4th largest city but 5th most millionaires. We have room for improvement.
The number for all cities is low. I have many clients who use my company to stash cash. Life insurance company wealth is opaque to all researchers.
Years ago, these guys came to my office selling CD-Roms with names, addresses and what they owned to include 401k, stocks, planes, boats and other assets. The guy I officed with was not on the list but his neighbor was. I asked if he had more money than him. He said “he has 10% of what I have”. He was kinda po’d that he wasn’t listed. So we looked where his money was.
- Life insurance/annuities/deferred comp/pension
- Portfolio with a private wealth manager
- Autos/ranch/etc all listed under LLCs & LLPs
I made it a point to conceal my money from prying eyes using those 3 points.
I’m moving to Silicon Valley. Looks like easy money over there.
N.I.L. money please.
Not hard to become a millionaire by age 65.
I’m talking about Net Worth (Total Assets - Total Debt)
Only takes a little planning and discipline and avoiding the debt traps unless it is strategic.
I believe only $100 a month invested in a basic index mutual fund, from age 25 to 65, will get you $1.5 million alone.
Not rocket science…its about discipline and consistency
A really disciplined college graduate can easily have 3 times that amount by retirement.
We are the 5th largest metropolitan area
- New York
- Los Angeles
- Chicago
- Dallas - Ft. Worth
- Houston
The regularity of deposit is the key to accumulating wealth - Andrew Carnegie
I’ve got $25,000 socked away. I’m only $975,000 away from doing the city proud!
Remember, Newt worth include ALL assets.
So, your net worth calculation, in your case, would be
Cash ($25,000)
+
Value of major property (house/real estate, cars, valuable furniture, collectibles, etc.)
+
Total of Retirement funds
+
Other Investments (mutual funds, stocks, money market, crypto)
+
HSA Balance
-
Liabilities (Debt.)
All college educated professionals should be able to retire as millionaires.
Just a matter of investing a reasonable amount each month.
I know a millionaire with $200k income who believes his kid will get free tuition to UT system school bc his daughter lives with his ex and she makes only $75k.
Easily!
Devil is in the detail (methodology) for these types of reports. This report is liquid assets only (cash, CDs, bonds, stocks). Excluded are things like real estate, pension NPV, business ownership / assets, collectibles, etc… and more importantly, no subtraction of debt. The way I interpret this report is 1% to 1.5% of the Houston urban population has $1M+ liquid. Assuming an average of 2.5 people per household, roughly 2.5% - 3.75% of Houston urban households have $1M+ liquid.
If measuring all assets and debt, including primary residence, something like 12% of Americans households are millionaires. These can be everyday folks. As an example, a retired Los Angeles school teacher who owns her home outright, has maybe $200K in savings and investments, plus pension and social security could be a net worth millionaire. In this case I would expect to see cities with high real estate values having significantly more millionaires than what is listed in this report.
But fourth largest and soon to be third largest city.
yes, but many of our millionaires live in the suburbs (Woodlands, Sugar land, Katy, etc.).
Those would be excluded if you only count city population
Then what was the point of bringing up Dallas and Fort Worth together?
I always figured millionaire status was having $1,000,000 in liquid assets unencumbered.
Metro > Urban > City. I presume the report is urban area, which would include the suburbs and city enclaves (Memorial Villages, West U, Bellaire).
The source report says city/region. So the report is based on more than city population but I’m unsure it is metro. For perspective, Houston city population is around 2.5M, urban around 6M, and Metro around 7.2M