TV residents: 39% are millionaires

[Toymeister]

How Many Millionaires Live in the Villages Florida
INVESTOR TIMES by INVESTOR TIMES Reading Time: 2 mins read

How Many Millionaires Live in The Villages, Florida?

The Villages, located in central Florida, is a popular retirement community known for its active lifestyle and numerous amenities. With its beautiful weather, golf courses, and recreational facilities, it has become a sought-after destination for retirees. Alongside the active lifestyle, an intriguing question arises: how many millionaires live in The Villages?

While it is challenging to determine an exact number, The Villages is home to a significant number of millionaires. According to a study conducted by Phoenix Marketing International, The Villages had the highest concentration of millionaires per capita in the United States in 2019. The study found that approximately 39% of households in The Villages had a net worth of at least one million dollars, excluding their primary residence.


The Villages’ appeal to millionaires can be attributed to several factors. Firstly, the cost of living in Florida is relatively low compared to other states with high concentrations of wealthy individuals, such as New York or California. This, combined with the absence of state income tax, makes Florida an attractive destination for retirees looking to stretch their retirement funds opportunities.

1. Are there any specific neighborhoods in The Villages where millionaires live?
While it is challenging to pinpoint specific neighborhoods, millionaires can be found throughout The Villages.

2. What are some common professions of the millionaires in The Villages?
The Villages is home to a diverse group of millionaires, including former business owners, executives, doctors, and lawyers.

3. How do millionaires in The Villages spend their time?
Millionaires in The Villages often engage in recreational activities such as golfing, boating, and participating in social clubs and events.

4. Do millionaires in The Villages typically downsize their homes?
Many millionaires in The Villages choose to downsize their homes, opting for smaller, low-maintenance properties that align with their desired lifestyle.

5. Are there any exclusive clubs or organizations for millionaires in The Villages?
While there are no exclusive clubs solely for millionaires, there are various clubs and organizations that cater to different interests and hobbies.

6. Are there any philanthropic efforts by millionaires in The Villages?
Yes, many millionaires in The Villages are actively involved in philanthropic endeavors, supporting local charities and causes.

7. Can non-millionaires also live in The Villages?
Absolutely! The Villages is an inclusive community that welcomes residents from various financial backgrounds.

8. Are there any financial planning services available for residents in The Villages?
Yes, residents have access to financial planning services within The Villages to help manage their wealth and retirement funds.

9. How does the presence of millionaires impact the local economy?
The presence of millionaires in The Villages contributes to the local economy by stimulating businesses and creating job opportunities

10. Are there any tax advantages for millionaires living in The Villages?
Florida’s lack of state income tax is an advantage for millionaires living in The Villages, allowing them to keep more of their wealth.

11. Are there any disadvantages to living in The Villages as a millionaire?
Disadvantages can vary depending on individual preferences, but some may find the community’s focus on retirement activities limiting if they desire a more urban lifestyle.

12. Can I visit The Villages as a non-resident to experience the community?
Yes, The Villages welcomes visitors who can explore the community’s amenities, participate in activities, and get a feel for the lifestyle it offers.

In conclusion, The Villages, Florida, is home to a significant number of millionaires, with a high concentration per capita. The community’s low cost of living, exclusive amenities, and social opportunities contribute to its appeal among the affluent. Whether you are a millionaire or not, The Villages offers a unique retirement experience for individuals from various backgrounds.

[thelegges]

Not surprised, many move here from those large 5 bedroom expensive homes in cold climates, with high taxes, sold for a great profit, in exchange for warm weather and 3-4 bedrooms. It’s the lack of basement, that is just a little shocking, not just for storage, but weather related issues. But this should be a fun thread

[Kenswing]

Honestly I thought the number would be higher. It doesn’t take much to amass a million dollars these days. If you worked for a company that offered a 401k and you took advantage of it you should easily be a millionaire. If you invested at all in real estate in your younger days you should be a millionaire. So many ways to get to a million these days. Heck, if you just post a few viral videos on YouTube you can be a millionaire-lol.

[manaboutown]

That is a very conservative number. Too, the study did not consider home equity and the inherent value of pensions and social security. A large percentage of the homes are mortgage free. Most people receive social security and medicare benefits, some have defined benefit or other types of pensions, including civil service and/or military. Those all have value.

[justjim]

Not a surprise. Like it’s already been said, it doesn’t take a lot for a person who worked hard, and saved diligently for retirement to have a net worth of a million dollars. By todays standard this doesn’t make you rich but it does make you financially comfortable. As we age, good health is much more important than money.

[Michael G.]

I was just reading the other day about someone determined to get into debt
in his lifetime by at lest a million dollars.

He claims if you live to be a millionaire, you lost a million dollars if you die.
But if you die as a millionaire in debt, you gain a million dollars.:shrug:

[CoachKandSportsguy]

He claims if you live to be a millionaire, you lost a million dollars if you die.
But if you die as a millionaire in debt, you gain a million dollars.

If you don't understand this, then you don't know how to keep score!
Bernie Madoff understood this. .
Others similar to Madoff understand this. .

Those that lived with the best toys/experiences and die with the best toys/experiences wins!

[CoachKandSportsguy]

Not a surprise. Like it’s already been said, it doesn’t take a lot for a person who worked hard, and saved diligently for retirement to have a net worth of a million dollars. By todays standard this doesn’t make you rich but it does make you financially comfortable. As we age, good health is much more important than money.

rich to the average person is wealth > $5M for today. . next year, will need more. .

[Laker14]

rich to the average person is wealth > $5M for today. . next year, will need more. .

I subtly disagree.

Wealth is the ability to live well and be happy, within your means. I know people with much more money than I have who always complain about the cost of things because they can't figure out how to live within their means, and I know people with far less than I have who seem to be just fine with the cost of things. They just don't buy stuff they don't need or want, based upon their means.

My net worth is far less than 5M, but I have everything I need, and then some. I am sure there are people worth 10M who would be horrified at the prospect of trying to eke out a lifestyle with only 5M.

[Randall55]

I looked up the percentage of millionaires in Florida. I looked up the percentage of millionaires in Orlando. I looked at the latest Census for the average income in the Villages. IMHO 39% is awful high! There is another thread on this forum entitled Will The Truth Become a Trend. I guess if you google only one source, you get nearly 39% of Villagers are millionaires. I am having a hard time believing it.

All the numbers I look at are in the 5-7% range. Some even lower. 1 in 2 people is 50%. If nearly one in two people are millionaires here: few would complain about rising insurance rates, the cost to put on a new roof, the increase in fire assessment, etc.etc. I know quite a few people who have lived here for 20 plus years. The cost of their new home at that time was under $100,000. I personally know none of them are millionaires. People who lived here for 10 plus years. The cost of their homes low $200,000. I personally know none of them are millionaires. Most of the people I know sold their homes up north, paid cash for the home in the Villages and are living off monthly pension and social security. 39% seems off!

[bcsnave]

Honestly I thought the number would be higher. It doesn’t take much to amass a million dollars these days. If you worked for a company that offered a 401k and you took advantage of it you should easily be a millionaire. If you invested at all in real estate in your younger days you should be a millionaire. So many ways to get to a million these days. Heck, if you just post a few viral videos on YouTube you can be a millionaire-lol.

It is so sad that being a 2023 Millionaire isn't what it was in 1968 when Jackie Gleason was in Miami.

[CoachKandSportsguy]

I subtly disagree.

Wealth is the ability to live well and be happy, within your means. I know people with much more money than I have who always complain about the cost of things because they can't figure out how to live within their means, and I know people with far less than I have who seem to be just fine with the cost of things. They just don't buy stuff they don't need or want, based upon their means.

My net worth is far less than 5M, but I have everything I need, and then some. I am sure there are people worth 10M who would be horrified at the prospect of trying to eke out a lifestyle with only 5M.

you are not an average person, you are an individual. The comment was about the dollar value of rich in today's world, which is very much up from $2M which was used about 10-15 years ago.

I play the lottery to get rich, but I have a fine life and don't quite have everything i want, but then again , most people don't have everything they want. . but they live a very comfortable life here in the villages..

my personal opinion of these types of threads is "who cares, as I certainly don't about levels and judgements with respect to other people's money"

[Kenswing]

I looked up the percentage of millionaires in Florida. I looked up the percentage of millionaires in Orlando. I looked at the latest Census for the average income in the Villages. IMHO 39% is awful high! There is another thread on this forum entitled Will We Ever Know the Truth. I guess if you google only one source, you get nearly 39% of Villagers are millionaires. I am having a hard time believing it.

