Austin Ranked #24 in Top Metros with the Most Millionaires

This report provides a fascinating glimpse into the shifting landscape of wealth distribution and lifestyle among the elite in the U.S. Austin Ranked #24 in Top Metros with the Most Millionaires.

The report discovered the typical home owned by a millionaire in Austin-Round Rock-Georgetown is a five-bedroom, 10 total-room house, with an average assessed value of $1,573,600. As for wheels, an Austin-based millionaire is likely to have less than three vehicles (2.8) on average.  Big, expensive homes don't come without big costs to maintain them, the report reminds. And when it comes to managing finances for wealthy earners, making more money doesn't necessarily mean they'll be saving that income.  Rather, it just means bigger homes with bigger mortgages and maintenance expenses; more cars; much costlier schools; and more over-the-top lifestyles, which simply bite bigger chunks out of the family's big budget.  However, despite the “risks” most of us would probably choose to have rich people problems. Or, as the saying goes, crying in a Ferrari might just feel better than crying in a Toyota when all is said and done.”

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