American Cities with the most millionaires....

[Detroit Stylin]

Detroit is number nine....who would have thunk it?

http://247wallst.com/2011/07/13/the-...illionaires/2/

[Bham1982]

Detroit is number nine....who would have thunk it?

http://247wallst.com/2011/07/13/the-...illionaires/2/

I don't find it surprising. Sounds about right to me.

Notwithstanding all the negativity, Metro Detroit has a huge number of wealthy. I don't know where all the money comes from, but many people are doing very, very well.

The rich parts of the area are wealthier than ever.

[Detroit Stylin]

And another article on this...

http://www.google.com/url?sa=t&rct=j...P1XW3GMIcX9UWg

[iheartthed]

That list is over a year old.

[Detroitnerd]

I don't find it surprising. Sounds about right to me.

Sure, there's tremendous wealth in metro Detroit.

And it's mostly in the hands of people who have walled themselves up in their Galt's Gulches and don't understand why cities are important.

[MidTownMs]

I'm sure O'Neil Swanson and Raymond Cantrell are among the 92,100.

[serpico]

Oakland county is part of Detroit????

[313WX]

Oakland county is part of Detroit????

Then I guess we have to bring the Detroit Pistons back downtown then, eh?

After all, why should Detroit's team be in Oakland County if Oakland County's not a part of Detroit?

I guess we also have to cut off the water in Oakland County from Detroit Water and Sewage.

After all, Oakland County can't receive water from Detroit since Oakland County's not a part of Detroit.

[poobert]

Oakland county is part of Detroit????

When it suits them, that is, for sports or announcing where you're from while travelling purposes.

Once back from the stadium or Disneyland, however, it's back to this:
http://www.freep.com/article/2012101...-bashing-TV-ad

[Bham1982]

Sure, there's tremendous wealth in metro Detroit.

And it's mostly in the hands of people who have walled themselves up in their Galt's Gulches and don't understand why cities are important.

The truly rich are generally living in older communities, close to Detroit. Not too many rich in Shelby Township or Milford.

I would guess than 90%+ of the truly rich live in about six communities: Bloomfield Hills, Bloomfield Township, Orchard Lake, Franklin, Birmingham, and GP Shores. All are older suburbs, and all are pretty closely tied with the city.

You have a scattering of rich folks in sprawltopias like Northville Township, Novi, Rochester Hills, Oakland Township and a few other places, but not too many. Then there are a number of older suburbs with an additional scattering of rich: the remainder of the Pointes, W. Bloomfield, Bingham Farms, Huntington Woods, maybe. That's about it.

Keep in mind, too, that the truly rich are the ones keeping the DIA solvent, keeping the Orchestra and Opera running, and keeping downtown humming. I think they need to pay higher taxes, and they're still too automatically wedded to the Republican Party, but that's changing.

[Cincinnati_Kid]

Detroit is number nine....who would have thunk it?

http://247wallst.com/2011/07/13/the-...illionaires/2/

Granted, they are not in Detroit proper. There may be a millionaire or two within the city limits, but very unlikely. They are mostly in the burbs that BHam mentioned and are considered "Old Money", with a few young professionals mixed in.

[RO_Resident]

The wealth index is for the MSA, so the number is regional and not just the city of Detroit.
http://www.us.capgemini.com/services.../wealth_metro/

[iheartthed]

Granted, they are not in Detroit proper. There may be a millionaire or two within the city limits, but very unlikely. They are mostly in the burbs that BHam mentioned and are considered "Old Money", with a few young professionals mixed in.

Of course the majority of the metro area millionaires live in the suburbs, but there are more than just "a millionaire or two" who live in the city of Detroit.

[poobert]

Really speaks volumes that we have so much wealth next to so much grinding poverty in our region. Guess we're still just waiting for those job creators up in the OC to start churnin' out those jobs.

[Det_ard]

Really speaks volumes that we have so much wealth next to so much grinding poverty in our region. Guess we're still just waiting for those job creators up in the OC to start churnin' out those jobs.

No need to wait, Poobert. You seem like a capable chap, create some jobs yourself. You'll find plenty of Detroiters available for work.

[antongast]

No need to wait, Poobert. You seem like a capable chap, create some jobs yourself. You'll find plenty of Detroiters available for work.

Silly Det_ard, the only people who can create jobs are people who make more than $250,000 a year, and they can only do it if the top marginal tax rate is 35% instead of 39%. You must be some kind of RINO.

[MidTownMs]

Of course the majority of the metro area millionaires live in the suburbs, but there are more than just "a millionaire or two" who live in the city of Detroit.

I bet these two people are millionaires in the City of Detroit and probably have been for a very long time; O'Neil Swanson and Raymond Cantrell.

[Gistok]

Millionaires will tend to avoid the [[unlimited ceiling) city income tax. Even a middle class person like myself decided to move out in 1990, when I calculated that doing so gave me enough annual savings to equal a 2 week holiday in Europe.

[bailey]

Millionaires will tend to avoid the [[unlimited ceiling) city income tax. Even a middle class person like myself decided to move out in 1990, when I calculated that doing so gave me enough annual savings to equal a 2 week holiday in Europe.

Ok, pretty sure local income taxes are not keeping the rich folk sequestered in B'ham and GP. if you itemize...and I would guess these folks do... the CoD tax gets claimed [[except for the $400.00 garbage fee) as a deduction on the federal.

[313WX]

I highly doubt the income tax is the reason people move out of the city

It's an easy scapegoat, and even a deal breaker, but I doubt it's the meat behind the decision.

[313WX]

I bet these two people are millionaires in the City of Detroit and probably have been for a very long time; O'Neil Swanson and Raymond Cantrell.

True, especially now.

[Bham1982]

I agree with others and don't think that the city income tax plays a significant role in keeping out the rich.

Obviously these folks are less tax-sensitive, and they already tend to live in the jurisdictions with the highest local taxes [[compare the property taxes in Birmingham, Bloomfield, Franklin, Huntington Woods, and the Pointes to the taxes in newer sprawlburbs).

[Jimaz]

I'm trying to envision how a city would work with nothing but millionaires. I suppose they'd need a lot of security, perhaps too much security to allow access by their hired help.

Picture millionaires cleaning each other's toilets in desperation. LOL!

[Cincinnati_Kid]

Of course the majority of the metro area millionaires live in the suburbs, but there are more than just "a millionaire or two" who live in the city of Detroit.

I bet you can count them on one hand.

[bailey]

I bet you can count them on one hand.

Oh, c'mon, I'm sure there are more than a few. 90,000 in the MSA... I'd bet there are at least a few hundred in the City [[still kinda sad...but not exactly needle in the haystack). I mean if we're looking at net worth... a 400-500k house in Indian village or other enclave + a 250-300K vacation home + 401k + whatever else in assets, one can get over that million dollar mark pretty quick. Not exactly liquid, but still...