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

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

https://cdn.mos.cms.futurecdn.net/flexiimages/xrd7fjmf8g1657008683.png

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

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.

Topics

Video

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

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

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 equities, fixed income, currencies, commodities, funds, macroeconomics, demographics, real estate, cost of living indexes and more.

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

Disclosure: Dan does not trade stocks or other securities. Rather, he dollar-cost averages into cheap funds and index funds and holds them forever in tax-advantaged accounts.