All the numbers I look at are in the 5-7% range. Some even lower. If 1 in 2 people is 50%. See where this is going? 39% seems off!
In my opinion you can’t equate income to wealth. Not totally anyway. Especially in The Villages. Most have already made their money. The income they show now is from social security, retirement and investments. Smart people manage their income in accordance with the tax burden they’re comfortable with.

[manaboutown]

My brother just took over managing his in-law's finances as the husband, who handled them, has developed dementia. He was astonished they did not have enough in their bank account to pay their latest income tax bill. Their pensions bring in $180K per year but they spend it all. He sold their motor home and second home, a 'cabin' in the mountains of Colorado for over $1M so he was able to pay their taxes and set aside some savings. He told me they had substantial credit card balances and no savings! He wants to sell their primary home up there but he must first move safes containing large coin, gold and gun collections down to Tucson where they are now living in their third (winter) home. He tells me his sister-in-law still spends wildly and has bought all new furniture for their Tucson house. He is still buying gold using credit cards. Years ago the couple lived across the street from me. He had several cars, a Bronco, a pickup truck with a camper on it and a large motorhome. They live wealthy but have never saved a dime other than in hard assets.

[Stu from NYC]

rich to the average person is wealth > $5M for today. . next year, will need more. .

Ask people what they must have in assets to be considered rich. Answers are all over the map

[Stu from NYC]

Darn moved here in 2020 so not included in the study one way or the other.

Is that discrimination? Asking for a friend

[retiredguy123]

In my opinion you can’t equate income to wealth. Not totally anyway. Especially in The Villages. Most have already made their money. The income they show now is from social security, retirement and investments. Smart people manage their income in accordance with the tax burden they’re comfortable with.
In my opinion, a guaranteed income of $100K for life is equilvalent to about $2.5 million in net worth, using a 4 percent cash flow factor ($100K/0.04).

[Gpsma]

Only 39% millionaires…i would think it would be higher. Perhaps if you factor in the older section it probably has lowered tye percentage.

[TheRealRick]

7. Can non-millionaires also live in The Villages?
Absolutely! The Villages is an inclusive community that welcomes residents from various financial backgrounds.

Obviously! 61% are non-millionaires!

[thelegges]

7. Can non-millionaires also live in The Villages?
Absolutely! The Villages is an inclusive community that welcomes residents from various financial backgrounds.

Obviously! 61% are non-millionaires!

Or the percentage is off, and 39% is non millionaires :girlneener:

[Laker14]

My brother just took over managing his in-law's finances as the husband, who handled them, has developed dementia. He was astonished they did not have enough in their bank account to pay their latest income tax bill. Their pensions bring in $180K per year but they spend it all. He sold their motor home and second home, a 'cabin' in the mountains of Colorado for over $1M so he was able to pay their taxes and set aside some savings. He told me they had substantial credit card balances and no savings! He wants to sell their primary home up there but he must first move safes containing large coin, gold and gun collections down to Tucson where they are now living in their third (winter) home. He tells me his sister-in-law still spends wildly and has bought all new furniture for their Tucson house. He is still buying gold using credit cards. Years ago the couple lived across the street from me. He had several cars, a Bronco, a pickup truck with a camper on it and a large motorhome. They live wealthy but have never saved a dime other than in hard assets.

Years ago I read the book "The Millionaire Next Door". in it he describes people like the ones you describe. He refers to them with a saying he said comes from Texas: "Big hat, no cattle".

[Pugchief]

few would complain about rising insurance rates, the cost to put on a new roof, the increase in fire assessment, etc.etc.

LOL, you must not hang out here much. Human nature is to moan about anything and everything, and especially on TOTV.

[FFlank]

In my opinion, a guaranteed income of $100K for life is equilvalent to about $2.5 million in net worth, using a 4 percent cash flow factor ($100K/0.04).

I think this is true. As a retired govt worker, I get a pension. When calculating net worth, it needs to be included in the mix

[kkingston57]

rich to the average person is wealth > $5M for today. . next year, will need more. .

Doubt it. Today you can get 5% from a bank with no downside. 5 mil X.05 =250K a year plus SS and maybe a pension. Probably no mortgage and you are not touching your principal.

[thelegges]

Doubt it. Today you can get 5% from a bank with no downside. 5 mil X.05 =250K a year plus SS and maybe a pension. Probably no mortgage and you are not touching your principal.

Or you have that 3% mortgage and a write off, while your money makes money.

[kkingston57]

My brother just took over managing his in-law's finances as the husband, who handled them, has developed dementia. He was astonished they did not have enough in their bank account to pay their latest income tax bill. Their pensions bring in $180K per year but they spend it all. He sold their motor home and second home, a 'cabin' in the mountains of Colorado for over $1M so he was able to pay their taxes and set aside some savings. He told me they had substantial credit card balances and no savings! He wants to sell their primary home up there but he must first move safes containing large coin, gold and gun collections down to Tucson where they are now living in their third (winter) home. He tells me his sister-in-law still spends wildly and has bought all new furniture for their Tucson house. He is still buying gold using credit cards. Years ago the couple lived across the street from me. He had several cars, a Bronco, a pickup truck with a camper on it and a large motorhome. They live wealthy but have never saved a dime other than in hard assets.

Sounds like stories of pro athletes with at least 1 less zero. Suspect they also get SS which will get income in the 225K range. Person needs an hourly rate financial adviser.

[manaboutown]

Sounds like stories of pro athletes with at least 1 less zero. Suspect they also get SS which will get income in the 225K range. Person needs an hourly rate financial adviser.

He is a now 90 years old retired PhD physicist and was a very bright man back in the day. I used to go deer hunting with him so I knew him pretty well. He has an incredible pension with CalPERS as he was a staff member of the University of California for most if not all of his professional life. Social Security was not deducted from his paycheck and I know that because I, too, was a staff member. He may have 40 QCs from other employment, I do not know. His wife, my brother's wife's sister, was a highly regarded public school teacher and has a pension. I do not know if she gets SS, either. I have not probed and was amazed when my brother told me all that he did.

It stunned my brother that they literally had spent every dime of income and had no cash in the bank to pay their taxes. He just could not believe it. My brother managed a state's pension fund for a few years and later on was employed by a couple hedge funds so I think he is up to the job of sorting out their finances but not for getting them to cooperate. I do not envy him this situation.

[Nevinator]

”my personal opinion of these types of threads is "who cares, as I certainly don't about levels and judgements with respect to other people's money"

If you don’t care, why bother responding?

As far as I’m concerned there will always be others who have done better financially in life than me, but good for them…. Hard work, skill and sometimes a little luck pays off. I don’t have any regrets about where I stand in my retirement. I worked hard, my house is paid for and I have a few dollars in the bank. I need nothing and I want for nothing. The real satisfaction for me is knowing that my four children are self sufficient and not living in my basement at age 40+. They all have great careers or run their own businesses.

[spinner1001]

Who paid Phoenix Marketing International for the study?

And I would like to read the full survey report but cannot find it online. Can anyone send me a link?

How Many Millionaires Live in the Villages Florida
INVESTOR TIMES by INVESTOR TIMES Reading Time: 2 mins read

How Many Millionaires Live in The Villages, Florida?

The Villages, located in central Florida, is a popular retirement community known for its active lifestyle and numerous amenities. With its beautiful weather, golf courses, and recreational facilities, it has become a sought-after destination for retirees. Alongside the active lifestyle, an intriguing question arises: how many millionaires live in The Villages?

While it is challenging to determine an exact number, The Villages is home to a significant number of millionaires. According to a study conducted by Phoenix Marketing International, The Villages had the highest concentration of millionaires per capita in the United States in 2019. The study found that approximately 39% of households in The Villages had a net worth of at least one million dollars, excluding their primary residence.


The Villages’ appeal to millionaires can be attributed to several factors. Firstly, the cost of living in Florida is relatively low compared to other states with high concentrations of wealthy individuals, such as New York or California. This, combined with the absence of state income tax, makes Florida an attractive destination for retirees looking to stretch their retirement funds opportunities.

1. Are there any specific neighborhoods in The Villages where millionaires live?
While it is challenging to pinpoint specific neighborhoods, millionaires can be found throughout The Villages.

2. What are some common professions of the millionaires in The Villages?
The Villages is home to a diverse group of millionaires, including former business owners, executives, doctors, and lawyers.

3. How do millionaires in The Villages spend their time?
Millionaires in The Villages often engage in recreational activities such as golfing, boating, and participating in social clubs and events.

