About 5.8 percent of the population – 7.2 million households – qualify as millionaires, meaning that they have at least $1 million laying around, excluding their real estate holdings, retirement plans and business partnerships.
Kiplinger, publisher of business forecasts and personal finance advice, partnered with Phoenix Marketing International to figure out how many millionaires live in 933 urban areas with populations of at least 50,000 residents.
The Bridgeport-Stamford-Norwalk area of Connecticut takes the top spot. About 9 percent of its residents – 31,506 of the people who live there – can call themselves millionaires.
Not only is this part of Connecticut close to New York City, but the enclave is also home to a number of hedge funds and prominent companies, including Priceline’s parent company, and the Xerox Corporation. These attributes are enough to give this tony Connecticut locality an edge over Silicon Valley.
The California regions of San Jose, Sunnyvale and Santa Clara, which includes Silicon Valley, comes in second with 61,264 millionaire households – 9 percent of all households. The area is home to some of the biggest tech companies in the world, and Google, Apple and Facebook are nearby.
The nation’s capital slides into the third spot. Washington, D.C., and its suburbs draw highly educated Americans looking for influential jobs. The 206,361 millionaire households in the region account for 8.9 percent of D.C.’s 2.3 million households.