Florida now surpasses New York for the number of Millionaires. Compiled from the I.R.S. & WSJ, a new wealth statistics report released shows Florida grabbing the #2 spot for the nations 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 nations wealthiest position which 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 number of millionaires. This could be due to Florida not having State Income tax as wealthy retirees see Florida as the prime retirement destination. Texas rates as the top 4 position with 108,000 people with a net worth over $1.5M with Illinois rating 5th place.
An interesting trend to note reveals the nations top millionaire states as deriving their net worth from real estate, which the I.R.S. calculates. 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 new updated figures should be very interesting with the real estate market downturn of 2005. This should be especially noted to the California & Florida millionaires with New York being less volatile these past 3 years. Many investors are now seeing Miami Beach FL real estate as an opportune time to begin investing again with the bottom in sight. It’s time to start building your wealth! If you’d like to receive new blog postings & updates once available, you can easily be notified by RSS feed (see upper left column) or by email every time a new posting occurs. Have a great week and call any time toll free 1.888.383.7326.