View Full Version : Who is rich?
iris lilies
9-4-14, 11:00pm
Here's a map of how net work shakes out by county across the U.S. I find it interesting and confirming of what I know to be true: if ya want a rich man, go live in Iowa north of interstate 80. That's where the rich old bachelor farmers are.
On this map the greener it is, the richer it is.
I'm surprised that New Mexico shows any green outside of Santa Fe, but there is a fair amount. No one will be surprised at the concentration of deep green in our nation's capital, the Washington D.C. area and there's nothing good about that.
http://www.arcgis.com/home/webmap/viewer.html?useExisting=1&layers=814b785f25e24c9d8fc1a61ea61c0462
Very interesting to have a look around this map, thanks for sharing!
Found this stats (http://www.statista.com/statistics/268411/countries-with-the-most-millionaires/)about worldwide share of millionaire households, thought it's worthwhile as well. no surprise America is leading by far...
Interesting! I wonder how they define rich? Massachusetts doesn't seem to be doing too badly.
My county is listed a "rich" on this map but I'm sure it's all subjective. An average middleclass wage-slave here probably makes 10 times more (and pays 10 times more for housing) then the wealthy Iowa farmer. A tiny home in an upscale area here can cost in the multi-millions where as that wealthy farmer in Iowa may just have lots and lots of acres (of corn) for the same amount or less. Or maybe the farmer just sold out to Monsanto for big bucks and is now one of the nouveau riche! So I also wonder how they define rich.
iris lilies
9-10-14, 6:27pm
It is net worth, not income. Net worth for this map is defined:
"This map service shows the median household net worth in the United States in 2012. Net worth is total household wealth minus secured and unsecured debt. Net worth includes home equity, equity in pension plans, net equity in vehicles, IRAs and Keogh accounts, business equity, interest-earning assets and mutual fund shares, stocks, and so on. Examples of secured debt include home mortgages and vehicle loans; examples of unsecured debt include credit card debt, certain bank loans, and other outstanding bills. Forecasts of net worth are based on the Survey of Consumer Finances, Federal Reserve Board. The median net worth of households in the United States overall was $66,311 in 2012."
...so those big mortgages in California would knock most people out of contention for being high net worth individuals.
The old farmers are rich because farmland is high at the moment, and they've got their farms paid off. My father in law is one of them and he's got a very small farm.
The deepness of the color green indicates percentage of median mentioned above, $66,311 but I don't know what the percentages are. Will look further.
In my neck of the woods, the dark green is just to the north of me, but the whole NE is pretty green overall. Me, I'm pretty brown.
...so those big mortgages in California would knock most people out of contention for being high net worth individuals.
The value of the home offsets the mortgage when performing the calculation.
If they bought a $1 million home, and are carrying a $1 million mortgage, that wouldn't effect the balance sheet bottom line.
If they bought the $1 million home with 20% down ($200k) and are carrying a $800k mortgage, then they have a + $200k contribution to their total net worth.
If they bought a $500k home and are carrying a $1 million mortgage, then they'd be $500k to the negative, net-worth-wise.
The value of the home offsets the mortgage when performing the calculation.
If they bought a $1 million home, and are carrying a $1 million mortgage, that wouldn't effect the balance sheet bottom line.
If they bought the $1 million home with 20% down ($200k) and are carrying a $800k mortgage, then they have a + $200k contribution to their total net worth.
If they bought a $500k home and are carrying a $1 million mortgage, then they'd be $500k to the negative, net-worth-wise.
Or if they are like many older Californians who are low to middle income but bought houses a decade or 2 or 3 or 4 ago for very little money (in todays $$'s) but have seen huge equity increases - even after the housing crash. That under $20K house my Mom bought back in the early 1970's would now be worth over $500K - and close to $800K during the height of the market. Because our property taxes stay low even if house value rises, many older people (who often have paid off their houses) on very small fixed incomes are "paper millionaires" because of their home's equity.
iris lilies
9-10-14, 9:21pm
The value of the home offsets the mortgage when performing the calculation.
If they bought a $1 million home, and are carrying a $1 million mortgage, that wouldn't effect the balance sheet bottom line.
If they bought the $1 million home with 20% down ($200k) and are carrying a $800k mortgage, then they have a + $200k contribution to their total net worth.
If they bought a $500k home and are carrying a $1 million mortgage, then they'd be $500k to the negative, net-worth-wise.
Yes, I see. I should have said "those big /high value home values in California don't produce high net worth unless the owners have a lot equity in them." I assumed high mortgage & low equity in these properties, but of course that's not always the case.
I dislike California though, so this is my prejudice showing.
Does having several cats affect your net worth? How does that enter into the equation? What is a Catt worth, anyhow?---doesn't have to be a 'zact dollar figure, but if you can just give me a ballpark idea...
I have a theory that Iowans make the best Californians. Two reasons are: 1) Iowans LOVE to get out and DRIVE, just as Californians do. Just rack up those MILES. Iowa is mainly one small bedroom town after another, 15-25 miles apart. Country roads there are more like two-lane freeways. Unbelievable. Their small-town business districts have long been in decline, except for Gas Station row, that also sells hot Pizza & take-out Fried Chicken. It is because those Iowans use any excuse at all to gas up, and make a run to a city with a mall or shopping center, for something to "do". Take in a ballgame, and dinner at a restaurant they've heard about from their cronies. See? 2) Iowans, like Californians, are kind of friendly. I say kind of, because their seeming overtures at getting acquainted are really more like two strange dogs sniffing each others hind-ends in an encounter. That way, they can form a snap judgement about the other person. See? Hope I've helped you some.
flowerseverywhere
9-13-14, 8:09am
I live in a dark green area of retirees. I am surrounded by people who spend countless hours volunteering for Habitat, helping veterans and children etc. our local schools have no supply lists so many supplies and backpacks are donated each year.
perceptions are interesting, aren't they?
Richness should be measured in "quality of life". A lot of the very wealthy people I know do not have contentment. Rich people tend to be greedy people. Greedy people never have enough of anything and are therefore not content or happy! It is nice to be comfortably wealthy, whereas you don't have to worry about paying bills etc. But time is so much more valuable than money.
flowerseverywhere
9-13-14, 10:04am
Richness should be measured in "quality of life". A lot of the very wealthy people I know do not have contentment. Rich people tend to be greedy people. Greedy people never have enough of anything and are therefore not content or happy! It is nice to be comfortably wealthy, whereas you don't have to worry about paying bills etc. But time is so much more valuable than money.
How sad for you. I see the opposite everyday. Stereotypes at every level of the spectrum are too bad. There are wonderful and generous people at every layer of society and there are greedy and selfish. Maybe you just haven't met the right people
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