HomeDiagramsDatabaseMapsForum About
     

Go Back   SkyscraperPage Forum > Discussion Forums > City Discussions


Reply

 
Thread Tools Display Modes
     
     
  #21  
Old Posted Sep 15, 2022, 7:33 PM
mousquet's Avatar
mousquet mousquet is offline
that prick
 
Join Date: Jan 2011
Location: Nimbyland Paris, Museum France
Posts: 4,292
Quote:
Originally Posted by N90 View Post
This is by metro area, the footnotes explain it. Chicago proper does not have 28 billionaires but Chicago metro does.
No. At least, when it comes to Paris, they obviously took the central city alone, a smallish town of 2.15 million whose population is somewhat declining because it's been too densely populated and overpriced.

Take the metro area instead, figures wouldn't be the same at all.
I just googled 'is paris wealthy'.
Here's Google's top answer.

The Paris region is Europe's richest region with a GDP (PPP) at over $1 trillion equivalent to that of the Netherlands or Indonesia and higher than countries like Switzerland, Sweden or Saudi Arabia, ahead of North Rhine-Westphalia in Germany and Greater London in the United Kingdom.

Voilà, I'm not surprised at all. I spent my entire life over here in Paris and saw a bunch of other cities both in Europe and North America.
I can tell you, there is a lot of money out here.
__________________
Ils ne savaient pas que c'était impossible, alors ils l'ont fait.
They didn't know it was impossible, so they did it.
That's partly what the Lord teaches about.
Reply With Quote
     
     
  #22  
Old Posted Sep 15, 2022, 7:45 PM
JManc's Avatar
JManc JManc is offline
Dryer lint inspector
 
Join Date: Feb 2003
Location: SF Bay Area
Posts: 34,897
Quote:
Originally Posted by ocman View Post
Question: How exactly would this firm know the net worth of people? This seems unknowable. Where and when have we ever reported our net worths as individuals that they would be privy to this information? Does Bank of America tell them this guy has 1M in his checking/savings account? Their methodology doesn’t even really say anything.
I worked in philanthropy and we gauged wealth on traceable assets (real-estate, businesses, publicly traded investments, etc.) and expropriated their over all wealth from that; basically an educated guess. Primary residences make up a small fraction of most wealthy's net worth where as everyone house, their house is the likely the most valuable asset. Especially true out here.
Reply With Quote
     
     
  #23  
Old Posted Oct 4, 2022, 11:06 PM
bnk's Avatar
bnk bnk is offline
પટેલ. કે ન
 
Join Date: Mar 2006
Location: chicagoland
Posts: 12,223
Here Are The 10 Wealthiest Cities In The World, 5 Of Them Are In The US

https://www.benzinga.com/general/ent...are-in-the-u-s




Here Are The 10 Wealthiest Cities In The World, 5 Of Them Are In The US


Bibhu Pattnaik, Benzinga Staff Writer
October 1, 2022 12:47 PM



New York City is home to more than 345,600 millionaires and is considered the wealthiest city in the world. That’s what a new report claims. The San Francisco Bay Area, the second-richest city in the U.S., holds the third spot among the world’s wealthiest cities.

According to the report by the investment migration consultancy Henley & Partners, 59 billionaires and 737 centimillionaires, whose assets stand at $100 million or more, reside in the Big Apple.

The total private wealth held by New York City’s residents exceeds $3 trillion, which is more than the total personal wealth held in most major G-20 countries.

The San Francisco Bay Area, which also includes Silicon Valley, has around 276,400 millionaires, 623 centimillionaires, and 62 billionaires.

Los Angeles, Chicago, and Houston are three other U.S. cities in the top 10, ranking 6th, 7th, and 8th, respectively.


Los Angeles is home to 192,400 millionaires, 393 centimillionaires, and 34 billionaires,

while 160,100 millionaires, 340 centimillionaires, and 28 billionaires live in Chicago.
Chicago is also the home of 35 Fortune 500 companies.

Houston has 132,600 millionaires, 314 centimillionaires, and 25 billionaires.

