Friday, May 12, 2017

Washington DC Metro Area: Where the 1% Live

The richest in America know how to feed off the trough of BIG government.

Wealth in Washington is being redefined, as the region’s modest millionaires give rise to a new class of super-rich.

For years, Washington and its surrounding suburbs have been among the most affluent in the country. The four highest-earning counties in the United States, as measured by median incomes, are all near D.C., according to the Census Bureau. The top three are in Virginia — Loudon County, followed by Falls Church City (an independent city treated by the Census Bureau as a county) and Fairfax County — and No. 4 is Howard County, Md.

The region also has plenty of millionaires. Maryland, Virginia and Washington are all in the top 10 for millionaires per capita, according to Phoenix Marketing.

But there has always been a sharp distinction in D.C. culture between being wealthy and being rich. Let New York and Los Angeles have the mansion-owning, Ferrari-driving, yacht-loving billionaires. The Washington elite were content with a three-bedroom colonial, two incomes and top private schools. Its handful of billionaires were mostly local sports team owners little known outside the capital.

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