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Businessweek Archives

The Millionaire Next Door

Well even with the housing market’s collapse and the stock market’s tumble at least some people are still rich. That’s according to the latest data from the market research firm TNS.

The number of households with over $1 million in net worth outside of their primary residence increased 5.9% last year to an estimated 9.9 million nationwide. The mean age of these millionaires is 66. Their average net worth is $4.6 million.

Some 75% of them owned stocks. About 60% said their approach to investing hasn’t changed much. As the book The Millionaire Next Door pointed out a few years ago, most people get rich not by speculating, just by earning decent money, spending less than they earn, and socking away the difference.

New York is the metro area with the highest number of millionaires. There are 661,000 in the New York metro area, almost 10% of the population. Here’s the full top ten city list:

New York, 661,000 millionaires

Los Angeles 376,000

Chicago 343,000

Washington 264,000

Philadelphia, 232,000

Dallas 190,000

Boston 185,000

Miami 180,000

Detroit 178,000

San Francisco 178,000

We’ll see what happens this year.

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