slides: Worcester County Cities and Towns with the Most Millionaires
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Friday, February 27, 2015
Patrick Sargent, GoLocal Worcester Contributor
Worcester County is home to 553 millionaires and some towns have more than 50 times the number of millionaires than other towns in the area. A GoLocalWorcester review of data from the Commonwealth of Massachusetts shows that Southborough is “rich” in millionaires with 10.5 millionaires per capita.
In contrast, the city of Worcester, the second largest city in New England, with a population of more than 180,000 people, has only 57 residents with at least $1 million in earned income, making up only .0003% of the population.
However, Worcester can claim one of the nine billionaire Massachusetts residents. Valentin Gaspontsev, Worcester resident and founder of IPG Photonics, a fiber-optic lasers company based in Oxford, is worth $1.3 billion.
"Its similar to the relationship with New York City and Buffalo," said Dave Scully, Manager of Loss Prevention Reporting for CVS Health and a CPA from Central Massachusettts. "The cost of living in big cities is higher and wages to compensate the people living in these cities are higher to obtain great talent. Big cities are a hub for business. You don't see Fidelity, State Street, Goldman Sachs and Big 4 Accounting Firms (PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young, and KPMG) in Central Massachusetts. Big business goes to big cities resulting in larger wages. Also entrepreneurs gravitate toward larger cities to obtain capital and other people that have the same entrepreneurial motivation."
Central Mass Millionaires Lacking
There are more than 174,000 millionaires living in the Bay State, making it the state with 10th highest amount of millionaire residents.
Not one of Central Mass’ communities made the state’s top 25 list. The town of Southborough, with 103 millionaire residents, is the closest coming in with the 27th most millionaires in the state.
Based on tax returns from 2010 to 2012 from the Massachusetts Department of Revenue, only 34 cities and towns in the area can claim a millionaire resident. In fact, of the 553 millionaires living in the 60 cities and towns that make up Worcester County, they make up only 0.069% of the entire population.
In contrast, there are 8,888 millionaires living in just the 25 Massachusetts cities and towns with the most millionaire – towns like Boston, Newton and Wellesley. GoLocalWorcester has broken down the top 30 cities and towns with the most millionaires per capita in Worcester County.
Here are the The 30 Worcester County Cities and Towns with the Most Millionaires:
Related Slideshow: #30 to #1 - Worcester County Cities and Towns with the Most Millionaires Per Capita
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#30
City/Town: Worcester
# of Millionaires: 57
Population: 181,045
Millionaires Per Capita: .31
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#29
City/Town: Holden
# of Millionaires: 6
Population: 17,346
Millionaires Per Capita: .34
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#28
City/Town: Southbridge
# of Millionaires: 6
Population: 16,719
Millionaires Per Capita: .35
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#27
City/Town: Webster
# of Millionaires: 6
Population: 16,767
Millionaires Per Capita: .35
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#26
City/Town: Rutland
# of Millionaires: 3
Population: 7,973
Millionaires Per Capita: .37
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#25
City/Town: West Boylston
# of Millionaires: 3
Population: 7,669
Millionaires Per Capita: .39
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#24
City/Town: Milford
# of Millionaires: 12
Population: 27,999
Millionaires Per Capita: .42
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#23
City/Town: Dudley
# of Millionaires: 5
Population: 11,390
Millionaires Per Capita: .43
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#22
City/Town: Leominster
# of Millionaires: 19
Population: 40,759
Millionaires Per Capita: .46
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#21
City/Town: Lunenburg
# of Millionaires: 5
Population: 10,086
Millionaires Per Capita: .49
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#20
City/Town: Northbridge
# of Millionaires: 8
Population: 15,707
Millionaires Per Capita: .50
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#19
City/Town: Charlton
# of Millionaires: 7
Population: 12,981
Millionaires Per Capita: .53
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#18
City/Town: Paxton
# of Millionaires: 3
Population: 4,806
Millionaires Per Capita: .62
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#17
City/Town: Ashburnham
# of Millionaires: 4
Population: 6,081
Millionaires Per Capita: .65
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#16
City/Town: Lancaster
# of Millionaires: 8
Population: 8,055
Millionaires Per Capita: .99
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#15
City/Town: Sterling
# of Millionaires: 8
Population: 7,808
Millionaires Per Capita: 1.02
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#14
City/Town: Sturbridge
# of Millionaires: 10
Population: 9,268
Millionaires Per Capita: 1.07
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#13
City/Town: Westminster
# of Millionaires: 8
Population: 7,277
Millionaires Per Capita: 1.09
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#12
City/Town: Mendon
# of Millionaires: 7
Population: 5,839
Millionaires Per Capita: 1.19
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#11
City/Town: Northborough
# of Millionaires: 22
Population: 14,155
Millionaires Per Capita: 1.50
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#10
City/Town: Upton
# of Millionaires: 12
Population: 7,542
Millionaires Per Capita: 1.59
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#9
City/Town: Shrewsbury
# of Millionaires: 59
Population: 35,608
Millionaires Per Capita: 1.65
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#8
City/Town: Berlin
# of Millionaires: 5
Population: 2,866
Millionaires Per Capita 1.74
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#7
City/Town: Princeton
# of Millionaires: 7
Population: 3,413
Millionaires Per Capita: 2.05
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#6
City/Town: Sutton
# of Millionaires: 19
Population: 8,963
Millionaires Per Capita: 2.11
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#5
City/Town: Bolton
# of Millionaires: 15
Population: 4,897
Millionaires Per Capita: 3.06
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#4
City/Town: Boylston
# of Millionaires: 15
Population: 4,355
Millionaires Per Capita: 3.40
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#3
City/Town: Westborough
# of Millionaires: 63
Population: 18,272
Millionaires Per Capita: 3.44
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#2
City/Town: Harvard
# of Millionaires: 33
Population: 6,520
Millionaires Per Capita: 5.06
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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#1
City/Town: Southborough
# of Millionaires: 103
Population: 9,767
Millionaires Per Capita: 10.5
(Sources: Mass. Dept of Revenue and 2010 U.S. Census)
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