4. Do millionaires in The Villages typically downsize their homes?
Many millionaires in The Villages choose to downsize their homes, opting for smaller, low-maintenance properties that align with their desired lifestyle.

5. Are there any exclusive clubs or organizations for millionaires in The Villages?
While there are no exclusive clubs solely for millionaires, there are various clubs and organizations that cater to different interests and hobbies.

6. Are there any philanthropic efforts by millionaires in The Villages?
Yes, many millionaires in The Villages are actively involved in philanthropic endeavors, supporting local charities and causes.

7. Can non-millionaires also live in The Villages?
Absolutely! The Villages is an inclusive community that welcomes residents from various financial backgrounds.

8. Are there any financial planning services available for residents in The Villages?
Yes, residents have access to financial planning services within The Villages to help manage their wealth and retirement funds.

9. How does the presence of millionaires impact the local economy?
The presence of millionaires in The Villages contributes to the local economy by stimulating businesses and creating job opportunities

10. Are there any tax advantages for millionaires living in The Villages?
Florida’s lack of state income tax is an advantage for millionaires living in The Villages, allowing them to keep more of their wealth.

11. Are there any disadvantages to living in The Villages as a millionaire?
Disadvantages can vary depending on individual preferences, but some may find the community’s focus on retirement activities limiting if they desire a more urban lifestyle.

12. Can I visit The Villages as a non-resident to experience the community?
Yes, The Villages welcomes visitors who can explore the community’s amenities, participate in activities, and get a feel for the lifestyle it offers.

In conclusion, The Villages, Florida, is home to a significant number of millionaires, with a high concentration per capita. The community’s low cost of living, exclusive amenities, and social opportunities contribute to its appeal among the affluent. Whether you are a millionaire or not, The Villages offers a unique retirement experience for individuals from various backgrounds.

[Stu from NYC]

If you don’t care, why bother responding?

As far as I’m concerned there will always be others who have done better financially in life than me, but good for them…. Hard work, skill and sometimes a little luck pays off. I don’t have any regrets about where I stand in my retirement. I worked hard, my house is paid for and I have a few dollars in the bank. I need nothing and I want for nothing. The real satisfaction for me is knowing that my four children are self sufficient and not living in my basement at age 40+. They all have great careers or run their own businesses.

Very true. We are very proud our kids got out of college with money in the bank and have good jobs and are self supporting.

We do put money into our grandkids college funds to help them finish school with no loans

[spinner1001]

you are not an average person, you are an individual.

Many people miss this nuance across all kinds of topics. Surveys and other research typically report averages. Almost no one person is ‘average’.

[golfgirlblue]

Or you have that 3% mortgage and a write off, while your money makes money.

Well, you would have to itemize your deductions....the standard deduction for married filing joint is $27, 700. You would need a lot of deductions to exceed that....so for most, it won't be deductible.

[spinner1001]

Years ago I read the book "The Millionaire Next Door". in it he describes people like the ones you describe. He refers to them with a saying he said comes from Texas: "Big hat, no cattle".

I recall The Millionaire Next Door reported the most common vehicle driven by thair millionaires was Ford F-150 pick up trucks. I don’t doubt it because the book was based on research of certain kinds of clients at one financial institution as I remember and they we entrepreneurs in the 1980s before big tech entrepreneurs came along.

For surveys, the devil is in the survey-design details. I want to read about the survey design before relying on the reported results. Popular media likes to exaggerate what survey researchers say to get more advertising revenue.

And then this kind of silliness reported in USA Today recently from a survey:

“Americans, on average, believe they will need to save an average of $1.8 million for retirement, compared with an average estimate of $1.7 million last year, according to an online Schwab survey of 1,000 U.S. 401(k) plan participants between April 19 and May 2.“

How much do I need to retire? Americans think they need $1.8 million. (https://www.usatoday.com/story/money/personalfinance/2023/08/02/how-much-money-americans-need-for-retirement/70507274007/#)

[golfgirlblue]

How Many Millionaires Live in the Villages Florida
INVESTOR TIMES by INVESTOR TIMES Reading Time: 2 mins read

How Many Millionaires Live in The Villages, Florida?

The Villages, located in central Florida, is a popular retirement community known for its active lifestyle and numerous amenities. With its beautiful weather, golf courses, and recreational facilities, it has become a sought-after destination for retirees. Alongside the active lifestyle, an intriguing question arises: how many millionaires live in The Villages?

While it is challenging to determine an exact number, The Villages is home to a significant number of millionaires. According to a study conducted by Phoenix Marketing International, The Villages had the highest concentration of millionaires per capita in the United States in 2019. The study found that approximately 39% of households in The Villages had a net worth of at least one million dollars, excluding their primary residence.


The Villages’ appeal to millionaires can be attributed to several factors. Firstly, the cost of living in Florida is relatively low compared to other states with high concentrations of wealthy individuals, such as New York or California. This, combined with the absence of state income tax, makes Florida an attractive destination for retirees looking to stretch their retirement funds opportunities.

1. Are there any specific neighborhoods in The Villages where millionaires live?
While it is challenging to pinpoint specific neighborhoods, millionaires can be found throughout The Villages.

2. What are some common professions of the millionaires in The Villages?
The Villages is home to a diverse group of millionaires, including former business owners, executives, doctors, and lawyers.

3. How do millionaires in The Villages spend their time?
Millionaires in The Villages often engage in recreational activities such as golfing, boating, and participating in social clubs and events.

4. Do millionaires in The Villages typically downsize their homes?
Many millionaires in The Villages choose to downsize their homes, opting for smaller, low-maintenance properties that align with their desired lifestyle.

5. Are there any exclusive clubs or organizations for millionaires in The Villages?
While there are no exclusive clubs solely for millionaires, there are various clubs and organizations that cater to different interests and hobbies.

6. Are there any philanthropic efforts by millionaires in The Villages?
Yes, many millionaires in The Villages are actively involved in philanthropic endeavors, supporting local charities and causes.

7. Can non-millionaires also live in The Villages?
Absolutely! The Villages is an inclusive community that welcomes residents from various financial backgrounds.

8. Are there any financial planning services available for residents in The Villages?
Yes, residents have access to financial planning services within The Villages to help manage their wealth and retirement funds.

9. How does the presence of millionaires impact the local economy?
The presence of millionaires in The Villages contributes to the local economy by stimulating businesses and creating job opportunities

10. Are there any tax advantages for millionaires living in The Villages?
Florida’s lack of state income tax is an advantage for millionaires living in The Villages, allowing them to keep more of their wealth.

11. Are there any disadvantages to living in The Villages as a millionaire?
Disadvantages can vary depending on individual preferences, but some may find the community’s focus on retirement activities limiting if they desire a more urban lifestyle.

12. Can I visit The Villages as a non-resident to experience the community?
Yes, The Villages welcomes visitors who can explore the community’s amenities, participate in activities, and get a feel for the lifestyle it offers.

In conclusion, The Villages, Florida, is home to a significant number of millionaires, with a high concentration per capita. The community’s low cost of living, exclusive amenities, and social opportunities contribute to its appeal among the affluent. Whether you are a millionaire or not, The Villages offers a unique retirement experience for individuals from various backgrounds.

One of the things that I have found in TV, is that everyone enjoys the same amenities, so we all live like kings. I have found people are not Keep Up With Jones' types, competing for status. This was one of the things that attracted me to TV.

[thelegges]

Very true. We are very proud our kids got out of college with money in the bank and have good jobs and are self supporting.

We do put money into our grandkids college funds to help them finish school with no loans

What ever was left after scholarships, we paid for the first 4 years. Doctorates, and MDs were on them. Thank goodness they picked great careers.

Grands got first 4 years after scholarships. Many years of discussion that doctor debt is a great concern, but they are heading for trauma ortho, the other MDA. We gave them a house to live in while going to school, so hopefully they will not be in 1.5 million doctor debt

[Laker14]

you are not an average person, you are an individual. The comment was about the dollar value of rich in today's world, which is very much up from $2M which was used about 10-15 years ago.

I play the lottery to get rich, but I have a fine life and don't quite have everything i want, but then again , most people don't have everything they want. . but they live a very comfortable life here in the villages..

my personal opinion of these types of threads is "who cares, as I certainly don't about levels and judgements with respect to other people's money"

Your observation that I am not an average person, but an individual is obvious. I don't see how that observation changes the fundamental difference between your definition of rich, and mine, or how it supports either viewpoint.

[MrChip72]

Interesting post. I too thought it would be higher based on many of the fellow Villagers that I've met who have sold their expensive up north homes and put a portion of the money into their dream home in TV.

