) in my Midwest city, that two of them are worth more than $6Million with one of those having an 8 figure portfolio. But then again, I don't want to argue with the numbers.

On the other hand, since nearly 12% of us are millionaires, the odds are good that you are in fact living next door to one!
Of course they arenít evenly distributed across the country or even within a state.
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Old 01-14-2021, 03:56 PM   #46
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Here is a Newsweek article about the minimum NW required to be in the top 1% by State. I don't have any idea if this is comparable to the data posted by the OP.

"The analysis used population estimates from the 2019 U.S. Census Bureau and net worth estimates from Windfall's wealth database of more than 80 million households. For each state, the minimum net worth required to qualify in the top 1 percent for that state is included, along with the median net worth of all homeowners with a primary residence in that state, and total homeowners with a net worth of $1 million or more. Net worth represents an individual's assets like homes, cars, and investments, less their liabilities like and other debt."

California -$6.8M
Georgia - $2.2M
And Mississippi - $0.77M Ouch.
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Old 01-14-2021, 04:31 PM   #47
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Pretty low 1% bar here in TX, so y’all feel rich, ya hear!

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Texas
- Minimum net worth of the state's top 1 percent: $1,257,403 (416.5 percent more than median net worth)
- Median net worth of all Texas homeowners: $243,436
- Homeowners with net worth of $1 million or more: 409,951
- 2019 total population: 28,995,881

As of 2019, Dallas-Fort Worth had the fastest-growing millionaire population of anywhere in the country. The number of residents worth $5 million to $30 million jumped by 17.5% between 2018 and 2019, according to an analysis by Charles Shwab. Many of these wealthy individuals work in the city's biggest industries, including manufacturing, distributing, and finance.
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Old 01-14-2021, 04:34 PM   #48
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I wonder if the value of any pension or SS payment is added to these net worth rankings.
Probably not.
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Old 01-14-2021, 05:40 PM   #49
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Wow, I never figured the 1% bar would be so low for Maryland. "Only" $2.824M to break into that threshold? While I'm not there yet, if you tacked real estate equity onto my investible assets, I'd probably be around $2.6M.

I'd call myself "comfortable", but certainly don't feel "rich". And didn't think I'd ever had a snowball's chance in hell of getting that close to Maryland's 1%.

And that guy they mentioned, as Maryland's richest resident, Stephen Bisciotti? Maybe 10 minutes away, tops. About 4 miles. Probably about 1.5, as the crow flies. To think I practically drive right past his house every time I go to Aldi or the Good Will, in my 18 year old Buick with its dented quarter panel and missing hubcaps
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Old 01-14-2021, 05:44 PM   #50
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Wow, I never figured the 1% bar would be so low for Maryland. "Only" $2.824M to break into that threshold? While I'm not there yet, if you tacked real estate equity onto my investible assets, I'd probably be around $2.6M.

I'd call myself "comfortable", but certainly don't feel "rich". And didn't think I'd ever had a snowball's chance in hell of getting that close to Maryland's 1%.

And that guy they mentioned, as Maryland's richest resident, Stephen Bisciotti? Maybe 10 minutes away, tops. About 4 miles. Probably about 1.5, as the crow flies. To think I practically drive right past his house every time I go to Aldi or the Good Will, in my 18 year old Buick with its dented quarter panel and missing hubcaps
I am assuming uphill both ways.....
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Old 01-14-2021, 05:49 PM   #51
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Here is a Newsweek article about the minimum NW required to be in the top 1% by State. I don't have any idea if this is comparable to the data posted by the OP.

"The analysis used population estimates from the 2019 U.S. Census Bureau and net worth estimates from Windfall's wealth database of more than 80 million households. For each state, the minimum net worth required to qualify in the top 1 percent for that state is included, along with the median net worth of all homeowners with a primary residence in that state, and total homeowners with a net worth of $1 million or more. Net worth represents an individual's assets like homes, cars, and investments, less their liabilities like and other debt."

