More Millionaires Ring the Bay (12,590 New Millionaires in the Bay Area)

NBC Bay Area ^ | Thu, Jul 16, 2009 | JACKSON WEST

[nickcarraway]

As the economy struggles, and most of us with it, a few more join the seven-figure club

The number of millionaire families in the Bay Area jumped 10.2 percent, from 123,621 to 136,120, according to a report from Merrill Lynch and Claritas. Similar gains were won by the wealthy in Los Angeles and San Diego, according to The World Wealth Report. What, no word on Fresno?

Scott Anderson, a senior economist with Wells Fargo, takes issue with the report. "As a reading of the health of California's wealthy, I'm not sure that's the best indication to go by," Anderson told the San Francisco Chronicle.

A Merrill vice president at the Walnut Creek branch attributed the gain to the health of the digital and biological technology industries.

Nationally, the number of millionaires declined by 18.5 percent, and 14.9 percent worldwide.

Maybe they're all moving here to cash in on heavily discounted luxury homes?

[nickcarraway]

Was it you guys? ‘Cause it wasn’t me.

[ForeignDude]

Ka-ching!

What was that sound? It was the siren song of income just waiting to get taxed at a higher rate.

Oh, the irony: first NYC, now the Bay Area. I love it!

[3niner]

A Merrill vice president at the Walnut Creek branch attributed the gain to the health of the digital and biological technology industries.

They'd better brace themselves, they're about to be taxed into the Stone Age.

[Pan_Yan]

136,120 - 123,621 = 12,499 x 1,000,000 = 12,499,000,000

I think Sacramento will be paying a visit.

[Pan_Yan]

Actually,

136,120 x 1,000,000 = 136,120,000,000

I’m absolutely sure Sacramento will be visiting.

[fremont_steve]

I’m a millionaire - ON PAPER - my house is still over the 1M mark - but is funny money unless I sell! I think this whole claim is bogus.

[Dilbert San Diego]

And odds are most of these people are liberal. Liberals love big government, big spending, and should be eager to pay the big taxes that pay for it all. They will be eager to share their new wealth with Sacramento, because they want to prove how liberal they are.

[CheneyChick]

Not me. I didn’t do it!

[Pan_Yan]

Oh, don't worry. I understand. When I got out of the military my wife and I could have moved anywhere. We ended up in Georgia because we have a higher standard of living than people with twice the salary in other parts of the country. I used to work with a bunch of guys from New York who sold their little bungalows on Long Island and bought McMansions here in Georgia.

Then they complained constantly about how much better things were in New York. But that's a different story.

[skeeter]

Must be state employees. ‘Cause the private sector is sucking wind.