3 Small Towns That Are Full of Millionaires

published 11 July 2017

Millionaires can afford the high cost of living in places like New York and Los Angeles. Indeed, many millionaires call these big cities home. But some millionaires prefer to avoid the hustle and bustle. Here are three small towns where millionaires make up a surprisingly high percentage of the overall population.

Vineyard Haven, Mass.

Number of Millionaire Households: 589

Total Households: 7,995

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Concentration of Millionaires: 7.4% (U.S.: 5.5%)

Median Income for All Households: $64,222 (U.S.: $53,889)

Median Home Value: $660,800 (U.S.: $178,600)

Why Vineyard Haven appeals to the wealthy: It’s on Martha's Vineyard

Gardnerville Ranchos, Nev.

Number of Millionaire Households: 1,445

Total Households: 20,566

Concentration of Millionaires: 7.0% (U.S.: 5.5%)

Median Income for All Households: $58,535 (U.S.: $53,889)

Median Home Value: $272,000 (U.S.: $178,600)

Why Gardnerville Ranchos appeals to the wealthy: Lake Tahoe is nearby

Edwards, Colo.

Number of Millionaire Households: 1,520

Total Households: 19,685

Concentration of Millionaires: 7.7% (U.S.: 5.5%)

Median Income for All Households: $72,214 (U.S.: $53,889)

Median Home Value: $419,400 (U.S.: $178,600)

Why Edwards appeals to the wealthy: World-class resorts of Vail and Beaver Creek

See the full list of small towns with big millionaire populations.

Dan Burrows is Kiplinger's senior investing writer, having joined the publication full time in 2016.

A long-time financial journalist, Dan is a veteran of MarketWatch, CBS MoneyWatch, SmartMoney, InvestorPlace, DailyFinance and other tier 1 national publications. He has written for The Wall Street Journal, Bloomberg and Consumer Reports and his stories have appeared in the New York Daily News, the San Jose Mercury News and Investor's Business Daily, among many other outlets. As a senior writer at AOL's DailyFinance, Dan reported market news from the floor of the New York Stock Exchange.

Once upon a time – before his days as a financial reporter and assistant financial editor at legendary fashion trade paper Women's Wear Daily – Dan worked for Spy magazine, scribbled away at Time Inc. and contributed to Maxim magazine back when lad mags were a thing. He's also written for Esquire magazine's Dubious Achievements Awards.

In his current role at Kiplinger, Dan writes about markets and macroeconomics.

Dan holds a bachelor's degree from Oberlin College and a master's degree from Columbia University.

Disclosure: Dan does not trade individual stocks or securities. He is eternally long the U.S equity market, primarily through tax-advantaged accounts.