Los Angeles is a metropolis for millionaires, according to the Capgemini survey that is. A new study now allows the City of Angels to boast the second largest amount of millionaires in the United States as well as the second-highest rate of millionaire growth.
The survey examines the individuals with the largest net worth in the top ten most populated cities in the US. Los Angeles houses approximately 256,000 millionaires and from 2009 to 2010 the city experienced an 8.8 percent increase in inhabitants with over $1 million.
With a poverty rate above that of the national average, however, LA is certainly not without its monetary problems. According to data from the most recent census, on the other end of the spectrum 16 percent of LA County residents live below the poverty line. Of these 1,560,000 people the LA Times reports that singles living below the poverty line earn less than $10,956 while families supporting four individuals make less than $21,954.
According to the survey New York beat out LA to earn the first place position for the highest number of millionaires while Houston claims the top spot as the city with the highest rate of millionaire growth.