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re: Richest town in each SEC state
Posted on 11/30/22 at 11:58 am to LSU82BILL
Posted on 11/30/22 at 11:58 am to LSU82BILL
quote:
And what about all of the condos on Palm Beach? FYI - The median income for the Town of Palm Beach in 2020 was about $169K and the median value of owner-occupied housing units was $1.2 million. Head South a few miles to Gulfstream (Population 885) and the median income is $250K and the median property value is $2 million because there only a hanful of condos.
When you get to a certain level of wealth, income stops being a useful measurement.
Lots of very high net worth people have incomes near zero. They don't work or don't rely on a paycheck to live. The assets are often tied up in individual and/or family trusts for tax purposes.
They may live in a mega mansion with a dozen exotic supercars in the garage, and a yacht moored at their private island. But their personal tax return would make them look like a bum under a bridge.
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Posted on 11/30/22 at 12:30 pm to Krampus
quote:
When you get to a certain level of wealth, income stops being a useful measurement.
Lots of very high net worth people have incomes near zero. They don't work or don't rely on a paycheck to live. The assets are often tied up in individual and/or family trusts for tax purposes.
They may live in a mega mansion with a dozen exotic supercars in the garage, and a yacht moored at their private island. But their personal tax return would make them look like a bum under a bridge.
People who have a dozen exotic cars in the garage and a yacht moored at their private island show more dividend and capital gains income on their returns than the average millionaire shows in wages and salary.
This post was edited on 11/30/22 at 12:32 pm
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