The myth of broad prosperity in the last decade related not only to individuals but also to geography.
Everyone seemed to be everywhere ─ richer providers of hedge funds in Connecticut to construction contractors in Arizona and Colorado mortgage brokers.
We now know, of course, that prosperity was only for a few. And we also know that the geography of wealth remains highly concentrated.
A new study of wealth-X, the research firm wealth, shows that more than half of all people in the U.S. with $ 30 million in investable assets ─ live in five states California, New York, Texas, Florida and Illinois.
About a third live in California and New York alone.
Not surprisingly, of course, that many ultra-rich live in larger states. That's what you expect.
And Matthew Miller, head of research at wealth-X, said that although the Big Five dominate the ultra-rich list, the data also shows a surprising number of ultra-rich people living in the smaller and less visible .
He noted that aside from Alaska, Delaware, North Dakota and Maine, all states have at least 100 people for $ 30 million or more.
"Actually, there are pockets of wealth in states that most people usually do not think," he said.
Point well taken. But overall, the map of America's wealth is very similar to the national wealth and income distribution ─ pockets of great wealth, sitting on the mass of the rest of America.
It is also ironic that so many rich people who have not prevented many of the top wealth states fall into the budget crisis.
Do you think the map of U.S. wealthwill change over the next 10 years?
Everyone seemed to be everywhere ─ richer providers of hedge funds in Connecticut to construction contractors in Arizona and Colorado mortgage brokers.
We now know, of course, that prosperity was only for a few. And we also know that the geography of wealth remains highly concentrated.
A new study of wealth-X, the research firm wealth, shows that more than half of all people in the U.S. with $ 30 million in investable assets ─ live in five states California, New York, Texas, Florida and Illinois.
About a third live in California and New York alone.
Not surprisingly, of course, that many ultra-rich live in larger states. That's what you expect.
And Matthew Miller, head of research at wealth-X, said that although the Big Five dominate the ultra-rich list, the data also shows a surprising number of ultra-rich people living in the smaller and less visible .
He noted that aside from Alaska, Delaware, North Dakota and Maine, all states have at least 100 people for $ 30 million or more.
"Actually, there are pockets of wealth in states that most people usually do not think," he said.
Point well taken. But overall, the map of America's wealth is very similar to the national wealth and income distribution ─ pockets of great wealth, sitting on the mass of the rest of America.
It is also ironic that so many rich people who have not prevented many of the top wealth states fall into the budget crisis.
Do you think the map of U.S. wealthwill change over the next 10 years?