Here’re the top ten wealthiest cities in the world.

1. New York, U.S. (345,600)

2. Tokyo, Japan (304,900)

3. San Francisco Bay Area, U.S. (276,400)

4. London, United Kingdom (272,400)

5. Singapore, Singapore (249,800)

6. Los Angeles, U.S. (192,400)

7. Chicago, U.S. (160,100)

8. Houston, U.S. (132,600)

9. Beijing, China (131,500)

10. Shanghai, China (130,100)
Reply With Quote
     
     
  #24  
Old Posted Oct 5, 2022, 12:36 AM
AviationGuy AviationGuy is offline
Registered User
 
Join Date: Dec 2011
Location: Austin, TX
Posts: 4,696
Depends on how wealth is calculated. Pretty much everyone in my neighborhood has assets over one million because of our property values, even though we're a very ordinary neighborhood. Same applies to neighborhoods all over this city, so seems like we would be high on the list just based on property values alone. It would be good to get clarification on how wealth was calculated.
Reply With Quote
     
     
  #25  
Old Posted Oct 5, 2022, 12:49 AM
lio45 lio45 is offline
Registered User
 
Join Date: Aug 2007
Location: Quebec
Posts: 37,426
Quote:
Originally Posted by AviationGuy View Post
It would be good to get clarification on how wealth was calculated.
The only way: assets minus debt.

(i.e. net assets)

Austin has 1,000,000 people, so that's likely 300,000 families/households; let's say half of them rent, that's 150,000 who own. Most will have mortgages. But yeah, there's certainly a small percentage of Austinites that have in the seven figures in assets thanks to real estate (most of the people in that category have had their houses for long enough to be mortgage-free, or almost, by this point).

Just not enough to crack the top ten, obviously. (130,000)
__________________
Suburbia is the worst capital sin / La soberbia es considerado el original y más serio de los pecados capitales
Reply With Quote
     
     
  #26  
Old Posted Oct 5, 2022, 3:54 AM
JManc's Avatar
JManc JManc is offline
Dryer lint inspector
 
Join Date: Feb 2003
Location: SF Bay Area
Posts: 34,897
Wealth sometimes excludes primary residence.
Reply With Quote
     
     
  #27  
Old Posted Oct 5, 2022, 1:49 PM
Investing In Chicago Investing In Chicago is offline
Registered User
 
Join Date: Jun 2017
Posts: 1,380
Quote:
Originally Posted by lio45 View Post
The only way: assets minus debt.

(i.e. net assets)

Austin has 1,000,000 people, so that's likely 300,000 families/households; let's say half of them rent, that's 150,000 who own. Most will have mortgages. But yeah, there's certainly a small percentage of Austinites that have in the seven figures in assets thanks to real estate (most of the people in that category have had their houses for long enough to be mortgage-free, or almost, by this point).

Just not enough to crack the top ten, obviously. (130,000)
I think what is being implied is totaling the net worth of a city vs. the average wealth of the residences in that city - The average Chicagoan isn't wealthier than all but 3 other cities in the US.
Reply With Quote
     
     
  #28  
Old Posted Oct 5, 2022, 1:49 PM
Investing In Chicago Investing In Chicago is offline
Registered User
 
Join Date: Jun 2017
Posts: 1,380
Quote:
Originally Posted by JManc View Post
Wealth sometimes excludes primary residence.
Well that wouldn't make sense if you are calculating your net worth.
Reply With Quote
     
     
  #29  
Old Posted Oct 5, 2022, 2:06 PM
Crawford Crawford is offline
Registered User
 
Join Date: Nov 2003
Location: Brooklyn, NYC/Polanco, DF
Posts: 27,390
I believe something like 75-80% of homeowners have mortgages, so even if you live on a street where all homes are worth 1 million+, it's highly unlikely most homeowners have 1 million+ net worth via their primary homes. This would be even less likely in Austin, a young city, with lots of young, affluent newer homeowners.

