STAMFORD, Conn – The Stamford area ranks No. 4 in a list of U.S. cities with the highest concentrations of millionaires, according to Kiplinger’s magazine.
A total of 8.5 percent of area residents qualify as millionaires or boast liquid investable assets of $1 million or more, excluding real estate, employer-sponsored retirement plans and business partnerships, according to the magazine. It based the findings on an annual survey conducted by Phoenix Marketing International.
"The southwest coast of Connecticut, stretching from Bridgeport to the border with New York, provides a perfect (and preppy) suburban base for high-powered commuters, many of whom work and play in nearby Manhattan," said Kiplinger's.
The number of millionaire households in the area totals 29,065, Kiplinger's said. The median income for all households is $82,614, with a median home value in the area of $447,500, the magazine said.
Nearly 35,000 residents work in management positions, earning a median wage of about $62 per hour, Kiplinger's said. About 16.8 percent of households report an annual income of $200,000 or more.
This survey, which measured the concentration of millionaires in an area, is topped by Los Alamos, N.M., where 12.4 percent of the residents are millionaires. But in sheer numbers, the most millionaires live in New York City, Kiplinger's said.
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