7.4% of NJ households are millionaires

From the Star Ledger:

The number of N.J. millionaires growing, study finds

New Jersey leaped over Hawaii last year to become the U.S. state with the third-highest number of millionaires.

The Garden State’s wealth and incomes are among the highest in the country. And last year, nearly 7.4 percent of households here had assets that classify them as millionaires, according to Phoenix Marketing International’s Wealth & Affluent Monitor report.

The study found that nationwide there are nearly 6.8 million households with at least $1 million in investable assets, such as retirement accounts, stocks, bonds, mutual funds, ETFs, cash accounts and annuities. That’s about 5.5 percent of all households.

Despite New Jersey’s new top three ranking, the broader population continues to suffer from stagnant economic growth.

While the household median income in 2015 increased by 5.2 percent nationally, the household median income in New Jersey went from $71,994 in 2014 to $72,222 in 2015.

That 0.3 percent change in New Jersey was dead last among U.S. states. In fact, the New Jersey median income hasn’t increased or decreased in a statistically significant way since 2011.

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25 Responses to 7.4% of NJ households are millionaires

  1. Mike says:

    Good Morning New Jersey

  2. Yo! says:

    In the suburban train towns of North Jersey, wouldn’t surprise me if a majority of households are millionaire households when adding home equity to the net worth equation.

  3. Yo! says:

    If you grew up in the New York City area, completed college, and are 40+ years old and you are not a millionaire, then you are a pathetic loser.

  4. grim says:

    and you are not a millionaire, then you are a pathetic loser.

    JJ?

    They define millionaire as $1m+ in investable assets – home equity not included.

    Agree, put in home equity and it changes the situation dramatically. Add in equity of small business owners, and it changes even more.

  5. yome says:

    Elon Musk has promised to solve an energy crisis in Australia within 100 days, or provide the technology for free.

    http://money.cnn.com/2017/03/10/technology/elon-musk-australia-energy/index.html?iid=hp-stack-dom

  6. D-FENS says:

    No need for AWD or snow tires today.

  7. BlueRibbonTeacher says:

    That 0.3 percent change in New Jersey was dead last among U.S. states. In fact, the New Jersey median income hasn’t increased or decreased in a statistically significant way since 2011.

    Meanwhile, property taxes, tolls, gas tax….all up.

  8. Steamy Cankles Foundation says:

    Tuesday. 14-20. You’ll want them then!

  9. The Original NJ Expat says:

    It’s like the low budget version of Sam Walton’s kids. If you have chosen yourparents correctly and kept your sibling count down to a reasonable number…automatic millionaire when Mom/Dad are gone (even if a lot is in home equity as the home gets sold). Is there a flaw in my thinking?

    They define millionaire as $1m+ in investable assets – home equity not included.

  10. The Original NJ Expat says:

    ^^^ Bergen County ex-Wall Streeters are usually prudent enough to keep their kid count at two or less.

  11. Steamturd, Part Time Orientalist and Full Time Mysoginist says:

    Rich parents can afford good healthcare so they won’t die until you are 70 or so. If you are not wealthy by then on your own, you’ll blow your inheritance in a few years or so anyway for sure. Most likely, you’ll need most of it to pay down your debts. And who is to say your parents will leave it to you. My parents will die with well over a million. I’m the youngest of seven. Pretty sure the will has their wealth directed to the grandchildren directly as it should be. There are three things I don’t consider part of my retirement equation (nor should anyone). Social Security, my home and my inheritance. Want a minimum of one million in each of Gator and my accounts to quit working. We are well ahead of schedule. Throw in the assets we don’t count and we’ll be the king and queen of Costa Rica.

  12. Steamturd, Part Time Orientalist and Full Time Mysoginist says:

    Dow’s down again. :P

  13. Fast Eddie says:

    If you are not wealthy by then on your own, you’ll blow your inheritance in a few years or so anyway for sure.

    Unless you have a democrat majority and they’ll find a way to distribute your money to the snowflake society.