The share of younger homeowners in high cost markets with mortgages has to be extremely high. Probably well above 90%.
Reply With Quote
     
     
  #30  
Old Posted Oct 5, 2022, 2:13 PM
Investing In Chicago Investing In Chicago is offline
Registered User
 
Join Date: Jun 2017
Posts: 1,380
Quote:
Originally Posted by Crawford View Post
I believe something like 75-80% of homeowners have mortgages, so even if you live on a street where all homes are worth 1 million+, it's highly unlikely most homeowners have 1 million+ net worth via their primary homes. This would be even less likely in Austin, a young city, with lots of young, affluent newer homeowners.

The share of younger homeowners in high cost markets with mortgages has to be extremely high. Probably well above 90%.
Right, but the wealth wouldn't be measured by value of the home, it would be value of the home minus mortgage.
Reply With Quote
     
     
  #31  
Old Posted Oct 5, 2022, 2:32 PM
iheartthed iheartthed is offline
Registered User
 
Join Date: Oct 2009
Location: New York
Posts: 7,589
Quote:
Originally Posted by Investing In Chicago View Post
Well that wouldn't make sense if you are calculating your net worth.
The numbers become less meaningful if they're just counting a bunch of people that are house rich.
Reply With Quote
     
     
  #32  
Old Posted Oct 5, 2022, 2:35 PM
Investing In Chicago Investing In Chicago is offline
Registered User
 
Join Date: Jun 2017
Posts: 1,380
Quote:
Originally Posted by iheartthed View Post
The numbers become less meaningful if they're just counting a bunch of people that are house rich.
How so? Is that any different than if you include other assets that may be inflated, such as the stock market?
Reply With Quote
     
     
  #33  
Old Posted Oct 5, 2022, 2:47 PM
Investing In Chicago Investing In Chicago is offline
Registered User
 
Join Date: Jun 2017
Posts: 1,380
Quote:
Originally Posted by Reserve View Post
Liquidity.
Sure, but that isn't net worth then (ie. Wealth). Same could be said for 401K or other assets such as Art, Jewelry, etc.
Reply With Quote
     
     
  #34  
Old Posted Oct 5, 2022, 3:03 PM
Investing In Chicago Investing In Chicago is offline
Registered User
 
Join Date: Jun 2017
Posts: 1,380
Quote:
Originally Posted by Reserve View Post
Those are very liquid. That is why people steal them.
Explain to me how a 401K can be stolen? I'm not even sure what point you are making. A 401K is a retirement account with heavy penalties for early withdraw, it's really no more liquid than real estate.
Reply With Quote
     
     
  #35  
Old Posted Oct 5, 2022, 3:14 PM
fleonzo fleonzo is offline
Registered User
 
Join Date: Jun 2003
Location: New York City
Posts: 880
Quote:
Originally Posted by bnk View Post
https://www.benzinga.com/general/ent...are-in-the-u-s




Here Are The 10 Wealthiest Cities In The World, 5 Of Them Are In The US


Bibhu Pattnaik, Benzinga Staff Writer
October 1, 2022 12:47 PM



New York City is home to more than 345,600 millionaires and is considered the wealthiest city in the world. That’s what a new report claims. The San Francisco Bay Area, the second-richest city in the U.S., holds the third spot among the world’s wealthiest cities.

According to the report by the investment migration consultancy Henley & Partners, 59 billionaires and 737 centimillionaires, whose assets stand at $100 million or more, reside in the Big Apple.

The total private wealth held by New York City’s residents exceeds $3 trillion, which is more than the total personal wealth held in most major G-20 countries.

The San Francisco Bay Area, which also includes Silicon Valley, has around 276,400 millionaires, 623 centimillionaires, and 62 billionaires.

Los Angeles, Chicago, and Houston are three other U.S. cities in the top 10, ranking 6th, 7th, and 8th, respectively.


Los Angeles is home to 192,400 millionaires, 393 centimillionaires, and 34 billionaires,

while 160,100 millionaires, 340 centimillionaires, and 28 billionaires live in Chicago.
Chicago is also the home of 35 Fortune 500 companies.

Houston has 132,600 millionaires, 314 centimillionaires, and 25 billionaires.

