Luxury Institute News

February 12, 2013

One in 7 Washington households in the top 5 percent

By Carol Morello and Ted Mellnik
Washington Post
February 11, 2013

High-income households account for one in every seven in the Washington region, according to new census figures that underscore how the nation’s corporate, financial and government capitals thrived during the recession.

Nationally, Washington ranked third among all metro areas with high concentrations of households in the top 5 percent, a group that begins at $191,500.

Many of the richest households are clustered in the Northeast, from Washington to Boston. The New York City suburbs around Bridgeport, Conn., including several towns that are hubs for investment firms and hedge funds, have the biggest concentration of 5 percenters. The Silicon Valley area of San Jose is second.

Click the link to read the entire article which includes a quote from Milton Pedraza, CEO of Luxury Institute:
http://www.washingtonpost.com/local/one-in-7-washington-households-in-the-top-5-percent/2013/02/11/8dc7e258-745d-11e2-95e4-6148e45d7adb_story.html

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