$570k in the year 2000 is worth just over $1M in 2023, so being a "millionaire" really isn't that big of a deal anymore.

There's over 22 million millionaires in the US.

In the all of the top 15 most expensive cities in the US, the average home is over $1M.

[CoachKandSportsguy]

Your observation that I am not an average person, but an individual is obvious. I don't see how that observation changes the fundamental difference between your definition of rich, and mine, or how it supports either viewpoint.

its not my definition of rich, I don't need one. Its an average of many observations, of which some had opinions like yours and most who didn't, because its an average. My referenced number, which i read about 15-20 years ago, the colloquial definition of rich with a measurement of dollars was $2 M back then. .

As individuals, no one is average, and everyone will have a different opinion or definition.

"Most individuals want everyone to be treated equally, but I, the individual self, wants to be treated special."

Seems you fit into this definition of modern humanity

[Laker14]

its not my definition of rich, I don't need one. Its an average of many observations, of which some had opinions like yours and most who didn't, because its an average. My referenced number, which i read about 15-20 years ago, the colloquial definition of rich with a measurement of dollars was $2 M back then. .

As individuals, no one is average, and everyone will have a different opinion or definition.

"Most individuals want everyone to be treated equally, but I, the individual self, wants to be treated special."

Seems you fit into this definition of modern humanity

I didn't understand that your comment to which I first replied was not a personal opinion, but an "average of many observations".

I have no idea where you are going with the last sentence of the above quoted post. Were you intending to insult me?

[Randall55]

Ask people what they must have in assets to be considered rich. Answers are all over the mapI agree. The percentage of people who are millionaires in the USA is 8.8%. I can't find any site that provides the percentage in the Villages. However, every city I type in is a single-digit percentage. Orlando, Tampa, Miami, Boca, Los Angeles, New York, etc. None of these cities have cracked double digits. But, in the Villages? Nearly one out of every 2 people are millionaires? People who want to say their pension makes them a millionaire, it doesn't. It is calculated as monthly income. I am glad we all FEEL like millionaires. But, latest statistics show there are 496,000 millionaires in the entire state of Florida. I am going with the stats that I found. 39% is way off.

[Salty Dog]

When I lived in the Philippines, I was a multi millionaire (in Philippine Pesos)…😄

[MidWestIA]

32162 Income Statistics - Current Census Data for Zip Codes (https://www.incomebyzipcode.com/florida/32162)

[huge-pigeons]

I’m surprised it’s not higher than 39%! A millionaire is nothing to write home about. Wealth is much more than just money.
Financial independence is what you want to strive for and that’s when you know you are set.
Just because we are older, that doesn’t mean your income stops. This is the time when passive income takes over. For me, I made very good money during my working years but I make many times that each year in my investments while I’m playing sports or sleeping: that’s passive income.
IMO: to feel comfortable money wise, you need over $5M for 2 people, not $1M.

[Blackbird45]

This is no big deal. In today's world if you had been a worker with a pension and a 401K and some investments you will most likely be a millionaire. This is excluding your home.

[Caymus]

This is no big deal. In today's world if you had been a worker with a pension and a 401K and some investments you will most likely be a millionaire. This is excluding your home.

Maybe in the past. Most private sector workers no longer have a typical pension.

[Stu from NYC]

Maybe in the past. Most private sector workers no longer have a typical pension.

Pension who had a pension saving and investing into Ira and 401 has allowed us to live here.

[Stu from NYC]

I’m surprised it’s not higher than 39%! A millionaire is nothing to write home about. Wealth is much more than just money.
Financial independence is what you want to strive for and that’s when you know you are set.
Just because we are older, that doesn’t mean your income stops. This is the time when passive income takes over. For me, I made very good money during my working years but I make many times that each year in my investments while I’m playing sports or sleeping: that’s passive income.
IMO: to feel comfortable money wise, you need over $5M for 2 people, not $1M.

Number has to be well over a million. Take out 4 percent and 40000 plus ss does not go as far as it used to.

[BlueStarAirlines]

...latest statistics show there are 496,000 millionaire in the entire state of Florida. I am going with the stats that I found. 39% is way off.

I think the facts are vague enough that one can manipulate them as justification for any position. I would expect TV residents as a whole to be wealthier than average cities just because all moved here with their wealth. For the most part, we don't have residents working for minimum wage, low income housing, etc.

It is never clarified if that $1m is what people have saved or if it is their net worth. $1 million is a low bar when one takes all assets into consideration. A newer designer home base price is in the $400k-$500k range, so another $500k in assets meets the mark. $1m is not a difficult number to get to.

As noted in this post (We Bet You Can't Guess How Many Americans Actually Retire With a Million Bucks (https://finance.yahoo.com/news/many-americans-retire-million-dollars-140019814.html) ), the average net worth of those of those 65-74 is $1.2 million according to the Federal Reserve. So, I have doubts about a large percentage of folks having $1m in savings, but having 39% of folks having their net worth more than $1m isn't a high number.

[llaran]

A million dollars is not what it was a few years ago,

[Bill14564]

...
But, latest statistics show there are 496,000 millionaires in the entire state of Florida. I am going with the stats that I found. 39% is way off.

If there are 70,000 homes in the Villages and if 40% of those had over $1M then that would be 28,000 out of 496,000 or about 6% of Florida millionaires live in the Villages.

Is that correct? I don't know, but it doesn't seem completely unreasonable.

[Bill14564]

...

It is never clarified if that $1m is what people have saved or if it is their net worth. $1 million is a low bar when one takes all assets into consideration. A newer designer home base price is in the $400k-$500k range, so another $500k in assets meets the mark. $1m is not a difficult number to get to.

...

The article said it was not counting the value of the home.

The study found that approximately 39% of households in The Villages had a net worth of at least one million dollars, excluding their primary residence.

[retiredguy123]

The article said it was not counting the value of the home.

The study found that approximately 39% of households in The Villages had a net worth of at least one million dollars, excluding their primary residence.
Not counting the value of the home makes no sense to me.

[Kenswing]

Not counting the value of the home makes no sense to me.

Especially when so many pay cash for or have paid off their mortgage. How can that not be considered in any net worth calculations?

[mikeycereal]

Mom became a millionaire. Had a federal job from 1973-1996. Put away $500 each month into an IRA. Spent money on home improvements, landscapers, a maid, and a nice car for herself 3 separate times. Traveled for free with her job. Sold house that they paid 26k for in 1966 for $160k in 2013. Not saying it was easy, but she was very smart with her money.

[Bill14564]

Not counting the value of the home makes no sense to me.

Especially when so many pay cash for or have paid off their mortgage. How can that not be considered in any net worth calculations?

I believe I read an explanation in another article that referenced the same study but I don't recall what the reasoning was.

I'm not sure where the study got their information from. I know I never provided my net worth to anyone. Perhaps the source of information did not include home value.

[thelegges]

Not counting the value of the home makes no sense to me.

Especially when many own primary home and multiple investment homes.

[Wondering]

How Many Millionaires Live in the Villages Florida
INVESTOR TIMES by INVESTOR TIMES Reading Time: 2 mins read

How Many Millionaires Live in The Villages, Florida?

The Villages, located in central Florida, is a popular retirement community known for its active lifestyle and numerous amenities. With its beautiful weather, golf courses, and recreational facilities, it has become a sought-after destination for retirees. Alongside the active lifestyle, an intriguing question arises: how many millionaires live in The Villages?

While it is challenging to determine an exact number, The Villages is home to a significant number of millionaires. According to a study conducted by Phoenix Marketing International, The Villages had the highest concentration of millionaires per capita in the United States in 2019. The study found that approximately 39% of households in The Villages had a net worth of at least one million dollars, excluding their primary residence.


The Villages’ appeal to millionaires can be attributed to several factors. Firstly, the cost of living in Florida is relatively low compared to other states with high concentrations of wealthy individuals, such as New York or California. This, combined with the absence of state income tax, makes Florida an attractive destination for retirees looking to stretch their retirement funds opportunities.

1. Are there any specific neighborhoods in The Villages where millionaires live?
While it is challenging to pinpoint specific neighborhoods, millionaires can be found throughout The Villages.

2. What are some common professions of the millionaires in The Villages?
The Villages is home to a diverse group of millionaires, including former business owners, executives, doctors, and lawyers.

3. How do millionaires in The Villages spend their time?
Millionaires in The Villages often engage in recreational activities such as golfing, boating, and participating in social clubs and events.

4. Do millionaires in The Villages typically downsize their homes?
Many millionaires in The Villages choose to downsize their homes, opting for smaller, low-maintenance properties that align with their desired lifestyle.

5. Are there any exclusive clubs or organizations for millionaires in The Villages?
While there are no exclusive clubs solely for millionaires, there are various clubs and organizations that cater to different interests and hobbies.

6. Are there any philanthropic efforts by millionaires in The Villages?
Yes, many millionaires in The Villages are actively involved in philanthropic endeavors, supporting local charities and causes.

7. Can non-millionaires also live in The Villages?
Absolutely! The Villages is an inclusive community that welcomes residents from various financial backgrounds.

8. Are there any financial planning services available for residents in The Villages?
Yes, residents have access to financial planning services within The Villages to help manage their wealth and retirement funds.

9. How does the presence of millionaires impact the local economy?
The presence of millionaires in The Villages contributes to the local economy by stimulating businesses and creating job opportunities

10. Are there any tax advantages for millionaires living in The Villages?
Florida’s lack of state income tax is an advantage for millionaires living in The Villages, allowing them to keep more of their wealth.

11. Are there any disadvantages to living in The Villages as a millionaire?
Disadvantages can vary depending on individual preferences, but some may find the community’s focus on retirement activities limiting if they desire a more urban lifestyle.

12. Can I visit The Villages as a non-resident to experience the community?
Yes, The Villages welcomes visitors who can explore the community’s amenities, participate in activities, and get a feel for the lifestyle it offers.

In conclusion, The Villages, Florida, is home to a significant number of millionaires, with a high concentration per capita. The community’s low cost of living, exclusive amenities, and social opportunities contribute to its appeal among the affluent. Whether you are a millionaire or not, The Villages offers a unique retirement experience for individuals from various backgrounds.
What is the criteria for your definition of today's Millionaire? Cash Millionaire is one thing, Total Asset Millionaire is very common today.

[wbilbrey99@gmail.com]

Rest assured last I checked I’m not one of them. Still waiting.

[MandoMan]

I have great respect for you and your posts, Toymeister, but Investor Times is a quasi- click bait site that seems to provide less than excellent analytics. I don’t know where it got its 39% millionaires statistic, but its comments about that seem to have been generated without much thought.

I suspect that you, like me, remember (barely, in my case) the TV show The Millionaire, 1955-1960, in which someone received a check for a million dollars at the beginning of the show, and often by the show’s end the person had made decisions that ruined his or her life. A million dollars was a lot back then, when my dad was earning $1,500 a month.

However, many financial planners say that if one has money invested for retirement, one can pretty reliably take out 4% a year and die with that same amount available. Some years more, some years less, and it all depends on where you put that money. (Mutual funds, well-chosen, and not a savings account.) Thus, someone here who has $1 million in mutual funds could, if things work out right, take out $40,000 a year and still end up with a million at death to leave to the kids. That sounds like $3,333 a month. But wait! If those retirement savings were made pre- tax, the mutual fund is required to deduct 20% off the top and send it to the IRS. That means the millionaire would get $2,666 a month from that million dollars. There are plenty of people living here on $1,000 a month from Social Security, but it requires constant frugality. Others are getting $2,500 a month from Social Security. That’s better, but still requires frugality. Adding $2,666 a month to that is a big help, but then they also have to pay income tax on their Social Security payments. I’m not sure how much that is. However, I would estimate that the people here with $1 million in mutual funds to live on and Social Security, using 4% of their mutual fund, with $2,500 a month from Social Security, after taxes have about $4,000 a month to use on living expenses and all purchases.

Maybe they have a mortgage and a larger home and are paying $2,500 a month on all those home-related costs. Maybe they are millionaires, yes, but the remaining $1,500 a month makes it difficult to squeeze in payments for a new Corvette, or cover the summer house on a lake in Minnesota, or pay for some cruise up a river in Europe or to Alaska.

Now, if a couple has $2 million, or $3 million, or $4 million in investments, a higher standard of living is possible, and those cruises and toys become possible. But I don’t see having $1 million as being wealthy. (And many in that 39% may only have $1 million.) It’s just the result of a lifetime of prudent saving and investment and postponing middle-aged pleasures. It means that if you are fortunate enough to live in a courtyard villa, free and clear, with a paid-for car and good health insurance, you can live without worrying if you are careful, go to a nice restaurant once a week, play golf on executive courses, give the kids nice Christmas presents. It’s a good life. It’s not a wealthy life.

As for those here (61%) who are not millionaires, they aren’t wealthy, either. (Lots of people have pensions from their work days, whether as teachers, or with good union factory jobs, or from others sorts of work with pension benefits. I don’t know if that is somehow factored into their wealth or not. If you have a pension of $2,666 a month plus Social Security, would that be counted as the equivalent of being a millionaire?)

[Randall55]

If there are 70,000 homes in the Villages and if 40% of those had over $1M then that would be 28,000 out of 496,000 or about 6% of Florida millionaires live in the Villages.

Is that correct? I don't know, but it doesn't seem completely unreasonable. You are taking a percentage of two different facts and rationalizing it to one fact.

Here is my rationalization:
1 out of every 2 people is 50%.
1 out of every 3 people is 33%.
I stand on my beliefs. 39% would mean nearly every other person I meet here in the Villages is a millionaire. This has not been the case for me. Not in my neighborhood. Not in the clubs I attend. Not in large social gatherings. Not even close! 39% seems way off! Btw: I live in Hawkins where the cost of new home is over $400,000. Most people paid cash for their home after selling their Northern home and are living on monthly pensions and social security. Quite a few are still working.

[merrymini]

I am always suspecting of these wealth studies. However, what I like about the villages is that wealthy or not, we all use the same facilities and that net worth is not really important to friendships and activities.

[Plinker]

Especially when many own primary home and multiple investment homes.

Obviously, your primary residence should be included when calculating your net worth. However, it is common practice to exclude your primary residence, as this report does, and only include assets that can provide a source of income (net worth excluding primary residence). In other words, investable assets. This would include properties other than your primary residence and assets that can be readily converted to cash such as coin and art collections, etc.

Your primary residence may rise in value from $300,000 to $1,000,000 over time but if you die before selling and realizing that gain, your primary residence was never a source of income (please don’t mention a reverse mortgage). If you downsize your primary residence, as many retirees do, the remaining money would be included.

This study defines a millionaire as having a net worth of at least $1,000,000, excluding your primary residence. It is possible to own a primary residence that represents a very large percentage of your net worth and have few investable assets.

[Blackbird45]

Even if you own your own home outright being a millionaire is nice but it's just a vehicle to make money. In other words, with CDs now paying 5% plus interest you're talking $50,000 interest yearly per million. So, if you want to live a comfortable life you might be a millionaire, but you'll probably never want to tap the principle. Basically, being a millionaire today is not what it was in the 50s.

[manaboutown]

Except for those who come from wealthy families, and/or inherit significant sums, most people do not reach millionaire status until at least their 50s. Since The Villages is mostly occupied by people in their 50s and older, who are homeowners and receive income from investments, pensions, and perhaps other sources, far more are likely to be millionaires than in a typical urban venue. It is the demographic that skews the percentage so far above average.

[Randall55]

Not counting the value of the home makes no sense to me.A personal home is always listed as a debt. Even if you pay cash for it, it is still a debt. You must pay property taxes, insurance, and maintenance fees. Since these items never go away, a personal home is a debt. If you do not have a mortgage, you simply have a lower monthly cost.

If you do have a mortgage, the balance that you owe gets subtracted from the total of your assets.

This is why the value of a personal home is not taken into account when determining wealth.

My financial advisor gave me this tidbit: If it is cheaper to rent, then rent! If it is cheaper to own, then own! His advice hasn't failed me yet..

[jmaccallum]

Honestly I thought the number would be higher. It doesn’t take much to amass a million dollars these days. If you worked for a company that offered a 401k and you took advantage of it you should easily be a millionaire. If you invested at all in real estate in your younger days you should be a millionaire. So many ways to get to a million these days. Heck, if you just post a few viral videos on YouTube you can be a millionaire-lol.

I agree. I think that number is very low. Most retirees today have a net worth of over $1 million.

[manaboutown]

With the exception of some pro athletes, tech moguls, rock musicians, movie stars and the like living a long time is a key factor in becoming wealthy. Warren Buffett has made 99.7% of his money after the age of 52 | by Grant Cardone | The 10X Entrepreneur | Medium (https://medium.com/the-10x-entrepreneur/warren-buffett-has-made-99-7-of-his-money-after-the-age-of-52-71e2ce04c347)

[Randall55]

I agree. I think that number is very low. Most retirees today have a net worth of over $1 million. Yes, but calculating one's wealth is determined by several factors. One factor: If your 401K is worth over $1 million, does the owner need monthly payments from it to survive? The answer yes or no determines wealth.

