Lifestyle

Where Millionaires Live: 10 Small Towns with Big Millionaire Populations

where millionaires live

What do you picture when you think about where millionaires live? You might think of Beverly Hills or Malibu in California. You might picture New York City. On the other hand, you may imagine millionaires retiring to exotic international destinations.

Of course, there are plenty of millionaires around the world. However, you might be surprised to learn just how many of them live in small American towns. It makes sense, when you think about it. One million dollars doesn’t go a long way in New York City but you can stretch it really far in Williston, North Dakota.

Williston is one of the towns that Kiplinger reports has a high concentration of millionaires. Here are ten small American towns where millionaires live:

1. Summit Park, Utah

There are only about fifteen thousand total households in Summit Park, Utah. Of those, nearly 2000 are where millionaires live. When you look at the exact numbers, it’s got 12.5 % concentration of millionaires. In fact, it’s got the highest concentration of any small town in the United States. This is where millionaires live.

The median income for the area is just under $95,000. The median home value is just over $558,000. People here live good lives; it’s known for film festivals and ski resorts.

2. Los Alamos, New Mexico

I was surprised to learn that Los Alamos was on the list. I’ve been there and it didn’t seem like a place where millionaires live. However, like Summit Park, it has a 12.5% concentration of millionaires.

It’s interesting to compare the statistics between the two locations. There are fewer people living in Los Alamos (about 8000 households) but there are 1000 millionaire households. The median income is higher in Los Alamos (over $110,000) but the median home value is considerably cheaper ($285,000).

Each of these cities offers a very different way of life for the people who choose to call them home.

3. Williston, North Dakota

I’d actually never even heard of this small town before but apparently it’s an oil town and that’s created a dense population of millionaires. Of 14,570 household, 1331 of them are millionaire households. That’s just over 9% concentration.

4. Juneau, Alaska

Juneau has a high cost of living compared to many other places in the United States. Nevertheless, it might not be the first place to come to mind when you think about where millionaires live. And yet, the concentration here is high. The 1156 millionaire households here make up just under 9% of the total.

5. Edwards, Colorado

Edwards is a ski resort town. It’s one of the larger cities on the list, with a population exceeding 20,000 households. Of those, 1756 are millionaire households, which is 8.7% concentration.

6. Torrington, Connecticut

Torrington is a hidden gem – a beautiful place that’s great for outdoor activities but also offers shopping, dining, and art galleries. It’s a frequent escape for Manhattanites who want to get away.

It’s by far the largest city on the list, with more than 74,000 households. More than 6300 of those are millionaire households. The median home value here is $260,700 but the state has some of the highest taxes in the nation.

7. Kapaa, Hawaii

I think of Hawaii as more of a vacation destination than a place where millionaires live full time. However, about 8.4$ of the 25,000+ household in this Kauai island city are millionaire households. Like in Torrington, the property taxes are high, though. And like in Juneau, the cost of groceries and other cost of living items is high as well.

8. Vineyard Haven, Massachusetts

The name alone suggests that rich people live here. There are fewer than 650 millionaire homes here but they have such a low total population that it’s still over 8% concentration.

9. Breckenridge, Colorado

Apparently the wealthy like to live in ski towns in the Western United States. This one has just over 1000 millionaire households, which is just under 8% concentration.

10. Easton, Maryland

Millionaires who want a quieter spot with antiquing and calm beaches may try Easton. There are over 1250 millionaire households here, which is 7.9% concentration for the area.

Read More:

Can You Imagine If You Never Retire? 1 in 4 Think That’s That Their Fate.

never retire

Many people are planning ahead for early retirement. However, that’s not the full picture of the American public. Despite the fact that lots of us think about retiring in our thirties, forties, or fifties, there are also plenty of people who don’t plan to retire early. In fact, according to one survey, one in four people think they may never retire.

People Who Think They’ll Never Retire

Twenty-three percent of those surveyed believe that they will never retire. 80% of those people were under the age of 50 at the time of the survey. That leaves 20% that were age 50 or older and couldn’t see retirement in their future.

The main reason that people assume that they’ll never retire is that they don’t think that they’ll be able to afford to stop working. They don’t have enough money set aside in savings or retirement funds. They still have bills to pay. Many don’t even own the home that they live in.

Plus, as people get older, they need more medical care. If they don’t trust that Medicare will cover their needs, then they may feel like they have to keep working. They figure they’ll just work until they die.

People Who Plan To Work Longer

There are plenty of people who think it’s unreasonable to assume they’ll never retire. However, they believe that they’ll keep working into their older years. Twenty-three percent of those surveyed believed that they would keep working past the age of 65, which is often considered “normal” retirement age.

