Detroit [[metro) has the 9th most millionaires of any city in the US

[RedeemerKid]

http://247wallst.com/2011/07/13/the-...-millionaires/

[Mind field]

Imagine if some more of this money started trickling into the city, in whatever form of investment.

[brizee]

Even when just reporting demographic facts the media likes getting their little kicks in.

[R8RBOB]

http://247wallst.com/2011/07/13/the-...-millionaires/

92 thousand millionaires and yet this is one of the poorest cities in the United States. Fancy that!!!
I noticed that San Jose is no. 10 and because I lived in the Bay Area back in the day I know San Jose has it better with its millionaires than Detroit does.

[Bham1982]

92 thousand millionaires and yet this is one of the poorest cities in the United States. Fancy that!!!

Apples and oranges. This figure is for the metropolitan area, not the city.

I'm assuming a relatively small percentage of those millionaires live within city limits.

But I agree that an area with so much wealth shouldn't have so much misery.

[Danny]

Where are the rich folks in Detroit? Palmer Woods, Grandmont/Rosedale Park, Boston Edison, Alden Park, East Village, Indian Village, Woodbridge, Woodbridge Estates, Grixdale, East English Village, Sherwood Forest are example of middle to upper class ghettohoods. That's where you would find them.

[R8RBOB]

Apples and oranges. This figure is for the metropolitan area, not the city.

I'm assuming a relatively small percentage of those millionaires live within city limits.

But I agree that an area with so much wealth shouldn't have so much misery.

Oh, I am quite aware that 92,000 millionaires don't live in this broke-ass city, however, I was bringing into question how the region could have so many millionaires yet Detroit proper is one of the poorest cities in the country.

[bailey]

Oh, I am quite aware that 92,000 millionaires don't live in this broke-ass city, however, I was bringing into question how the region could have so many millionaires yet Detroit proper is one of the poorest cities in the country.

92,000 folks who are classified as "millionaires" in a metro region of 4+ million is about two percent of the population.

[401don]

A million dollar net worth isn't that much nowadays. However it goes a lot further in the Detroit area where home prices are low compared to much of the country. As long as interest rates stay at record lows, you can have a 300,00 house, 100,000 in furniture/cars and a 600,000 nest egg getting 3% interest generating a whopping 18,000 a year income. Go ahead, live like a millionaire.

[DetroitPlanner]

600,000 nest egg getting 3% interest generating a whopping 18,000 a year income. Go ahead, live like a millionaire.

3% overall return? Where do you bank? I can remember 6-10 years ago getting 6% on investments outside of my 403b, now? Not even close.

[Scottathew]

I'm assuming a relatively small percentage of those millionaires live within city limits.

Hell, even the Mayor of Detroit doesn't live within city limits!

[bartock]

http://www.us.capgemini.com/news-eve...-wealth-index/

This is garbage. It was a survey of 10 cities, and claims to be a survey of the 10 largest metros in the U.S., which isn't true by any measure. Detroit came in 9th out of the 10 cities listed. Dallas, Atlanta and Miami are not in it.

[Bham1982]

http://www.us.capgemini.com/news-eve...-wealth-index/

This is garbage. It was a survey of 10 cities, and claims to be a survey of the 10 largest metros in the U.S., which isn't true by any measure. Detroit came in 9th out of the 10 cities listed. Dallas, Atlanta and Miami are not in it.

How do you know that those metros have more millionaires than Metro Detroit?

I would not be shocked if Detroit had more millionaires than, say Atlanta, Dallas, or Miami. I wouldn't be shocked if it weren't the case either, but it doesn't seem super obvious to me.

Miami is actually a poor metro. Dallas and Atlanta are middle income metros. Detroit is also a middle income metro. Not sure about income stratification for those three relative to Detroit.

[iheartthed]

http://www.us.capgemini.com/news-eve...-wealth-index/

This is garbage. It was a survey of 10 cities, and claims to be a survey of the 10 largest metros in the U.S., which isn't true by any measure. Detroit came in 9th out of the 10 cities listed. Dallas, Atlanta and Miami are not in it.

It was poorly worded, but I'm pretty sure this means that they are measuring the population of high net worth individuals [[HNWIs) in the 10 MSAs with the highest counts of HNWIs [[not top 10 MSAs by total population).

Capgemini, one of the world’s foremost providers of consulting, technology and outsourcing services, today announced the results of the Capgemini 2011 U.S. Metro Wealth Index, which monitors populations of high net worth individuals [[HNWIs) within the top ten United States metropolitan statistical areas [[MSAs).

[bartock]

How do you know that those metros have more millionaires than Metro Detroit?

I would not be shocked if Detroit had more millionaires than, say Atlanta, Dallas, or Miami. I wouldn't be shocked if it weren't the case either, but it doesn't seem super obvious to me.

Miami is actually a poor metro. Dallas and Atlanta are middle income metros. Detroit is also a middle income metro. Not sure about income stratification for those three relative to Detroit.

Um, they are considered three of the top 10 metros in the country in terms of population. There are times that Wikipedia can be very helpful:

http://en.wikipedia.org/wiki/Table_o...tistical_Areas

I did not draw any conclusions as to who would have more millionaires, though if you were to put a gun to my head I'd say Dallas at the least probably has more. I don't know what the income stratification is either, but a healthy number of millionaires in an auto town with old money isn't surprising, either.

The survey is limited to 10 cities. Those cities are identified as the 10 largest, and that is not true. Detroit came in 9th out of the 10 cities on the list. It is a shit survey.

[bartock]

It was poorly worded, but I'm pretty sure this means that they are measuring the population of high net worth individuals [[HNWIs) in the 10 MSAs with the highest counts of HNWIs [[not top 10 MSAs by total population).

OK I could see that making sense. Not much of a surprise that Detroit would be in the top 10 of that.

[Bham1982]

Um, they are considered three of the top 10 metros in the country in terms of population.

How is population relevant? This appears to be a list of top 10 millionaires by metro, not top 10 population by metro.

[bartock]

How is population relevant? This appears to be a list of top 10 millionaires by metro, not top 10 population by metro.

That isn't the way it was worded, but I think you and iheart are probably correct.

[rb336]

What kills me about those "Metropolitan Statistical Areas" is how seemingly random they are. Joliet and Naperville are further from Chicago than Ann Arbor is from Detroit, yet they include them in Chicago's MSA, but AA isn't in Detroit's.

[casscorridor]

To me, this makes sense. Due to stratification of wealth. You might think it is ironic that the once crowning achievement of [industrial] capitalism, Detroit, is one of the most impoverished cities. But I don't at all. It makes perfect sense. Capitalism leads to stratification of wealth, so that is why we have one of the top metros for millionaires and also one of the last when it comes to equality.

It is also interesting to compare and contrast Detroit with New York City. Detroit is the industrial center [[hollowed out), and New York is the financial center [[booming). You can really look at these two cities alone and understand the United States. Our industrial sector is crippled while the financial sector is reaping profits. But without Detroit [[and other industrial centers), would New York City [[and other financial centers) be what it is today? Or in other words, without the working class, could the capitalist class be as powerful and as wealthy as it is today? New York and Detroit are like ying and yang.

[JBMcB]

To me, this makes sense.

Except it's probably not true. It's a poorly done study with arbitrarily chosen criteria.

You might think it is ironic that the once crowning achievement of [industrial] capitalism, Detroit, is one of the most impoverished cities.

Capitalism doesn't build eternal monuments. The crowning achievement of capitalism is that the largest health problem among the poor in the US is obesity.

Capitalism leads to stratification of wealth,

Only when there are barriers erected against moving that wealth around. People with money don't hoard it.

so that is why we have one of the top metros for millionaires and also one of the last when it comes to equality.

Both dubious statistics.

Our industrial sector is crippled while the financial sector is reaping profits.

It's not industrial vs. financial, it's industrial vs. services. NYC provides services - investing, marketing, design, etc... They are still doing well because these are highly skilled areas - you can't outsource these jobs and probably won't be able to for another few decades.

But without Detroit [[and other industrial centers), would New York City [[and other financial centers) be what it is today?

Put it this way - without the financial institutions of NYC, Detroit would still be, primarily, a fur trading town and lake port.

[Cincinnati_Kid]

Didn't Detroit drop from the 9th largest city to the 20th since the new census??

[iheartthed]

Didn't Detroit drop from the 9th largest city to the 20th since the new census??

Detroit is the 12th largest MSA by total population. The study counted the number of millionaires per MSA and released a list of the 10 MSAs with the largest number of millionaires.

[Scottathew]

The lack of equality between "us" [[the suburbanites) and "them" [[the Detroiters) is due to multiple factors:

1) Slavery - Yes, it still does have an effect. While white families built wealth, knowledge, and family values for generations, black slaves were not able to.

2) Post-slavery racism and segregation - When a black family can't go to a certain school, college, or can't get jobs at businesses because of their color that will most certainly effect their prosperity and setup future generations for hardship

3) The third item I think is the biggest roadblock, does NOT apply to all black\poor people, and was created in-part by items 1 and 2: The black\low socioeconomic culture. The black\poor culture has created a victim mentality for many people that makes dropping out of high school, having babies outside of a stable relationship, collecting welfare, using food stamps, and spending every dollar you currently have normal parts of life.

There is so much assistance and aide available for those who will put forth effort to get out of the hole they're currently in. However, parents in this culture don't force their kids to graduate high school. They don't force their kids to get a job and save their money. They instead teach their children that the rich man is keeping them down and they should instead take every single thing that could be given to them. Working hard and bettering yourself will only result in less hand-outs. So you might as well just ride the train, get your welfare, use your food stamps, because if you try you'll only be a little bit better off for all your effort.

It just blows my mind to see people who want out of the bad parts of Detroit but choose to spend all their money on cell phones, rims for their $500 car, and designer label clothing.


It's time for parents and DPS to step up. Make your kids graduate high school. Make your kids speak English clearly and properly [[and the difference between "was and "is", "they" and "their"), make your kids get a job, and teach them to save money and not just spend it. Teach your kids that welfare is for bad times, not a plan for life. Teach your kids that they're not going to have sex, and if they do, they're going to use a condom. If you think your female children are sexually active, get them on birth control. Tell your kids that high school is just the step before they're shipped off to community college.


Please keep in mind that what I've described applies to some black\poor people, not all or perhaps even most, but what I feel is a significant amount of the black\poor population. Yes, slavery and racism has created a great inequality, but a completely apathetic attitude and culture is helping to perpetuate the inequality.

[bartock]

Two parts apologist, two parts patronizing. Mix well.



While we are talking about "us" vs. "them", can someone give me an "us" vs. "them" using millionaires and non-millionaires? I'd sure like to become one, and that comparison might be helpful.