slides: Worcester County Cities and Towns with the Most Millionaires

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.

slides: Worcester County Cities and Towns with the Most Millionaires

Central Mass Millionaires Lacking

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

#30

#29

#28

#27

#26

#25

#24

#23

#22

#21

#20

#19

#18

#17

#16

#15

#14

#13

#12

#11

#10

#9

#8

#7

#6

#5

#4

#3

#2

#1

Related Articles

Enjoy this post? Share it with others.

Most Popular Articles

Sign Up for the Daily Eblast

Sign Up for the Daily Eblast