According to Joel Kotkin, we live in an oligarchic era, which is dominated as never before in modern history by the ultra-rich, their movements are far more than grist for gossip columns. They are critical to the health of city economies around the world. Kotkin reviews a recent study by the consultancy New World Wealth traces this movement globally, identifying the big winners and losers in millionaire migration. It defines millionaires as those with net assets of at least $1 million outside their personal residence – generally, people with sizable investment capital or their own businesses.
A second study the Phoenix Marketing International sheds light on where the millionaires are moving in America. They are headed to the smaller metro areas, and not the big cities. Six Ohio small metros show up on the list, which I’ve highlighted in the table below.
Many areas see high-income population attraction as an economic development strategy. Perhaps Ashtabula County should be thinking along these lines.