1 in 25 New Yorkers are millionaires....

[9erempiree]

Guess where I live?:pimp:

No surprise with the top 3.

EDIT: Here's the link

http://www.spearswms.com/news/revealed-cities-with-the-highest-percentage-of-millionaires-4323521#.U9Wcp8awjx7


1. Monaco (29.21%)

2. Zurich (27.34%)

3. Geneva (17.92%)

4. New York (4.63%)

5. Frankfurt (3.88%)

6. London (3.39%)

7. Oslo (2.90%)

8. Singapore (2.80%)

9. Amsterdam (2.63%)

10. Florence (2.59%)

11. Hong Kong (2.58%)

12. Rome (2.54%)

13. Dublin (2.40%)

14. Doha (2.31%)

15. Toronto (2.29%)

16. Venice (2.25%)

17. Brussels (2.11%)

18. Houston (2.09%)

19. San Francisco (2.07%)

20. Paris (2.04%)

P.S. Jeff, you need to upgrade this place and give us that soccer forum.

[russwest0]

yeah and like 1 in 5 are homeless lol

america fukking rules :rockon: :rockon: :rockon:

[Beatlezz]

Guess where I live?:pimp:

No surprise with the top 3.



P.S. Jeff, you need to upgrade this place and give us that soccer forum.

Why don't you donate some of that money so that Jeff could afford to upgrade our ghetto e-home? :cheers:

[russwest0]

Why don't you donate some of that money so that Jeff could afford to upgrade our ghetto e-home? :cheers:

don't worry, I'll take care of this.

[9erempiree]

Why don't you donate some of that money so that Jeff could afford to upgrade our ghetto e-home? :cheers:

I offered to donate some money if he gave us a soccer forum. PM'd him but no response.

Anyways, Jeff is the rich one since he lives in NY.

[russwest0]

the problem was handled :cheers:

[Godzuki]

most of it is probably based on their property value. i mean long time residents probably have had their property values sky rocket from the 80's....

most people who own a house are at least 1/4 millionaires

its a bit misleading since its liquid value. not like they got tons of money to blow or earning that type of money i'd think.

[9erempiree]

WealthInsight defines 'millionaires' as individuals with net assets of US$1 million or more, excluding their primary residences.

From the article.

[Godzuki]

From the article.


damn thats surprising then

[Overdrive]

Didn't you live in California? And what does it matter if you live in a place where 4% are millionaires if you're not?

[Beatlezz]

I offered to donate some money if he gave us a soccer forum. PM'd him but no response.

Anyways, Jeff is the rich one since he lives in NY.

the problem was handled :cheers:

:pimp: I would donate too if I had some extra coins to spare, but since I don't, here lemme just click this EXTRA condom ad real quick. Hope that helps Jeff! :cheers:

[Beatlezz]

..not a condom ad, it's a chewing gum.

http://www.extragum.com/

:lol

[9erempiree]

damn thats surprising then

Surprised me too but they are right because if I own a million dollar home, it is not mine to liquidate because there is a loan.

It is the best way to judge wealth. Cash. Assets can be deceiving when determining wealth. I can be considered a wealthy man because I own 3 cars but we all know that is not the case or someone can be considered wealthy due to inheritance and we all know that is not the case either unless they are inheriting cash-money.

[nathanjizzle]

being a millionaire isnt a big deal. if you graduated from a 4 year college, you would have accumulated a networth of a million dollars in 15 years after graduation. thats around 37 years old which is the average age of a person. being coined a "millionaire" because you have saved up a networth gives the wrong impression. that term is really reserved for business owners and investors because it holds more weight.

[rufuspaul]

It is the best way to judge wealth. Cash.


You'd be hard pressed to find many millionaires that have loads of cash just sitting around not working for them. They became millionaires in the first place by investing and accumulating assets.

[Godzuki]

You'd be hard pressed to find many millionaires that have loads of cash just sitting around not working for them. They became millionaires in the first place by investing and accumulating assets.


too bad you can't buy manliness :oldlol:

[DCL]

a million in CASH can be quite different from a million in home equity.

[InfiniteBaskets]

WealthInsight defines 'millionaires' as individuals with net assets of US$1 million or more, excluding their primary residences.


