Sunday, April 09, 2006

1 in 5 Is Rich in Los Alamos

By Mark Oswald
Of the Journal

Beverly Hills? Nope.

San Francisco or Silicon Valley? Forget about it.

According to a study, the American city with the highest concentration of millionaires is Los Alamos— a place known more for gamma rays and gigabytes than glitz and glamour.

The study published Friday by Kiplinger's Personal Finance Magazine says one in five Los Alamos households has a net worth of more than $1 million, excluding the value of the family's primary residence.

The magazine says that in the New York metropolitan area, "only one in ten boast a net worth of $1 million or more. On the other hand, in Los Alamos, N.M., you double your chance of meeting a millionaire."

"The town may have fewer than 8,000 households, but one in five are worth at least a million bucks," Kiplinger's reports. "The reason: The main industry is the famed Los Alamos National Laboratory, a magnet for well-paid government scientists."

The successors to the Manhattan Project, in other words, trump Manhattan.

The report surprised Kevin Holsapple, executive director of the Los Alamos Chamber of Commerce. "I've never heard anything like that before," he said.

[...]

Full Story


Comments:
"1 in 5" is about the right ratio between the double-income management elite vs the single-income worker bee home-units.
 
No wonder the rest of the world is having problems dredging up any sympathy for the poor, downtrodden LANL employee.
 
You got that right Spode. We don't want to hear any more bitching out of those at LANL. This article should have been printed when the bid first came about.
 
Double-dipping can do wonders for family income at LANL. If
both spouses are TSMs, they'll be bringing in around a quarter
million a year, combined. Nice work if you can get it. Having
dual careers at LANL also lets these lucky families play multiple
sides of the benefits fiasco for greater safety (ie, one locks in
the UCRP, while the other takes TCP1). I've noticed that the
double-dipping staff members seem to be going through much less
stress regarding the upcoming LANL transition. I just wish my
wife had a Ph.D in nuclear physics so we could play this lucrative
game.
 
Interesting article but it would be even more interesting if we knew how the data was obtained. Notice that it does not include the worth of a residence.

I would suspect, however, that if the bar was raised to $10M that Los Alamos would drop far back and not be in the lead anymore; maybe even behind Santa Fe.
 
I suspect if the bar was raised to 50 gigabucks only Redmond, Washington would register. But then what would be my point?
 
I'll wager that a significant fraction of our millionaires are UCRP lump-sum retirees.
 
JoeGideon5 said..."I'll wager that a significant fraction of our millionaires are UCRP lump-sum retirees."

Not this go-around. The prospective "millionaires" are being plucked clean by the Transition.
 
Just because somebody has a high salary and/or retirement doesn't mean they aren't in debt up to their eyeballs. Does anyone have any idea where they got the information to make this conclusion? I live in Los Alamos and I didn't tell them what my net worth is (NOT a million by a long shot).
 
My guess is that it was deduced from sociological factors such as, for example, the number of banks per capita (recall that FDIC insures a maximum of $100K per account).
 
What surprises me is that people are surprised by this finding. I don't doubt it for a second. It doesn't take a PhD in math to understand the value of compounding interest. And the people in massive debt are paying interest to whom? LANB mostly, making TCC stockholders even richer.
 
According to the premise for compilation of data as stated in this article: http://www.phoenixmi.com/about/news/financial_services/2006051635.phtml WE QUALIFY AS ONE OF THE MILLIONAIRE HOUSEHOLDS! Yet in actuality we are living frugally in the red column. Two of our children are still in college too, so we aren't going to see a transition to black anytime soon. So much for marketing research based on estimates.
 
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