From The Boston Globe:
The number of millionaires living in the Boston area, already one of the wealthiest regions in the United States, will surge 50 percent over the next five years, according to data from two wealth management companies that have studied the issue.
For a city that as recently as 30 years ago struggled with a decaying urban core, the expected influx is one more sign of its dramatic turnaround. By 2009, the number of millionaire households in the region is expected to increase to 88,000, up from 58,000 in 2004.
The projected growth rate parallels the national average. But because Boston starts out with a higher percentage of millionaires in its population — nearly one in 20 households, more than New York, Chicago, and Los Angeles — and because the overall population is barely growing, demographic specialists expect more impact here.
I don’t have much to add to this story. You have probably already read it, but it’s worth posting, I guess.
So, apparently, there’s rich people in Massachusetts. And there’ll be many more, on a per capita basis, over the coming years.
Actually, this article raises some interesting questions. Such as, will these millionaires, who presumably are older and nearing retirement, stay in Massachusetts, or will they, as I assume, relocate to warmer climates (such as North Carolina, Arizona, and Florida). What does this mean for the real estate market here in Boston – will there be a glut of luxury properties in the suburbs?
Some might lament that the older population will move out of the area. I’m not so sure it’s a bad thing.
Complete article: In Boston, nearly 1 in 20 households are millionaires – by Sasha Talcott, The Boston Globe