From the article.

But only excluding primary, right? I'd imagine a lot of the 50+ generation living in Manhattan and nice areas of other buroughs inherited a house from their parents, and laid down enough money back in the 80s when Manhattan was still dangerous, for another residency. Now that Manhattan has turned into international hot spot, property values everywhere is soaring.

[Bandito]

too bad you can't buy manliness :oldlol:
This is so true. I feel sad for you.:(

[BigBoss]

That's a stupid study. Millionaires would go and live in those cities. New York doesn't create millionaires, it's just an attractive destination FOR millionaires.

[Shade8780]

Dublin's there? Ireland's poor as shit :lol

[ThePhantomCreep]

most of it is probably based on their property value. i mean long time residents probably have had their property values sky rocket from the 80's....

most people who own a house are at least 1/4 millionaires

its a bit misleading since its liquid value. not like they got tons of money to blow or earning that type of money i'd think.

I'm pretty sure property assets were left out. Otherwise Los Angeles would shoot up the list.

[CavaliersFTW]

yeah and like 1 in 5 are homeless lol

america fukking rules :rockon: :rockon: :rockon:
if the govt would just come up with a plan to give all homeless gorgeouspil and immortality rings than that will give them more opportunities to get hired with their more attractive appearance and they can take as long as they need to get their housing and other problems sorted out because they are immortal

[NugzFan]

being a millionaire isnt a big deal. if you graduated from a 4 year college, you would have accumulated a networth of a million dollars in 15 years after graduation. thats around 37 years old which is the average age of a person. being coined a "millionaire" because you have saved up a networth gives the wrong impression. that term is really reserved for business owners and investors because it holds more weight.

explain how the average 4 year college graduate accumulates a million in net worth in 15 years.

[Nick Young]

yeah and like 1 in 5 are homeless lol

america fukking rules :rockon: :rockon: :rockon:
It's called natural selection bro. Human beings are animals. We must be held to the same standards as every other species on the planet:rockon:

[CavaliersFTW]

It's called natural selection bro. Human beings are animals. We must be held to the same standards as every other species on the planet:rockon:
Homeless are able to have just as many kids as millionaires... natural selection isn't at play here unless the homeless are unable to reproduce due to being homeless... that isn't the case.

[NugzFan]

Homeless are able to have just as many kids as millionaires... natural selection isn't at play here unless the homeless are unable to reproduce due to being homeless... that isn't the case.

:wtf:

[ace23]

:wtf:
He took Nick Young's post literally. Lol

[CavaliersFTW]

He took Nick Young's post literally. Lol
:D

[imdaman99]

I believe it. At this point, you can't really retire and live comfortably here in NYC without a mill in the savings.
Harsh sucky reality, get used to working hard till 70 :(

[GrapeApe]

explain how the average 4 year college graduate accumulates a million in net worth in 15 years.

Yeah, that's pretty absurd and I have no idea where he got that from. I didn't even finish paying off my student loans until I was 30. I've done pretty well since graduating and I assure you I won't have a net worth of anywhere near a million dollars by 37.

[Bigsmoke]

Chicago > New York

[GimmeThat]

they might provide a better conversation.

[Carbine]

Millionaire 15 years after graduation would have to SAVE at least 65 grand a year and pay off school, pay for living expenses, etc.

For people with higher education, this is easily possible. Doctors, Lawyers, etc...... for a four year college though? Not likely. Certainly not "easy."

[NugzFan]

Millionaire 15 years after graduation would have to SAVE at least 65 grand a year and pay off school, pay for living expenses, etc.

For people with higher education, this is easily possible. Doctors, Lawyers, etc...... for a four year college though? Not likely. Certainly not "easy."

1) it would probably be less than 65 grand per year because of the effects of compounding. it also really depends on the market. if you can hit a couple great years like we just had you could do it by saving much less. if you hit a terrible market you could lose a ton instead. either way, saving even half of 65 grand per year for people in the 25-35 age group is very difficult. and im 99% sure people who get to a million net worth dont do it by putting all their money in a savings account at the local bank.