California -$6.8M
Georgia - $2.2M
So, what this article is saying is that, you are in the 1% of the number shown or greater, you are in the 1% wealthiest in that state, right?

If, I lived in Georgia and had a NW OF $2.5m I would be in the 1% of the wealthiest in that state.
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Old 01-14-2021, 05:53 PM   #52
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Maryland has a lot of poor people. Not just Baltimore, but all those Eastern Shore counties, with failing farms, no industry and no tourist income.

You and I are from the part that has full employment, good employment, lots of business owners and defense contractors, and numerous enclaves of multi-million-dollar houses. In such environments, $2.842M is not that much.

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Wow, I never figured the 1% bar would be so low for Maryland. "Only" $2.824M to break into that threshold? While I'm not there yet, if you tacked real estate equity onto my investible assets, I'd probably be around $2.6M.

I'd call myself "comfortable", but certainly don't feel "rich". And didn't think I'd ever had a snowball's chance in hell of getting that close to Maryland's 1%.

And that guy they mentioned, as Maryland's richest resident, Stephen Bisciotti? Maybe 10 minutes away, tops. About 4 miles. Probably about 1.5, as the crow flies. To think I practically drive right past his house every time I go to Aldi or the Good Will, in my 18 year old Buick with its dented quarter panel and missing hubcaps
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Old 01-14-2021, 05:54 PM   #53
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We do these threads periodically, and I confess to reading them with interest. But, all these statistics are meaningless.

Do yo have enough?

Are you Happy?

Is your family well cared for?

If yes to the above:

Then you are in the top whatever percent you want to be.
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Old 01-14-2021, 05:59 PM   #54
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We do these threads periodically, and I confess to reading them with interest. But, all these statistics are meaningless.

Do yo have enough?

Are you Happy?

Is your family well cared for?

If yes to the above:

Then you are in the top whatever percent you want to be.
Yep. It's a joke - on them.
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Old 01-14-2021, 06:14 PM   #55
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... Do you have enough? ... Then you are in the top whatever percent you want to be.
I have come to understand that this is the recipe. "Enough" means the end of comparing, greed, and envy.

Recounted by John Bogle: At a party given by a billionaire on Shelter Island, the late Kurt Vonnegut informs his pal, the author Joseph Heller, that their host, a hedge fund manager, had made more money in a single day than Heller had earned from his wildly popular novel "Catch 22" over its whole history. Heller responds, ďYes, but I have something he will never have . . . Enough.Ē
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Old 01-14-2021, 06:27 PM   #56
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Looks like I'm in the top 2% in Wisconsin. But more importantly I still have good health, great kids and have enough to give generously to charities with plenty left over for myself and family.
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Old 01-14-2021, 06:34 PM   #57
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We do these threads periodically, and I confess to reading them with interest. But, all these statistics are meaningless.

Do yo have enough?

Are you Happy?

Is your family well cared for?

If yes to the above:

Then you are in the top whatever percent you want to be.
This is so true, but the one thing I get out of these threads is a feeling of knowing that, while I donít feel rich, if the SHTF, I will be in good company. Said another way, a lot of hurt will happen before it hits my level. Itís not a ďgoodĒ feeling, but itís a feeling that Iím above the catastrophe line. Anything below that and Iím confident Iíll be alright.
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Old 01-14-2021, 07:08 PM   #58
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I'm in Low cost area North Carolina, so above the 10% is fine with me.
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Old 01-14-2021, 07:23 PM   #59
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Part of me wants to quote the old “Comparison is the thief of joy.”
Another part on the other hand read all three pages here (and pulled out the centerfold too!)
And the last part wonders why there is such a discrepancy between the first set of data where 1% is over 11 M and the data from Newsweek where none of the 1% in any state is anywhere close to that. Anyone get this?
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Old 01-14-2021, 07:32 PM   #60
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I was most surprised about Connecticut, which I imagine as chockablock with gadzillionaire hedge funders and with Nevada, which I didnít know had so much wealth.
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