[JGibson]

A wise lady once said…

“Your health is your wealth”

Also, there is a difference between being a self-made millionaire and being born into it.

Does the article give that information?

[Blackbird45]

A wise lady once said…

“Your health is your wealth”

Also, there is a difference between being a self-made millionaire and being born into it.

Does the article give that information?

I could be wrong, but I do not believe that people living here in The Villages who have reach the million plus status inherited their money. People who inherited their money are usually younger than retirement age. I personally knew a woman who was worth millions and she told me her son was going to inherit a million when he reached 21, that was in the 70s. Shes long gone I don't know she was worth, but we are talking big bucks.

[Randall55]

[QUOTE=JGibson;2253618]A wise lady once said…

“Your health is your wealth”

Also, there is a difference between being a self-made millionaire and being born into it. (Quote)



If there is such a thing as reincarnatiion, I hope I come back the son/daughter of one of the wealthiest on the planet. I don't want to EARN a thing! Sit back and enjoy the view.

[Fastskiguy]

Only 39% millionaires…i would think it would be higher. Perhaps if you factor in the older section it probably has lowered tye percentage.

Totally agree.

Also...the answer really sounded like chat gpt to me

Joe

[Stu from NYC]

A personal home is always listed as a debt. Even if you pay cash for it, it is still a debt. You must pay property taxes, insurance, and maintenance fees. Since these items never go away, a personal home is a debt. If you do not have a mortgage, you simply have a lower monthly cost.

If you do have a mortgage, the balance that you owe gets subtracted from the total of your assets.

This is why the value of a personal home is not taken into account when determining wealth.

My financial advisor gave me this tidbit: If it is cheaper to rent, then rent! If it is cheaper to own, then own! His advice hasn't failed me yet..

I respectfully disagree.

Our home is an asset which over the years increased in value. With many assets there are costs associated with it but ask any accountant, house is an asset.

[huge-pigeons]

There is a difference between being a millionaire with a million to live on vs being a millionaire of total net worth. If you are calculating net worth, it’s assets - debt.
If you have a million dollar house that you owe $800k, you have around $180k net worth of that house. Even if you own a $1M house outright, you can’t live on that million dollar home.
For myself, financial independence means you have enough money to do what you want, buy pretty much what you want without going into debt. For example, we spent $100k on stuff last year that we really didn’t need, but our net worth grew over $120k for the year, so we made much more than what we frivolous spent.
I sold out of a couple pensions during my 40+ years of working because I thought I could make more money investing that money myself instead of getting pension money in retirement. Our money keeps growing while we live off of the dividends.

[Villagesgal]

Possibly the article referred to households and not individuals. Using households that figure seems reasonable. One million is not what it used to be that is true, but it still leads to a comfortable life, and most here have a very comfortable life. Life is Good here in The Villages.

[Fastskiguy]

Even if you own a $1M house outright, you can’t live on that million dollar home.

Tom Selleck begs to differ.

Joe

[Randall55]

I respectfully disagree.

Our home is an asset which over the years increased in value. With many assets there are costs associated with it but ask any accountant, house is an asset. That information comes from my financial advisor. I have no reason to doubt him. His information sounds correct and logical to me. If you disagree, your choice.I was just stating the possible reason the OP did not include a personal home when determining a millionaire status. ( exactly like my financial advisor does not include it on his statements)

[Caymus]

That information comes from my financial advisor. I have no reason to doubt him. His information sounds correct and logical to me. If you disagree, your choice.I was just stating the possible reason the OP did not include a personal home when determining a millionaire status. ( exactly like my financial advisor does not include it on his statements)

Maybe a better indicator would be liquid assets.

[Chi-Town]

If you abide by the 4% rule your house is not included.

[Stu from NYC]

That information comes from my financial advisor. I have no reason to doubt him. His information sounds correct and logical to me. If you disagree, your choice.I was just stating the possible reason the OP did not include a personal home when determining a millionaire status. ( exactly like my financial advisor does not include it on his statements)

If he is only considering assets that will yield you a return each year would understand his reasoning just not his terminology.

[Pugchief]

what I like about the villages is that wealthy or not, we all use the same facilities and that net worth is not really important to friendships and activities.

I'll take that one step further. Even though I assume that most people in TV have some money, virtually no one flaunts it (like they would in Miami or Naples), which makes most everyone down-to-earth and likeable.

[Stu from NYC]

I'll take that one step further. Even though I assume that most people in TV have some money, virtually no one flaunts it (like they would in Miami or Naples), which makes most everyone down-to-earth and likeable.

We have met a few who insists on how much they spend on all kinds of things in order to impress us with their wealth.

[Two Bills]

The secret to living as a millionaire on non millionaire money, is go to places where what you have, gives you millionaire lifestyle and/or value for your money.
Wife and I retired 27 years ago, and up until the Covid restrictions, never spent a winter in UK.
We overwintered in South Africa for several years where our pound was very strong against the Rand, until security became the big problem.
New Zealand was financially beneficial, and a really super place.
Especially if you like throwing yourself off cliffs and bridges with an elastic band round your leg. Believe me, Kiwis are nuts!
Traveling was the drawback that stopped us continuing there
24 hour flights soon lost their appeal.
Finally in about 1999 we discovered The Villages, and wintered there, and until Covid, the place was very good value for money.
After Covid it was crazy price time, and no longer value as far a we were concerned.
We travel in our trusty old car around Europe now when we can, and some of the old Eastern Block countries are good value, very scenic, and so rich in history.
Our retirement years have been spent as Budget Millionaires.
And we ain't done yet!

[wamley]

I was wondring what the formula was to arrive at a million dollars. All assets, RE, bank accounts, retirement accoun, coin collections or the like that actually have a value. cars? seems to me a million isn't a real difficult number to arrive at.

[manaboutown]

"Start living like a millionaire on your retirement budget." The Villages TV Commercial for Golf Free For Life - iSpot.tv (https://www.ispot.tv/ad/7LyK/the-villages-golf-free-for-life)

"Having had a hand in showbiz, Harold also understood the importance of making your guests feel like stars. “Live like a millionaire on a retirement budget” was not just a slogan used in advertisements, Harold’s actions embodied the quote."

From: Harold Schwartz: From Border Radio to The Villages (https://www.insidethebubble.net/harold-schwartz-border-radio/)

[Laker14]

I don't know why a house wouldn't be included in one's net worth. I'd rather have $2M in IRAs, and own a $500K home, than have $2M in IRAs and have to pay rent with no equity in a home.

Now, why would that be?
While calculating how much of a draw I felt comfortable taking out my $2M IRA, I would ignore the home value if I could, but I'd still be comforted to know I had it. While I may not use the funds for day-to-day living expenses, while calculating what that draw could be, and realizing that a reasonable amount of unpredictability exists regarding end-of-life expenses, I would make some allowance for the fact that should I need assisted living, or some other medical expenses, if I needed to sell the home, I'd have some cash to meet those expenses.

[manaboutown]

Charles D. Ellis argues that the equity in one's home is akin to a bond, one of the legs of the retirement stool. If necessary in the future the home can be sold and funds used for independent or assisted living costs. Here he is on 'Wealthtrack'.

https://www.youtube.com/watch?v=MrhITGB8EYU

[Randall55]

I don't know why a house wouldn't be included in one's net worth. I'd rather have $2M in IRAs, and own a $500K home, than have $2M in IRAs and have to pay rent with no equity in a home.

Now, why would that be?
While calculating how much of a draw I felt comfortable taking out my $2M IRA, I would ignore the home value if I could, but I'd still be comforted to know I had it. While I may not use the funds for day-to-day living expenses, while calculating what that draw could be, and realizing that a reasonable amount of unpredictability exists regarding end-of-life expenses, I would make some allowance for the fact that should I need assisted living, or some other medical expenses, if I needed to sell the home, I'd have some cash to meet those expenses. Depends on how you invest your money. IRA's and homes I can understand the comfort. But, I also see owning a profitable business or similar takes away the need for such comforts.

[OrangeBlossomBaby]

In my opinion you can’t equate income to wealth. Not totally anyway. Especially in The Villages. Most have already made their money. The income they show now is from social security, retirement and investments. Smart people manage their income in accordance with the tax burden they’re comfortable with.

