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Where Millionaires Live in America

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A million dollars ain't what it used to be, but it still earns you entry into an elite group. Only 5.5% of the country, or about 6.8 million households, qualify as bona fide millionaires. That means they have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships.

Large populations and lucrative industries make New York and Los Angeles home to the most millionaires in America. No surprise there. However, it might surprise you that neither of these metropolises places among the top 10 cities with the highest concentration of millionaires.

Phoenix Marketing International, a firm that tracks the affluent market, ranked 915 urban areas, both large and small, based on the percentage of millionaire households in each. The following list of cities is limited to metropolitan areas with at least one urbanized area with a population of 50,000 or more. We will examine small cities with big millionaire populations in a separate story. Here are the 10 largest metropolitan areas boasting the highest concentration of millionaires in the U.S.

Estimates of millionaire households provided by Phoenix Marketing International. Investable assets include education/custodial accounts, individually owned retirement accounts, stocks, options, bonds, mutual funds, managed accounts, hedge funds, structured products, ETFs, cash accounts, annuities, and cash value life insurance policies. Metropolitan-area data on household incomes and home values are from the U.S. Census Bureau. Living costs are based on the Council for Community and Economic Research's Cost of Living Index .

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