2) id bet a lot of doctors dont have a million net worth by 37. they are probably just getting established in their practice and had a ton of student loans that may now just be paid off. its their 40s and 50s where they make most of their net worth (and a very accelerated pace too - no student loans plus a nice income for 20 years? :eek: )

[InfiniteBaskets]

1) it would probably be less than 65 grand per year because of the effects of compounding. it also really depends on the market. if you can hit a couple great years like we just had you could do it by saving much less. if you hit a terrible market you could lose a ton instead. either way, saving even half of 65 grand per year for people in the 25-35 age group is very difficult. and im 99% sure people who get to a million net worth dont do it by putting all their money in a savings account at the local bank.

2) id bet a lot of doctors dont have a million net worth by 37. they are probably just getting established in their practice and had a ton of student loans that may now just be paid off. its their 40s and 50s where they make most of their net worth (and a very accelerated pace too - no student loans plus a nice income for 20 years? :eek: )

Assuming a modest 6% return net of taxes each year, someone can on average invest $40k a year for 15 years and reach roughly $1M at the end. Or that same person can try and save $30k in the beginning years and then save $55-60k during the latter years.

Regardless, that's extremely hard. More likely is that 1 in 25 New Yorkers come from extremely rich backgrounds or they are professionals in the 40-50 age range.

[~primetime~]

1) it would probably be less than 65 grand per year because of the effects of compounding. it also really depends on the market. if you can hit a couple great years like we just had you could do it by saving much less. if you hit a terrible market you could lose a ton instead. either way, saving even half of 65 grand per year for people in the 25-35 age group is very difficult. and im 99% sure people who get to a million net worth dont do it by putting all their money in a savings account at the local bank.

2) id bet a lot of doctors dont have a million net worth by 37. they are probably just getting established in their practice and had a ton of student loans that may now just be paid off. its their 40s and 50s where they make most of their net worth (and a very accelerated pace too - no student loans plus a nice income for 20 years? :eek: )

A lot of doctors and lawyers don't have student loans...they have mommy and daddy


also "net worth" would include a home and 401k...not sure if you were taking that into account...they don't really need to be putting $65k away ON THE SIDE. Paying off a mortgage goes to their net worth, as well as any retirement plan.

[NugzFan]

Assuming a modest 6% return net of taxes each year, someone can on average invest $40k a year for 15 years and reach roughly $1M at the end. Or that same person can try and save $30k in the beginning years and then save $55-60k during the latter years.

Regardless, that's extremely hard. More likely is that 1 in 25 New Yorkers come from extremely rich backgrounds or they are professionals in the 40-50 age range.

yeah i agree with this. :cheers:

[NugzFan]

A lot of doctors and lawyers don't have student loans...they have mommy and daddy

http://well.blogs.nytimes.com/2011/07/28/the-hidden-costs-of-medical-student-debt/?_php=true&_type=blogs&_r=0

"Over 80 percent of each medical student class will graduate in debt"



also "net worth" would include a home and 401k...not sure if you were taking that into account...they don't really need to be putting $65k away ON THE SIDE. Paying off a mortgage goes to their net worth, as well as any retirement plan.

id still bet that a great majority of 37 year olds cannot get to a million in net worth (and yes i agree it should include home equity, 401k, etc)

[~primetime~]

http://well.blogs.nytimes.com/2011/07/28/the-hidden-costs-of-medical-student-debt/?_php=true&_type=blogs&_r=0

"Over 80 percent of each medical student class will graduate in debt"




id still bet that a great majority of 37 year olds cannot get to a million in net worth (and yes i agree it should include home equity, 401k, etc)
20% is a decent amount...and yeah I would bet the majority don't hit a mill at 37 as well, just pointing out that "net worth" includes those things.

It felt like you guys were stating a person would have to put a "x-amount" away on the side...when in reality if you are paying off a home and contributing to a retirement plan then a lot of money is naturally going toward your "net worth" and could be worth a decent amount in 15 years time.

[GrapeApe]

A lot also depends on your lifestyle and goals. Had I devoted myself to becoming a millionaire I guess it's possible I could have done it. However, that would mean sacrificing many things I enjoy (such as travelling, sporting events, concerts, fine dining, etc.) and not having kids (I have 2). I wouldn't trade any of those things for a higher net worth.