Where The Rich Live In America: Connecticut, California And Virginia Top The List

The wealthiest Americans tend to cluster around the country?s largest cities, on either coast, mostly located in parts of Connecticut, California and Virginia.

A new American Community Survey report sought to track the toniest among us and find where they live. (It?s truly a treasure trove of information for those who enjoy a snoop on the Johnsons next door.) Defining high-income households as those earning $191,000 a year?the top 5%?the researchers also found that like does indeed attract like. That is, even in an area with relatively few wealthy folks, the well-heeled still tended to live close together.

The sparest area for wealth? States like Louisiana, Alabama, and Mississippi, in the Southeast.

The New York City metro area boasts the great amount of wealthy in the nation (more than 19 million people). Outside Manhattan is the most-concentrated area of wealth. Nearly 20% of residents in the Bridgeport-Stamford-Norwalk, Conn., area reach the high income. Not a shock. This is the so-called gold coast, stretching across Long Island bay, where financiers and many, many hedge fund mangers build homes. Ray Dalio, the man who runs America?s largest hedge fund, sleeps there. As do SAC Capital?s Stevie Cohen and Paul Tudor Jones, II.

Past the Constitution State, two California spots?Sunnyvale and Santa Clara?and two in Virginia?Arlington and Alexandria?also contain large concentrations of wealth.

Of course, this report shouldn?t be a complete shock to those devoted to our frequent rolls. New York and California boast the nation?s greatest populations of billionaires. A who?s who of our capitalist society?to name a few, there?s Oracle?s Larry Ellison, Google?s Larry Page and Sergey Brin and Apple dowager Laurene Powell Jobs in California and David Koch and Michael Bloomberg in New York. Interestingly, Virgina has few billionaires despite a relative density of dollars, and while the Southeast is the least concentrated, it?s still home to Jim Walton, of the Wal-Mart fortune, and Jack Taylor, of Enterprise-Rent-a-Car.

The data is also interesting from a tax perspective. The wealthy in Connecticut experience a far less substantial bite from the government. Indeed, Connecticut?s top tax percentage is a measly 6.7%, almost half California?s 12.3% and less than New York?s 8.8%.

Reach Abram Brown at abrown@forbes.com.

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Source: http://www.forbes.com/sites/abrambrown/2013/02/12/where-the-rich-live-in-america-conneticut-california-and-virginia-top-the-list/

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