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- In this morning's news...
Thu July 14, 2011
Metro Detroit ranks No. 9 in millionaires
Never mind the recession or the near collapse of the auto industry just a couple of years ago.
A report in the Wall Street Journal finds that Detroit and its suburbs have plenty of people whose bank accounts are very healthy.
Michigan Economic Development Corporation spokesman Joe Serwach says Michigan is holding its own.
“Detroit came in at No. 9, ahead of San Jose, which surprised me," Serwach says. "I would have thought Silicon Valley would have had more. But we had 92,100 millionaires.”
Serwac says the number of people with a net worth of more than a million dollars actually grew by as much as four percent over the previous year.
Serwac says many made their money in the auto industry, but others are earning a good living in high-tech and research and development.
He says the elimination of the Michigan business tax is expected to draw more new business to the state.
Other top millionaire cities include Houston, Boston, Philadelphia, San Francisco, Washington D.C., Chicago, Los Angeles and New York City.