Also most people who live here, bought their retirement home with the proceeds from their previous home. Which means most people here were homeowners, not renters, before they came here. So their current social security checks and pensions are enough to live off of, since they don't have mortgages to deal with.

That's the thing here - as long as you pay in full for your house in The Villages, and don't have to rely on a mortgage, your wealth isn't really all that important. Your income doesn't have to be high. You can live VERY well on $3000/month combined income with two people in the home, including social security and pensions.

[MrChip72]

Also most people who live here, bought their retirement home with the proceeds from their previous home. Which means most people here were homeowners, not renters, before they came here.

I'm not sure if that is completely accurate that most people bought with the proceeds of their previous home. In the South of 44 areas it feels like more the exception than the rule. I feel confident that more than 50% of the owners in the newer areas of TV that it's not their only home. Plenty of snowbirds, snowflakes, people buying a few years before retirement, etc.

[OrangeBlossomBaby]

I'm not sure if that is completely accurate that most people bought with the proceeds of their previous home. In the South of 44 areas it feels like more the exception than the rule. I feel confident that more than 50% of the owners in the newer areas of TV that it's not their only home. Plenty of snowbirds, snowflakes, people buying a few years before retirement, etc.

By "most," I mean - most. Not "more than 50% of the owners in the newer areas." I mean - most. Most of the community of over 150,000 people.

[Pairadocs]

My brother just took over managing his in-law's finances as the husband, who handled them, has developed dementia. He was astonished they did not have enough in their bank account to pay their latest income tax bill. Their pensions bring in $180K per year but they spend it all. He sold their motor home and second home, a 'cabin' in the mountains of Colorado for over $1M so he was able to pay their taxes and set aside some savings. He told me they had substantial credit card balances and no savings! He wants to sell their primary home up there but he must first move safes containing large coin, gold and gun collections down to Tucson where they are now living in their third (winter) home. He tells me his sister-in-law still spends wildly and has bought all new furniture for their Tucson house. He is still buying gold using credit cards. Years ago the couple lived across the street from me. He had several cars, a Bronco, a pickup truck with a camper on it and a large motorhome. They live wealthy but have never saved a dime other than in hard assets.

I'm sure that is not an unusual story ! A wide range of how people choose to live their lives, and how they spend. Definitely believe there are many like him. Then there are always those stories each year (many of them occur in Florida ?) of seniors, found in homes with no AC, malnourished, often with a malnourished or deceased from starvation, pet. Only to find the person had hundreds of thousands of dollars in a savings account. Dementia is a cruel disease that can make you believe you are starving because you have no money to buy food !

[manaboutown]

I'm sure that is not an unusual story ! A wide range of how people choose to live their lives, and how they spend. Definitely believe there are many like him. Then there are always those stories each year (many of them occur in Florida ?) of seniors, found in homes with no AC, malnourished, often with a malnourished or deceased from starvation, pet. Only to find the person had hundreds of thousands of dollars in a savings account. Dementia is a cruel disease that can make you believe you are starving because you have no money to buy food !

This couple is at the other end of the bodyweight spectrum. They are almost morbidly obese and guzzle ice cream. They are so overweight they cannot get up after they fall and must call the EMTs to get them back on their feet. It is a very sorry state of affairs.

[M2inOR]

I'll add that technically, many people with a pension are millionaires and don't realize it.

I know of many people with a pension that guarantees an income for life once they retire.

If one has a guaranteed income of $65K per year from their pension benefit, they are a millionaire in paper.

How?

If you wanted to get that same benefit, you can purchase an annuity for $1M, and that annuity would provide that level of income.

What's missing from this discussion is the belief by many that there should be a wealth tax that only the rich would pay.

Too many have no idea how to calculate who is rich, and who is not.

[Causey]

If you are lucky enough to live in TV, you are lucky enough.

[JGibson]

I could be wrong, but I do not believe that people living here in The Villages who have reach the million plus status inherited their money. People who inherited their money are usually younger than retirement age. I personally knew a woman who was worth millions and she told me her son was going to inherit a million when he reached 21, that was in the 70s. Shes long gone I don't know she was worth, but we are talking big bucks.

Well, if your parents paid your way through college that in of itself is a huge financial help compared to folks who had to pay for their own college.

How many people in TV were left a large inheritance prior to retirement and was able to invest that money?

I wouldn't be surprised if most of these multi-millionaires had some help somewhere along the way.

Those born into poverty and become authentic multi-millionaires are they folks I admire and respect the most.

[margaretmattson]

I am going to side with those who believe 39% is high. I spent some time trying to research this. I could only find the average yearly income of Villagers. That fact tells you nothing about what people own, if they have assets in other states or overseas, if they own their own business, or if they are carrying a large debt, etc. Rich people tend to know several means of hiding their worth and their tax returns are filled with write-offs. If I can't find proof that 39% of Villagers are millionaires, how did the OP find it?

[retiredguy123]

I am going to side with those who believe 39% is high. I spent some time trying to research this. I could only find the average yearly income of Villagers. That fact tells you nothing about what people own, if they have assets in other states or overseas, if they own their own business, or if they are carrying a large debt, etc. Rich people tend to know several means of hiding their worth and their tax returns are filled with write-offs. If I can't find proof that 39% of Villagers are millionaires, how did the OP find it?
I wish someone would tell me what these write-offs are. I have none.

[margaretmattson]

I wish someone would tell me what these write-offs are. I have none. What I am about to say is not a political statement. I am just going to refer you to someone who claims to be an expert on tax write-offs. Ask Trump. On paper, he makes less than all of us.

[Bill14564]

I am going to side with those who believe 39% is high. I spent some time trying to research this. I could only find the average yearly income of Villagers. That fact tells you nothing about what people own, if they have assets in other states or overseas, if they own their own business, or if they are carrying a large debt, etc. Rich people tend to know several means of hiding their worth and their tax returns are filled with write-offs. If I can't find proof that 39% of Villagers are millionaires, how did the OP find it?

The OP reported the claims in an article. I found the article.

The article referenced a study. I was not able to find the study but I found other articles written based on it.

The second article I found read "around 4%" of Villagers are millionaires. I wonder if the first article missed a decimal point and wrote 39% rather than 3.9%.

It would be great to see the study and its methodology.

[margaretmattson]

4 percent is what I found, as well. I thought perhaps that was a little low. Just goes to show no one actually knows the financial status of others. Some people flaunt it, but don't have it. Others have it, but don't flaunt it.

[Two Bills]

I am going to side with those who believe 39% is high. I spent some time trying to research this. I could only find the average yearly income of Villagers. That fact tells you nothing about what people own, if they have assets in other states or overseas, if they own their own business, or if they are carrying a large debt, etc. Rich people tend to know several means of hiding their worth and their tax returns are filled with write-offs. If I can't find proof that 39% of Villagers are millionaires, how did the OP find it?

Not being snarky, but why should you have access to peoples private affairs and income?
I am glad and reassured that you could not get this information.

[margaretmattson]

Not being snarky, but why should you have access to peoples private affairs and income?
I am glad and reassured that you could not get this information. I am merely skeptical about the OP claim that 39% of Villagers are millionaires. Isn't that what this thread is about? I would not share my financial status with anyone nor would I ask others to do so. Not anyone's business! Which brings us back to the OP. How did they find factual evidence to report 39% of Vilagers are millionaires? Forgive me for being skeptical without proof.

[Velvet]

We have met a few who insists on how much they spend on all kinds of things in order to impress us with their wealth.

Yes, and I smile and look impressed. Often they have worked very hard for that money and these days they have little else going for them. Why not let them enjoy it? I am, for example, very proud of my daughter’s cat. That’s my thing. If someone has a problem with it, they can go talk to someone else.

[ChrisTee]

I have great respect for you and your posts, Toymeister, but Investor Times is a quasi- click bait site that seems to provide less than excellent analytics. I don’t know where it got its 39% millionaires statistic, but its comments about that seem to have been generated without much thought.

I suspect that you, like me, remember (barely, in my case) the TV show The Millionaire, 1955-1960, in which someone received a check for a million dollars at the beginning of the show, and often by the show’s end the person had made decisions that ruined his or her life. A million dollars was a lot back then, when my dad was earning $1,500 a month.

