San Jose CA area is "rich" in millionaires (6th largest US concentration)

Report: San Jose area is rich in millionaires
Silicon Valley/San Jose Business Journal - 2:34 PM PDT Friday

The San Jose area has the nation's sixth-largest concentrations of millionaires by percentage, according to a list released Friday by Kiplinger's Personal Finance magazine.

Kiplinger's commissioned a London-based market research firm, TNS Financial Services, to conduct the study. Areas were chosen for the percentage of their total households that contain people with a net worth of $1 million or more -- excluding the value of their primary residence -- rather than for the sheer number of millionaires.

Kiplinger's said the cities on the list "are where in the U.S. you have the greatest chance of passing a millionaire on the street -- or even having one live next door." In all, about 8 percent of the nation's households are millionaires, the study said.

Some of the areas chosen weren't specific cities, but rather geographic areas. For example, San Jose/Sunnyvale/Santa Clara had a 13.2 percent concentration of millionaires, the report said, with a median family income in 2005 of $93,900 and a median home price in 2005 of $744,500. The cost of living index here, at 187, is much higher than most of the other areas on the list.

http://www.bizjournals.com/sanjose/stories/2006/04/03/daily77.html?f=et79&hbx=e_du