23% of California’s Millionaires Live in the City of Angels

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According to a recent report by the Los Angeles Mayor’s Council on Innovation and Industry, 23% of California’s millionaires live in the city of angels. Mayor Antonio Villaraigosa believes that Los Angeles needs to take advantage of the wealth in the city and expand and develop its high-tech industry. 

The Huffington Post reports that a council formed by the mayor last March, The Los Angeles Mayor’s Council on Innovation and Industry, has just released a 24-page report that concluded Los Angeles has to “change its public perception” in order to develop and expand its high-tech industry. The study noted the significant percentage of Californian millionaires that currently reside in Los Angeles and suggested that “local pension funds, with access to $100 million to $200 million, should be encouraged to invest in local firms”. According to The Huffington Post, Los Angeles is also the top city in the U.S. in “numbers of Ph.D.s and is sixth in terms of business opportunities.”

The report, which was commissioned by Mayor Villaraigosa, additionally said, “the city should develop a comprehensive directory of available resources and work more closely with universities to take advantage of their research.” The key component to the report was to discuss the ways the image of Los Angeles can be transformed into what is being referred to as “the Leading Edge.”

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