Why are the wealthy people from the north moving down to Atlanta? (Cleveland: tornado, living)

[ATL Golfer]

Originally Posted by mrpanda

Tom,
I understand that.. but why is Altanta becoming the fastest growth destination for millionaires. That is what I am curious about. I have also observed that most Atlanta of transplants are coming from the east coast (NY, NJ, DC, Virginia) and the midwest. Very few transplants from the west coast. I am wondering if Atlanta has more simliar values to the midwest and east coast, compared to the west coast which is more liberal.

Where are you reading that is the fastest in growth? Sandy Springs was one of the richest areas in the country long before it was incorporated.

I'm rich and move to Atlanta for no good reason, I'm also dumb. I could name 100 places I'd rather live should I have the means.

[ATL Golfer]

Originally Posted by mrpanda

One of the successful business owners i knew from Naperville, IL moved to Altanta about 3 years ago. He could easily buy a $3 million home in Newport Coast, California with cash. Recently he bought a foreclosure home in St. Marlo for around $1 million where the previous owner paid $3 Million for the home in '06 or '07. I recently reconnected with him and asked him why he decided to locate his family to Atlanta over a place like Newport Coast, California. His main reason was the difference in core values. He felt the southern, conservative values of Atlanta aligned more with who he is. He disliked the Southern California mentalitiy stating that most people are out there trying to make a name for themselves. He was also turned off by the superficial, materialistic, consumption culture of Socal;. Again, he is just one example who comes to mind.

Yeah, you won't find that buying a $1MM house in St Marlo. I get the point though.

[mrpanda]

Originally Posted by ATL Golfer

Where are you reading that is the fastest in growth? Sandy Springs was one of the richest areas in the country long before it was incorporated.

I'm rich and move to Atlanta for no good reason, I'm also dumb. I could name 100 places I'd rather live should I have the means.

Atlanta is also home to the fastest growing millionaire population in the United States. The number of households in Atlanta with $1 million or more in investable assets, not including primary residence and consumable goods, will increase 69% through 2011, to approximately 103,000 households.[16]

Demographics of Atlanta - Wikipedia, the free encyclopedia

Sandy Springs is the 9th wealthiest area in the nation.
Sandy Springs makes Top 10 richest communities *| ajc.com

South Forsyth the 20th wealthiest county in the nation.
Source Forbes.

[mrpanda]

Originally Posted by DTL3000

If I had that kind of money I'd probably have a place on the Central California Coast or maybe NYC. Of course, like I said $3-5 million doesn't really go as far as it used to.

Americans with networth of more than $1M in assets - 7,900,000
Americans with networth of more than $3M in assets - 5,200,000
Americans with networth of more than $5M in assets - 1,140,000
Americans with networth of more than $10M in assets - 350,000
Americans with networth of more than $30M in assets - 77,500
Americans with networth of more than $1 Billion in assets - 400


I disagree with your statement DTL3000. I'd say if you have a networth of $3-$5 million and living in Atlanta. You no longer have to worry about money and you are living large. You are financially free and you don't have to work. You can devote your life to charity or your life's mission and purpose.

[ATL Golfer]

Originally Posted by mrpanda

Americans with networth of more than $1M in assets - 7,900,000
Americans with networth of more than $3M in assets - 5,200,000
Americans with networth of more than $5M in assets - 1,140,000
Americans with networth of more than $10M in assets - 350,000
Americans with networth of more than $30M in assets - 77,500
Americans with networth of more than $1 Billion in assets - 400


I disagree with your statement DTL3000. I'd say if you have a networth of $3-$5 million and living in Atlanta. You no longer have to worry about money and you are living large. You are financially free and you don't have to work. You can devote your life to charity or your life's mission and purpose.

Big difference btwn $3MM Net Worth and $3MM in Liquidity. But I agree, if you've got $3MM in assets, liquid or not, you're doing well.


Btw, that wiki statement is the data point I was curious about. I do not trust wiki at all.

[mrpanda]

Originally Posted by ATL Golfer

Big difference btwn $3MM Net Worth and $3MM in Liquidity. But I agree, if you've got $3MM in assets, liquid or not, you're doing well.


Btw, that wiki statement is the data point I was curious about. I do not trust wiki at all.

I recently read a suprising article in WSJ "Homes of Millionaires in America: Average Value by Augumented Net Worth."

A household of an average networth of $3,416,267 lives in a personal residence with an average value of $620,779 which equates to 18.2% of his or her networth. Perhaps living well below their means got them to the multi-millionaire status in the first place.

[ATL Golfer]

Originally Posted by mrpanda

I recently read a suprising article in WSJ "Homes of Millionaires in America: Average Value by Augumented Net Worth."

A household of an average networth of $3,416,267 lives in a personal residence with an average value of $620,779 which equates to 18.2% of his or her networth. Perhaps living well below their means got them to the multi-millionaire status in the first place.

Exactly. Most people with $3MM in assets won't be driving a Bentley.

You should read "The Millionaire Next Door" if you haven't already.

[testa50]

Originally Posted by mrpanda

I recently read a suprising article in WSJ "Homes of Millionaires in America: Average Value by Augumented Net Worth."

A household of an average networth of $3,416,267 lives in a personal residence with an average value of $620,779 which equates to 18.2% of his or her networth. Perhaps living well below their means got them to the multi-millionaire status in the first place.

There could be some bias in this. I wouldn't be shocked to learn that a household with a net worth of $20MM spend a smaller prercentage of their income on housing than a household with a net worth of $1MM. This could skew the data somewhat--really rich people could add a lot to the income and not so much to the house value.

For instance, if you had an imaginary sample consisting of 20 people with an income of $1MM and house worth $500k and one person with an income of $20MM and a house worth $2MM, the average income for the whole group would be a touch under $2MM and the average house would be $571k, or about 27% of net worth. While at the same time, 20 of 21 people in the sample have a house worth 50% of their net worth.

If possible, it would be better to look at a limited range, such as $3.0-$3.5MM and see the average housing value within that.

Of course, I don't know how the actual statistics were calculated--maybe they were more sophisticated than what is implied by your post.

[US-Traveller]

For a job perhaps? Ding ding ding!

As a Winnetkan, I can say that while Winnetka is one of the most affluent suburbs of Chicago it is NOT the wealthiest or most expensive.

[FromGA]

Originally Posted by ATL Golfer

Btw, that wiki statement is the data point I was curious about. I do not trust wiki at all.

That wiki reference to "fast growing number of millionaires" is from 2007, and from a GA booster magazine. The world has changed a lot since then.

I am totally skeptical about whetheranything close to this increase actually occured (based on the news and views of the day). However I dont have any real knowledge to know whether millionaires have been moving in, or Atlantans have been becoming rich.