Jump to content


Photo
- - - - -

Fastest growing number of millionaires? Try Houston


  • Please log in to reply
4 replies to this topic

#1 Subdude

Subdude
  • Moderator
  • 8207 posts
  • HAIFing from none.
  •  

Posted Friday, November 30, 2012 at 7:33 AM

But while Silicon Valley basks in the golden glow of the wealth spotlight, Houston, TX is quietly minting new millionaires at a fast pace.
For the last two years Houston has enjoyed more growth in the number of High Net Worth Individuals–people with at least $1 million in investable assets (primary homes don’t count)–than any other U.S. city.

A recent Capgemini study found that Houston’s millionaire population surged by 9.6% to a total of 96,700 wealthy citizens from 2009 to 2010. The year before that, Houston saw its millionaire ranks surge by 29%.
What’s stimulating the increase in Houston’s millionaire roster? Old school fossil fuels. “The strong presence of the oil and gas industry in Houston benefited local HNWIs as oil prices grew over 15% in 2010,” William Sullivan, Capgemini’s head of Global Market Intelligence, wrote in an email. “Additionally, of the 10 markets studied, Houston had the highest per capita income growth (8%) compared to a 4% average growth for the other nine markets.”


http://www.forbes.co...ionaire-cities/
"Foolery, sir, does walk about the orb
like the sun; it shines everywhere"



Real men don't say "veggie".

#2 lockmat

lockmat

    Jesus Christ, who takes away the sins of the world

  • Full Member
  • 8809 posts
  • Location:Spring Branch
  • HAIFing from Deep in the heart of Texas.
  •  

Posted Friday, November 30, 2012 at 1:05 PM

Doesn't this say a lot, too, considering the average income is much lower than coastal cities?

Edited by lockmat, Friday, November 30, 2012 at 1:07 PM.

  • "You know, the vehicle to improve the American city is the American corporation-that's where the money is." - Gerald D. Hines
  • "mixed-use only works if the retail component could stand alone." - paraphrase of Dinerstein Cos president Brian Dinerstein [Bisnow]
  • "apartments usually work where retail does but vice versa isn’t always true." - paraphrase of Hines director Kevin Batchelor [Bisnow]
  • Houston Developments Map (Last Updated on 4/23/13)

#3 JJVilla

JJVilla
  • Full Member
  • 218 posts
  • Location:Uptown
  • HAIFing from West Loop.

Posted Tuesday, December 4, 2012 at 11:45 AM

Yes, being being a millionare in CA means you just can afford an average living. :lol: I am mostly kidding.

#4 samagon

samagon
  • Full Member
  • 2377 posts
  • HAIFing from East End.

Posted Tuesday, December 4, 2012 at 11:54 AM

I am curious, does this mean more millionaires have moved to Houston, or that more Houston natives are now millionaires?

Perhaps Washington Ave gets infected with a zombie plague, but nobody notices any difference between the before and after zombification.


#5 Subdude

Subdude
  • Moderator
  • 8207 posts
  • HAIFing from none.
  •  

Posted Wednesday, December 5, 2012 at 7:15 AM

I am curious, does this mean more millionaires have moved to Houston, or that more Houston natives are now millionaires?


My guess would be more the latter. Houston is a higher-income city than many expect.
"Foolery, sir, does walk about the orb
like the sun; it shines everywhere"



Real men don't say "veggie".