  14. Grab them by the puzzy says:

    in which case you blame immigrants, women, welfare receipts, Democracy, and Newark residents for your situation in life. and vote for Trump cause you are too lazy to turn off fox

    Yo! says:
    March 10, 2017 at 7:47 am
    If you grew up in the New York City area, completed college, and are 40+ years old and you are not a millionaire, then you are a pathetic loser.

  15. Tywin says:

    If you like your health plan, you can keep it, in all 57 states.

  16. ProudLiberal says:

    @Grab,
    >>in which case you blame immigrants, women, welfare receipts, Democracy, and Newark residents for your situation in life. and vote for Trump cause you are too lazy to turn off fox

    well said!

  17. D-FENS says:

    Can we get a snowmageddon/snowpocalipse 2017 thread going please?

  18. The Original NJ Expat says:

    OMG – Pumps was named the top economist in the solar system!

  19. The Original NJ Expat says:

    LOL. Humor not lost on me, Tywin.

    If you like your health plan, you can keep it, in all 57 states.

  20. Raymond Reddington says:

    Grab,
    Don’t forget those who have experienced a toxic divorce.
    That or a catastrophic illness can devastate even the best of savers…

  21. Chi says:

    Unmod pls

  22. 3b says:

    Pumps but the wage inflation is not there as outlined in today’s report and reflected in the treasury market today.

  23. Newbomb Turk says:

    STFU Donny (…and Eddie)

    Jobs in the mining industry increased by 8,000 in February, the same month Trump rolled back an Obama-era coal mining regulation aimed at preventing the industry from putting mining waste in nearby water. M ining jobs have increased by 20,000 since hitting a recent low in October 2016.
    Workers in these industries are the type of people Trump appealed to frequently on the campaign trail, vowing to bring back their jobs. So are they getting what they wished for? It’s not quite that simple,. Sinclair acknowledged the positive trends for these two industries, but said it wasn’t as if Trump entered the Oval Office, waved a magic wand, and revitalized them.
    “ That is definitely the wrong takeaway,” Sinclair said. “It’s going to take a lot more than that.”
    Rather, Sinclair said, the increases could be the result of an economy that was already during Obama’s presidency, long before the first jobs report of Trump’s presidency beat economists’ expectations. Source: Time

  24. The Original NJ Expat says:

    I’m listening to an R&B music channel on RCN cable right now. I just heard a song I remember from WABC AM radio in my youth. Can you imagine all the puzzy hats that would froth themselves into a lather if they heard these lyrics today?

    I Gotcha Joe Tex
    I gotcha, uh huh, huh
    You thought I didn’t see ya now, didn’t ya, uh huh, huh
    You tried to sneak by me now, didn’t ya, uh huh, huh
    Now gimme what you promised me, give it here
    Come on
    Hey
    Good God
    Hey
    Hey
    You promised me the day that you quit your boyfriend
    I’d be the next one to ease on in
    You promised me it would be just us two, yeah
    I’d be the only man kissin’ on you, yeah
    Now, kiss me
    Hold it a long time, hold it
    Don’t turn it a-loose, now hold it
    A little bit longer, now hold it
    Come on
    Hold it
    Hold it
    Hold it
    Hold it
    Now ease up on me now, good god
    Hey
    Good God
    Hey
    The girl’s alright, y’all
    Ha ha
    Good God
    You made me a promise and you’re gonna stick to it
    You shouldn’t have promised if you weren’t gonna do it
    You saw me and ran in another direction
    I’ll teach you to play with my affection
    Now, give it here
    You never should’ve promised to me, give it here
    Don’t hold back, now give it here
    Don’t say nothin’, just give it here
    Come on, give it here
    Give it here
    Give it here
    Give it here
    Give it to me, now
    Good God
    Hey
    I gotcha
    Shouldn’t made a promise to me
    I gotcha
    You never should’ve promised to me, gotcha
    Give it on, here
    I gotcha
    You thought you got away from me, didn’t ya?
    I gotcha
    Ha ha ha
    Oh, I gotcha
    Give it on up, I gotcha
    Give it on here, I gotcha
    You tried to sneak by me, now didn’t ya?
    Ha ha
    I gotcha
    Oh, I gotcha

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