Where do America's millionaires live these days? Beverly Hills, Calif. is no longer the hottest place, at least not one that's picking up momentum for America's well-heeled populace.
Wall Street Journal staffer Eric Morath looks at a report released by Phoenix Phoenix Marketing International, that compiles a list of America's millionaire population change between June 2014 and June 2015 across the major U.S. metros. Last year, BUILDER also reported a ranking of the most increasingly popular places for millionaires in 2014. Morath writes,
"The annual study of where the wealthy live counts a household as a millionaire if it has more than $1 million in investable assets, which includes stocks, bonds and savings accounts but excludes the value of real estate and funds tied up in retirement accounts.
The country as a whole added 6.5 million millionaire households in the middle of last year from the middle of 2014, a growth rate of about 4%. That was the fastest clip since 2011, reflecting strong gains in the stock market during the period studied for the report."
The top 10 markets with largest increase of millionaire households are: Mounty Airy, N.C., Pecos, Texas, Lamesa, Texas, Cookeville, Ten.., Kalispell, Mont., New Philadelphia-Dover, Ohio, Bozeman, Mount., Hilo, Hawaii, The Villages, Fla., and Hot Springs, Ark.