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Where Millionaires Live in America

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23.10.2020

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They say a million dollars isn't what it used to be, but it still earns you entry into an elite group of Americans. Only 6.7% of the nation's households, or about 8.4 million, qualify as bona fide millionaires.

Before anyone gets hot and bothered, we're talking about liquidity here. The millionaires in question have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships. A million dollars' worth of cash, stocks, bonds, what have you, is a far more restrictive definition.

New York and Los Angeles are home to the most millionaires in America because of their large populations and lucrative industries. No surprise there. However, it might surprise you that neither of these metropolises can claim the highest concentration of millionaires.

Phoenix Marketing International, a firm that tracks the affluent market, ranks 935 urban areas, large and small, based on the percentage of millionaire households in each. The following list of cities is limited to metropolitan areas with at least one urbanized area with a population of 50,000 or more. We examined small cities with big millionaire populations in a separate story.

Now, here are the 15 largest metropolitan areas boasting the highest concentration of millionaires in the U.S.

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If you've ever been to Manhattan, you don't need us to tell you that it's an expensive place to visit. Just know that it's even more expensive to live there. With space at a premium and location paramount, the median home value in Manhattan is among the highest on our list of millionaire cities.

The greater New York area isn't cheap, either, which takes some of the luster off all those millions of dollars. Taxes can be brutal, too. The Empire State's average sales tax rate is the 10th-highest in the country. New York also has a hefty income tax. Plus, New York City and Yonkers impose their own income taxes, and there's a commuter tax for self-employed people working in and around New York City.

As one would probably expect, financial managers are among the highest-paid professionals in the state, according to data from Zippia.

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You don't have to be a millionaire to live in Anchorage, but it certainly helps. The city's remote location and limited local resources mean you'll pay a premium for most goods and services.

Add it all up, and Anchorage turns out to be one of the pricier U.S. cities in which to live, with living expenses running 24% higher than the national average, according to the Council for Community and Economic Research's (C2ER) Cost of Living Index.

Also, be forewarned that if you want to mingle with Anchorage's millionaires, they might not be in such a good mood. Persistently low oil prices have trapped Alaska in a seemingly never-ending recession, its worst in 30 years.

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The metro area of what's known as the Town of Barnstable comprises the largest community on Cape Cod, by both population and geography.

Barnstable encompasses a number of villages, including Centerville, Osterville and Marstons Mills, but none are more famous than Hyannis Port, home to the Kennedy Compound. The American political dynasty's residences there are designated national historic landmarks.

In addition to being one of the more desirable summer vacation destinations in the eastern U.S, Barnstable serves as a gateway........

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