How Many Millionaires Are There in California?

08.06.2022
Jenifer

Aptly nicknamed The Golden State, California is home to some of the richest people in America. In fact, according to a recent study by Forbes, it has more millionaires than any other state in the country. The top 10 richest Californians have a combined net worth of over $300 billion! And that’s just counting the millionaires. So how many millionaires are there in California? Read on for the answer, as well as for some more interesting facts about the state and its wealthiest residents.  

1. There are more than one million millionaires in California.

Based on latest reports, there are over 1.14 million millionaire households in California with a ratio of 7.7% to total households. This figure is almost twice that of Texas, the second in rank with 650,216 millionaire households.

Additionally, California is also the eighth state with the most millionaires per capita. This is likely due to the fact that California is home to many major industries, such as tech, entertainment, and finance.

(Statista)

2. Los Angeles is California’s city where most of its millionaires live.

The vast majority of these millionaires reside in California’s largest city, which also happens to be the movie-making capital of the world where many stars and celebrities live. Included on the celebrity list of millionaires in California, particularly those from Los Angeles are the Kardashians, Angelina Jolie, Leonardo DiCaprio, Adam Levine, and Kirsten Stewart.

Other California cities with a high concentration of millionaires include San Francisco, San Jose, and Sacramento.

(Street Directory)

3. Google founders Larry Page and Sergey Brin are currently the top richest people in California.

The plunge of Meta Platforms’ (Facebook) share price in February 2022 ousted its founder Mark Zuckerberg from the top 10 richest people in the world. The same scenario also moved him two notches down the wealthiest Californians list. With a net worth of $67.3 billion, Zuckerberg currently sits at No. 3. 

His fellow tech giant founders who also hail from Palo Alto, Larry Page, and Sergey Brin, hold the top two positions, each boasting a net worth of $111 billion and $107 billion, respectively.

(Forbes)

4. Tesla was originally founded in San Carlos, California, before Elon Musk moved it to Texas.

While the reigning richest man on the planet was not the original founder of Tesla, he was the one who brought the electric vehicle company to where it is now. In 2004, Musk joined Tesla a year after it was founded by Martin Eberhard and Marc Tarpenning in San Carlos, California. Tesla Motors subsequently relocated its headquarters to Palo Alto in 2009.

However, as the company scales, Musk decided to move its headquarters to Austin, Texas, in 2021. Before that, he was the richest person in California.

(The Street, CNBC)

5. The current number of billionaires in California is 186.

This figure denotes a decline of three points from the previous year’s 189. Despite that, The Golden State still has more billionaires on Forbes World’s Billionaires list than any other state. Runner-up New York has 135 billionaires, while Texas occupies the third spot with 67.

(New York Times)

6. All the wealthiest communities in California are found in the Bay Area.

In California, San Francisco Bay Area is the state’s wealthiest region, with a net worth of over $450,000 per resident, on average. Other counties with a considerable amount of wealth are Los Angeles, Orange, and San Diego.

(Geography of Wealth)

7. The richest city in California is Los Altos Hills.

The state’s richest city is Los Altos Hills. While it falls among those with fewer than 10,000 residents, it boasts the highest median income ($250,001). Additionally, it has an unemployment rate of as low as 2.1% and a poverty rate of 3%. 

(HomeSnacks)

8. California’s richest county is Santa Clara, with a median household income of $124,055.

While most millionaires live in Los Angeles, San Francisco Bay Area houses the wealthiest communities, and Los Altos Hills is the richest city, Santa Clara is the current titleholder for the state’s wealthiest county. It records a median household income of $124,055, which is almost double the national median of $62,843.

(24/7 Wall St.)

The Bottom Line 

Millionaires are spread throughout California, most notably in Los Angeles and San Francisco. The average millionaire is 58 years old, married, and has an annual income of $1.3 million. Most millionaires live in suburban neighborhoods. If you want to become a millionaire, moving to California would be a good place to start, along with getting a job that could make you a millionaire

FAQ

What percentage of Californians are millionaires?

About 7.7% of the total households in California are millionaires, equivalent to more than one million individuals.

What city in California has the most millionaires?

With a total of 255,600 individuals with a net worth of at least $1 million, Los Angeles has the highest number of millionaires in California. It is also The Golden State’s most populous city and the second-most populous in the entire country.

How many billionaires live in California?

According to Forbes, there are 724 billionaires in the United States, and California has 189 of them — about a quarter of the total.

Furthermore, 45% of California’s billionaires got their start in technology, 23% in finance, and 7% in real estate.

What net worth is considered rich in California?

While there is no exact answer, for instance, if you’re in the Bay Area where the wealthiest communities can be found, you need an average net worth of $3.8 million to be considered “wealthy,” according to the latest statistics on millionaires

What state has the highest percentage of millionaires?

New Jersey has the highest concentration of millionaire households per capita in the United States, with 9.76 percent of homes having more than one million dollars in assets. Coming next is Maryland with a little lower percentage of 9.72. If we look at how many millionaires are in California in terms of percentage, that’s 8.51, placing it in the seventh spot among the top 10 states with the most millionaires.

References: Statista, Street Directory, Forbes, The Street, CNBC, New York Times, Geography of Wealth, HomeSnacks, 24/7 Wall St.

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