Bay Area is overrated for becoming rich

Mar 21, 2021 49 Comments

According to this link:

https://www.kiplinger.com/slideshow/investing/t006-s001-millionaires-america-all-50-states-ranked/index.html

The US has 8.4 million millionaire households. Of which, 1.1 million are in California. At best, this probably implies that at most 500 thousand are in the Bay Area (given other large metro areas like LA and SD), which basically ends up being only 6% of all millionaire households in the US.

So the Bay Area or bust mentality is pretty unwarranted imo.

What do you guys think?

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 TOP 49 Comments
  • Aptiv
    makanmalik

    Go to company page Aptiv

    makanmalik
    When I moved to Michigan, a lot of people were like ooh it’s such a bad area. Not much money. But all I see is million dollar homes and range rovers on my daily commute.

    I do take the scenic route. One can dream!
    Mar 21, 2021 15
  • Apple
    LC->TC

    Go to company page Apple

    LC->TC
    I would think Bay Area millionaires would be more than 45% of CA total, but even going by your assumptions, having 6% of US millionaires in Bay Area with just 2.4% of US population here is still saying something. One could also argue there’s a much higher chance of a Bay Area-made millionaire moving to other areas after having made millions than the other way, hence further underestimating the actual % of turning into a millionaire in Bay Area
    Mar 21, 2021 3
    • Apple
      LC->TC

      Go to company page Apple

      LC->TC
      Blind is tech-focused and sure it does present a skewed view favoring tech money, but I would still say turning into millionaires (say, in the past decade) vs where those millionaires reside now are two different things
      Mar 21, 2021
    • Google
      sephora21

      Go to company page Google

      sephora21
      Big diff is size/population of Bay Area vs the rest of US. Probability for an individual to make a million is still higher in BA that's why newbies flock here. Millionaire Density would be a better gauge of the area's ability to create individual wealth than probability of where millionaires live.
      Apr 5, 2021
  • I don't know who's implying that on blind. People are saying in order to earn top dollars at swe the bay area is where it's at.
    Mar 21, 2021 0
  • New
    fit2021

    New

    fit2021
    Quality of life of Bay Area millionaires is not good. They live in a so called 3 million home which goes for 300K in other places. So life style is middle class at best
    Mar 21, 2021 4
    • Intel
      petergrfn

      Go to company page Intel

      petergrfn
      I guess we have different definitions for innovation. All ideas are formulated and innovated here. It is he’s to replicate this concentration of engineer working together to create innovative solution
      Mar 22, 2021
    • I live in the bay. You don't. OP is right. The bay area "riches" buy you a middle class life here. I don't think the bay will thrive long term
      Apr 6, 2021

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