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http://blogs.wsj.com/economics/2016/01/1...-mayberry/
Hilo supposedly added 781 millionaires last year (that's households with more than $1,000,000 in assets not counting real estate and 401K), one of the highest rates in the country.
I didn't notice anything changing, did anyone else? Why would it be happening in Hilo, of all places?
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Retirees... in those new neighborhoods in Hilo, most likely.
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A million in assets is different than a million in annual income.
Assume the best and ask questions.
Punaweb moderator
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A millionaire isn't what it was a few generations ago either. In the 1920s being a millionaire was a rarity and put the person in an elite status, and billionaires were unheard of, now it is the billionaires who are the elite. Even in the 1950s and 1960s there weren't that many millionaires, but $10,000-20,000 a year was a good income.
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700+ millionaires added to Hilo
(that's households with more than $1,000,000 in assets not counting real estate and 401K)
that remains a nice spot to be in any way you want to cut it
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It's a well known economic fact that the disparity between the rich and poor has increased and keeps increasing. That's why there will be more millionaires as well as more homeless coming here.
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Many people invest their money, instead of keeping it "in hand"
Businesses and stocks count as assets but are not always liquid. Plus, there are retirement accounts other than 401(k)s--IRAs, 403(b)s, that sort of thing.
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I guess it could easily be explained by county and state middle managers.
Assume the best and ask questions.
Punaweb moderator
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Real estate isn't included! It could be because the stock market went up so much last year. The numbers might decrease this year.
It has indeed been proposed (and I think The Economist applies it) to make "Millionaire" now mean a million in income a year.
Otherwise there's just too many of them.
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There are lots of people from California that become millionaires the second they sell their home in the Bay Area, LA or San Diego. If you're retired, looking for less hustle and bustle, and want warm weather, Hilo is a great choice.
Leilani Estates, 2011 to Present
