Florida Cities Occupy the Forbes List of "America's Millionaire Capitals"
If you've ever wondered where all the members of that oh-so-loathed "1%" that's not too hot with the Occupy Wall Street movement, look no further than Florida -- mostly South Florida.
Forbes decided to use an interesting method to figure out the rankings for its list of "America's Millionaire Capitals" -- sorting IRS filings by Zip Code, finding the highest average incomes across the country above a $200,000 annual income, and crossing cities off the list whose residents don't bank at least $1 million per year on average. (Plus some other wonky steps detailed here.)
Not surprisingly, seven of the 20 richest "millionaire enclaves" were in Florida, as far north as -- you guessed it -- Palm Beach and as far south as Key Largo.
The city with the highest net worth above $200,000 in the country is the Miami-area neighborhood Fisher Island, which has consistently been home to the most moneymakers in the nation for at least the past decade.
The average net worth for Fisher Island's few hundred residents is $57.2 million. They're a bit far from that "99%" movement.
Fourth on the list is Palm Beach, at $23.3 million, and Boca Raton is three spots below at $21.2 million. (Remember, it's only the average among people banking more than $200,000 annually.)
On down the list, Key Largo registered at 11th at an average of $17.9 million, Miami's Bay Harbor Islands was 14th at $16.6 million, Fort Lauderdale was 16th at $16.5 million, and Naples nabbed the 20th spot at $16 million even.
When Forbes' list of rich cities was reordered by average income, Fisher Island still ranked first at $3.2 million -- a little more than $1 million more per year higher than the second-highest-earning city, Purchase, New York, near White Plains.
The average income sorting knocked Fort Lauderdale, Key Largo, and Naples off the top-20 list.
The other factor Forbes sorted was "generous towns," in which Fort Lauderdale made it back on the list -- sort of.
Fort Lauderdale was near the top of that list when it was sorted in the opposite direction -- making the list of "cheap towns" -- with the rich residents donating an average of just 2.1 percent of their average income to charity.
Click here for Forbes' photo gallery of its "Millionaire Capitals" list.
Get the Weekly Newsletter
Our weekly feature stories, movie reviews, calendar picks and more - minus the newsprint and sent directly to your inbox.
- Trial of PBSO Deputy Who Shot Unarmed Man Begins Monday
Fri., July 17, 6:35 p.m.
Fri., July 17, 8 p.m.
Sat., July 18, 5:35 p.m.
Sun., July 19, 5:05 p.m.
- Wellington Doctor Who Hid $18 Million From IRS Sentenced to Two Years in Federal Prison
- DOJ Audit Says GEO Group Misspent $3 Million in Troubled Prison