D.C. has nation’s second-largest share of millionaire households

Out of the 2,283,117 total households in the D.C. area, 8.6 percent, or 197,103 households, held seven-figure fortunes in 2016, according to financial research firm Phoenix Marketing International. Out of those, 129,624 households had a wealth between $1 million and $2.9 million, and 60,683 had between $3 million and $9.9 million.

On a national level, the Metro area with the highest share of households with $1 million or more in wealth was Connecticut’s Bridgeport-Stamford-Norwalk Metro area. The D.C. area and California’s San Jose-Sunnyvale-Santa Clara Metro area are tied for second-largest.

The Boston Globe further reported that about 5.5 percent of the entire U.S., or over 6.7 million households, have at least $1 million.

When conducting this research, Phoenix Marketing International considered the cash value of life insurance policies and “investable assets,” such as cash and investments, but did not include real estate or employer-sponsored retirement accounts. The firm also utilized approximately 10,000 surveys as well as financial and demographic figures from the Federal Reserve’s Survey of Consumer Finances, Nielsen-Claritas, and the US Census Bureau.

 

As featured in Curbed Washington DC 

 

 

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