Therefore, nearly half of those surveyed believed that they will never retire or that, if they do, it’ll be after age 65. Another 19% say they’ll retire at 65. Many people are are living longer and longer, which means a lot of years after age 65 during which they have to support themselves. If they don’t have enough money in savings then it may make more sense to keep working than to retire at or before 65. Approximately 20% of people age 65 and older in America are currently working or looking for a job.

Elderly People Are Often Forced to Stop Working

Unfortunately, the reality is that a lot of elderly people do stop working, even if they don’t wish to do so. They may think that they’ll never retire but then life happens. Circumstances conspire against them. They get injured or ill and can’t keep working. They get laid off and have trouble finding new work in a market that’s biased towards hiring younger people. Or perhaps they find themselves having to do caregiving for an elderly spouse. Whatever the reason, they end up retiring, even if they aren’t financially prepared to do so.

People Don’t Feel Ready for Retirement

Regardless of when they expect to retire, most people don’t seem to feel prepared for it. 45% of those surveyed said that they are not at all prepared for retirement. Another 33% said that they are only somewhat prepared. The good news is that younger people recognize that they aren’t prepared and people who are getting closer to retirement age feel a little bit more ready for that reality. Still, nearly one third of people over age 50 said that they are not at all prepared for retirement.

Read More:

Gig Economy: Which Generation Is Doing The Gig Work?

gig economy

Recently a news report has been making the rounds about how baby boomers are the generation making the most as workers of the gig economy. However, the report was based entirely on one company’s workers. Therefore, I got curious and wanted to dig deeper into this.

Are Baby Boomers Doing Best in the Gig Economy?

The Mercury News was just one of many sources that shared the news recently that baby boomers are thriving in the gig economy. Based on this report, baby boomers:

  • Took the most gigs
  • Earned the highest ratings from customers
  • Tend to do more of the physical labor jobs rather than admin work
  • Made the most money, out-earning millennials by $200+ monthly

The information comes from Wonolo, a company that gig workers can use to find jobs. The report revealed that workers range in age from 18 – 80+.

Why Baby Boomers May Thrive as Gig Economy Workers

If it’s true that baby boomers are the generation thriving most in the gig economy, then what’s causing that? There could be a any number of reasons.

First of all, if you’re Baby Boomer age and looking for work then perhaps you’re very motivated. Maybe you lost your job recently and find it hard to get new traditional work because of persistent ageism. Or perhaps you’re struggling as you support both your adult children and your elderly parents, so you have to take on extra gigs. Either way, you’re motivated to work a lot and earn as much as possible.

However, there could be more to it than that. Some suggestions in The Mercury News article include:

  • Maturity leads to a stronger work ethic and willingness to put in the effort
  • Experience means that you’re able to do the work effectively and efficiently
  • Baby boomers as a whole may be more reliable workers
  • After working other jobs for years, they find the work particularly enjoyable, so they put in the effort
  • With more experience, they may be able to command higher prices even in the gig economy

Are More Millennials Working in the Gig Economy?

The recent report indicates that Baby Boomers are doing better than other generations in the gig economy. However, that doesn’t necessarily mean that they make up a majority of the side hustle workforce. CBS News reports that nearly half of all working millennials have engaged in gig work for extra income. In contrast, less than 40% of Gen X and barely more than one quarter of Baby Boomers have taken gigs.

Gig Economy Differences Between the Generations

Members of Gen Z, Gen X, Millennials, and Baby Boomers are participate in the gig economy. Therefore, the question might not be who is doing the work but rather what’s the difference between their experiences. Fortune reports on twokey findings:

  • Baby Boomers often take gig jobs for better work-family balance. In contrast, younger generations seek to make more money with gigs as a “second job.”
  • Baby Boomers are most affected by, and worried about, the lack of benefits that come with working in the gig economy.

Deloitte Insights adds some additional information:

  • Millennials in the gig economy often rely on others (such as parents) to help pay some of their expenses. Those who choose the gig economy over a traditional job (instead of in addition to it as a side income) make less than their full-time employed peers.
  • Whereas Baby Boomers tend to get physical gig jobs, millennials often get jobs in admin and the arts. That said, maintenance is also high on the millennial gig list.

It’s also important to recognize that there are many different types of gig work. Some people participate mostly in the sharing economy (driving for Lyft, for example). In contrast, others take contract work in offices or do freelance jobs. The generations may vary in their job choices as well as their reasons for joining the gig economy.

Read More: