Florida Millionaires now surpasses New York. Compiled from the I.R.S. & WSJ, a new wealth statistics report released shows Florida grabbing the #2 spot for the nation’s wealth statistics with 199,000 residents showing a net worth of $1.5 million or more as of 2004 numbers. New York was just behind with 168,000 residents though California continues to rule the nation’s wealthiest position. California boasted 428,000 total millionaires. This is likely to be the first time in history that the I.R.S. has documented Florida beating New York for the number of millionaires. This could be due to Florida not having a State Income tax, as wealthy retirees see Florida as the prime retirement destination. Texas is in the top 4 position with 108,000 people with a net worth of over $1.5M. Illinois’ rating came in at 5th place.
Wealth Through Real Estate
An interesting trend reveals the nation’s top millionaire states deriving their net worth from real estate.
About 40% of California’s residents’ net worth was directly in real estate (remember these are 2004 figures). Florida was slightly more than 20%, and New York was slightly less than 20%. The newly updated figures should be very interesting with the real estate market downturn of 2005.
Miami Beach Real Estate
This should be specially noted to the California & Florida millionaires, with New York being less volatile these past 3 years. Many investors now see Miami Beach real estate as an opportune time to begin investing again with the bottom in sight. It’s time to start building your wealth!
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