Here’re the top ten wealthiest cities in the world.

1. New York, U.S. (345,600)

2. Tokyo, Japan (304,900)

3. San Francisco Bay Area, U.S. (276,400)

4. London, United Kingdom (272,400)

5. Singapore, Singapore (249,800)

6. Los Angeles, U.S. (192,400)

7. Chicago, U.S. (160,100)

8. Houston, U.S. (132,600)

9. Beijing, China (131,500)

10. Shanghai, China (130,100)

Is this list for city propers or metro areas? And does anyone have a US only list? Thanks in advance
Reply With Quote
     
     
  #36  
Old Posted Oct 5, 2022, 3:43 PM
ocman ocman is offline
Registered User
 
Join Date: Dec 2004
Location: Burlingame
Posts: 2,580
This is a duplicate thread using the same Henley source.
Q3 2022: Top 20 World Cities by High Net Worth Individuals
Reply With Quote
     
     
  #37  
Old Posted Oct 5, 2022, 3:55 PM
Steely Dan's Avatar
Steely Dan Steely Dan is offline
devout Pizzatarian
 
Join Date: Jul 2001
Location: Lincoln Square, Chicago
Posts: 27,406
^ threads merged.
__________________
"every time a strip mall dies, an angel gets its wings"
Reply With Quote
     
     
  #38  
Old Posted Oct 5, 2022, 4:26 PM
iheartthed iheartthed is offline
Registered User
 
Join Date: Oct 2009
Location: New York
Posts: 7,589
Quote:
Originally Posted by Investing In Chicago View Post
How so? Is that any different than if you include other assets that may be inflated, such as the stock market?
Yeah, it's pretty different. I would argue that a person is not really wealthy if their source of wealth is the single family home where they live. Is a retired elderly woman on a fixed income, living in a $2 million Brooklyn brownstone, more wealthy than someone living in a $200k house suburban Detroit with $1.5 million in a brokerage account?
Reply With Quote
     
     
  #39  
Old Posted Oct 5, 2022, 4:36 PM
lio45 lio45 is offline
Registered User
 
Join Date: Aug 2007
Location: Quebec
Posts: 37,426
Quote:
Originally Posted by iheartthed View Post
Yeah, it's pretty different. I would argue that a person is not really wealthy if their source of wealth is the single family home where they live. Is a retired elderly woman on a fixed income, living in a $2 million Brooklyn brownstone, more wealthy than someone living in a $200k house suburban Detroit with $1.5 million in a brokerage account?
Yes. No other answer.

You might as well ask “is the cheapskate with $1.5M in a brokerage account who lives modestly actually wealthier than the guy who won $500k in the lottery and is living the high life right now?”

If you have a luxury product to sell, the latter is a better customer. But that’s not exactly the same thing as measuring wealth.
__________________
Suburbia is the worst capital sin / La soberbia es considerado el original y más serio de los pecados capitales
Reply With Quote
     
     
  #40  
Old Posted Oct 5, 2022, 4:39 PM
Crawford Crawford is offline
Registered User
 
Join Date: Nov 2003
Location: Brooklyn, NYC/Polanco, DF
Posts: 27,390
I think both sources of wealth should be treated the same.

Yeah, there are costs/barriers to selling a home, but there are also costs to cashing out a brokerage account. Generally speaking, if you have (say) $1 million sitting in a Vanguard account, it would be very costly to just liquidate the whole thing at once. You'd have a giant tax burden.

Selling a $1 million house (and not buying a new one) is probably a bit easier, bc there's no tax on the sale for a married couple for up to 500k of profit. Most homeowners would probably get away with paying nothing.
Reply With Quote
     
     
This discussion thread continues

Use the page links to the lower-right to go to the next page for additional posts
 
 
Reply

Go Back   SkyscraperPage Forum > Discussion Forums > City Discussions
Forum Jump


Thread Tools
Display Modes

Forum Jump


All times are GMT. The time now is 10:50 AM.

     

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2022, vBulletin Solutions, Inc.