A new study has determined that Los Angeles has the second-highest rate of millionaire growth in the US, as well as the second-highest number of millionaires.
The Capgemini survey monitors the population of high net worth individuals in the top ten largest US metropolitan areas. While Houston boasts the highest rate of increase of individuals with over $1 million, LA comes in second place with an 8.8% increase from 2009 to 2010. New York has the largest population of millionaires, but LA also ranks second in this category with about 256,500 millionaires in the metropolitan area.
These statistics are offset by the fact that, according to the most recent census data, 16% of LA County residents lived below the poverty line in 2009. This is a slight jump from 15.2% in 2008, reports the LA Times. The LA Times goes on to note that these 1,560,000 individuals earn less than $10,956 if they're single, and less than $21,954 if they're supporting a family of four.
LA's poverty rate is higher than the national rate of 14.3%.