More Millionaires Ring the Bay

As the economy struggles, and most of us with it, a few more join the seven-figure club

By Jackson West
|  Thursday, Jul 16, 2009  |  Updated 11:15 AM PDT
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More Millionaires Ring the Bay

Jerry Downs

The Brazilianization of the American economy continues apace, with millionaires up in the Bay Area and everyone else down.

The number of millionaire families in the Bay Area jumped 10.2 percent, from 123,621 to 136,120, according to a report from Merrill Lynch and Claritas.

Similar gains were won by the wealthy in Los Angeles and San Diego, according to The World Wealth Report. What, no word on Fresno?

Scott Anderson, a senior economist with Wells Fargo, takes issue with the report. "As a reading of the health of California's wealthy, I'm not sure that's the best indication to go by," Anderson told the San Francisco Chronicle.

A Merrill vice president at the Walnut Creek branch attributed the gain to the health of the digital and biological technology industries.

Nationally, the number of millionaires declined by 18.5 percent, and 14.9 percent worldwide.

Maybe they're all moving here to cash in on heavily discounted luxury homes?

Photo by Jerry Downs.

Jackson West understand being a millionaire ain't what it used to be, but it's still better than not being one.

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