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Where Millionaires Live in America

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A million dollars isn't exactly what it used to be, but it still earns you entry into an elite group of Americans. Only 5.8% of the country, or about 7.2 million households, qualify as bona fide millionaires. That means they have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships.

New York and Los Angeles are home to the most millionaires in America because of their large populations and lucrative industries. No surprise there. However, it might surprise you that neither of these metropolises places among the top 10 cities with the highest concentration of millionaires.

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Phoenix Marketing International, a firm that tracks the affluent market, ranked 933 urban areas large and small based on the percentage of millionaire households in each. The following list of cities is limited to metropolitan areas with at least one urbanized area with a population of 50,000 or more. We examined small cities with big millionaire populations in a separate story. Now, here are the 10 largest metropolitan areas boasting the highest concentration of millionaires in the U.S.

SEE ALSO: The 26 Cheapest States for Retirement

Estimates of millionaire households provided by Phoenix Marketing International. Investable assets include education/custodial accounts, individually owned retirement accounts, stocks, options, bonds, mutual funds, managed accounts, hedge funds, structured products, ETFs, cash accounts, annuities, and cash value life insurance policies. Metropolitan-area data on household incomes and home values are from the U.S. Census Bureau. Living costs are based on the Council for Community and Economic Research's Cost of Living Index .

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