However, many financial planners say that if one has money invested for retirement, one can pretty reliably take out 4% a year and die with that same amount available. Some years more, some years less, and it all depends on where you put that money. (Mutual funds, well-chosen, and not a savings account.) Thus, someone here who has $1 million in mutual funds could, if things work out right, take out $40,000 a year and still end up with a million at death to leave to the kids. That sounds like $3,333 a month. But wait! If those retirement savings were made pre- tax, the mutual fund is required to deduct 20% off the top and send it to the IRS. That means the millionaire would get $2,666 a month from that million dollars. There are plenty of people living here on $1,000 a month from Social Security, but it requires constant frugality. Others are getting $2,500 a month from Social Security. That’s better, but still requires frugality. Adding $2,666 a month to that is a big help, but then they also have to pay income tax on their Social Security payments. I’m not sure how much that is. However, I would estimate that the people here with $1 million in mutual funds to live on and Social Security, using 4% of their mutual fund, with $2,500 a month from Social Security, after taxes have about $4,000 a month to use on living expenses and all purchases.

Maybe they have a mortgage and a larger home and are paying $2,500 a month on all those home-related costs. Maybe they are millionaires, yes, but the remaining $1,500 a month makes it difficult to squeeze in payments for a new Corvette, or cover the summer house on a lake in Minnesota, or pay for some cruise up a river in Europe or to Alaska.

Now, if a couple has $2 million, or $3 million, or $4 million in investments, a higher standard of living is possible, and those cruises and toys become possible. But I don’t see having $1 million as being wealthy. (And many in that 39% may only have $1 million.) It’s just the result of a lifetime of prudent saving and investment and postponing middle-aged pleasures. It means that if you are fortunate enough to live in a courtyard villa, free and clear, with a paid-for car and good health insurance, you can live without worrying if you are careful, go to a nice restaurant once a week, play golf on executive courses, give the kids nice Christmas presents. It’s a good life. It’s not a wealthy life.

As for those here (61%) who are not millionaires, they aren’t wealthy, either. (Lots of people have pensions from their work days, whether as teachers, or with good union factory jobs, or from others sorts of work with pension benefits. I don’t know if that is somehow factored into their wealth or not. If you have a pension of $2,666 a month plus Social Security, would that be counted as the equivalent of being a millionaire?)

MandoMan - you're spot on. Investor Times is a click bait site - there are definitely more reliable websites! You make several other good points- including the fact that social security is income and those who have pensions plus social security income could be counted as millionaires.

For all of us here - how much you spend versus your income and assets is really the key - if you have $10 million and spend $11 M you're SOL.

[retiredguy123]

Yes, and I smile and look impressed. Often they have worked very hard for that money and these days they have little else going for them. Why not let them enjoy it? I am, for example, very proud of my daughter’s cat. That’s my thing. If someone has a problem with it, they can go talk to someone else.
How much did she pay for the cat? (just kidding).

[Toymeister]

I am merely skeptical about the OP claim that 39% of Villagers are millionaires. Isn't that what this thread is about? I would not share my financial status with anyone nor would I ask others to do so. Not anyone's business! Which brings us back to the OP. How did they find factual evidence to report 39% of Vilagers are millionaires? Forgive me for being skeptical without proof.

I'm the OP. I did not claim anything. I quoted an article. If you want to know how Phoenix determined this Google them. Pretty simple.

[CoachKandSportsguy]

I am merely skeptical about the OP claim that 39% of Villagers are millionaires. Isn't that what this thread is about? I would not share my financial status with anyone nor would I ask others to do so. Not anyone's business! Which brings us back to the OP. How did they find factual evidence to report 39% of Vilagers are millionaires? Forgive me for being skeptical without proof.

These articles / studies are estimates and they use a variety of data sources to create averages, etc which are in reality data crimes by using this piece here and that piece there, and a third piece, and then average and then divide by the population.

Depending upon their definition of wealth, which is mostly on paper, here are some sources which can be tortured enough to create the desired data crime:

Value of house , Zillow / Avg value of house for sale, MLS
Value of housing public tax records.
Average Value of 401 K , Vanguard/Fidelity/ other data sources.
Average Social Security (Annuity value of an payment stream)
average value of bank accounts banking assets. . (Use Citizens first current liabilities and assume every villager has an account)
Average Value of cost of living, estimate the cost living, and annuitize that. .

etc. and then make some assumptions and divide by population in census reports. . which is a distortion because many own here but do not live here, again a data crime of averages and assumptions.

So its really a data crime and someone else commented that I said I don't really care but I commented on the article. I really don't care about how many millionaries i live amongst. . that's personal information. .

What I am interested in is if a million is enough or significant or just a large round number from yesteryear, or how much does one need to feel rich or how much does one need to be rich? (definitions and subjective interpretations abound in that discussion.)

[Stu from NYC]

Yes, and I smile and look impressed. Often they have worked very hard for that money and these days they have little else going for them. Why not let them enjoy it? I am, for example, very proud of my daughter’s cat. That’s my thing. If someone has a problem with it, they can go talk to someone else.

Or they have not and just want to impress me who could care less.

Met a lady on a cruise who kept telling us she had $ 100,000 worth of crystal and China. Could not wait to start a conversation with the other couple at our table.

[Velvet]

How much did she pay for the cat? (just kidding).

Well the actual cat was free, it was a rescue. But someone pulled his tail so it had to be completely amputated. It cost my daughter $3000.00 approximately with diagnosis etc. But the reason I am proud of the cat because he recovered beautifully, and he is back to his sweet playful self.

I guess we all have our individual values.

[thelegges]

Or they have not and just want to impress me who could care less.

Met a lady on a cruise who kept telling us she had $ 100,000 worth of crystal and China. Could not wait to start a conversation with the other couple at our table.

China valuable to my parents age group 80 to 95. Our grands took all their Christmas China for memories, value or not. As sommelier have every expensive wine glasse made by certain companies. Each time of our kids come they can't wait to see what I will part with. Wine is unique, the glass makes it come alive

[Kenswing]

Or they have not and just want to impress me who could care less.

Met a lady on a cruise who kept telling us she had $ 100,000 worth of crystal and China. Could not wait to start a conversation with the other couple at our table.

People on cruises are funny. They show off their loyalty status. Brag that they’re in a suite. Bragging about their china is a new one. lol

[margaretmattson]

I'm the OP. I did not claim anything. I quoted an article. If you want to know how Phoenix determined this Google them. Pretty simple. I wasn't referring to you. I was referring to Phoenix.I do not believe I mentioned you specifically in my posts. If it seemed that way, I am sorry for the misunderstanding.

[toeser]

It is so sad that being a 2023 Millionaire isn't what it was in 1968 when Jackie Gleason was in Miami.

It's not like being a millionaire in 2019.

[Randall55]

It's not like being a millionaire in 2019. Correction. It is not like being a millionaire on September 1, 2023. This inflation is crazy! I think I am going to have to get a loan to pay for my groceries. And, don't even get me started on my latest insurance quote. (lol)

[Stu from NYC]

People on cruises are funny. They show off their loyalty status. Brag that they’re in a suite. Bragging about their china is a new one. lol

She was frequent cruiser on Princess with about 1000 days and was one of the three most traveled passengers.
She even told us repeatedly that the capt would be mad if she didn't attend capt party. As if he would care.

[thelegges]

She was frequent cruiser on Princess with about 1000 days and was one of the three most traveled passengers.
She even told us repeatedly that the xapt would be mad if she didn't attend capt party. As if he would care.

Our friends take 3-6 month cruises, rarely have to interact since they buy supplies at each stop and enjoy their own kitchen and surrounding, or have a chef come in.

Problem it’s a cruise, captive audience, guessing since repeating stories she’s old. Now travel to TV any driveway that a golf cart repair guy in working

Person mostly more than one will stop and ask
My cart is making this————-
Do u think I should add————
I have a leak near the —————
And so it goes distracting the poor guy, hoping for free advice, or better yet drive back with their cart, for free repair, while I am paying for him to service my cart,
This week it has happened with the electrician, , sprinkler guy, and the lawn guy.

So cruise, or repair guy, lonely people will stop and talk or give advise to anyone who can’t move fast enough

[Velvet]

She was frequent cruiser on Princess with about 1000 days and was one of the three most traveled passengers.
She even told us repeatedly that the capt would be mad if she didn't attend capt party. As if he would care.

Would you have been more impressed if she was talking about her 2023 Maserati Ghibli? The problem with the clutch! Etc She probably had no one to show her lovely crystals to, and they can be beautifully sculpted pieces of art, but you did the right thing by moving onto someone who had similar interest to yourself.

[Boomer]

There is a current article on kiplinger.com titled “Are You Rich? U.S. Wealth Percentiles Might Provide Answers” where you can see the age demographics of net worth.

According to the article’s stats, those who are 65-74 are the highest with $1,217,700, followed by age 75-plus with $977,600. The article also says that a net worth of $1,030,000 means the top 5% of the country. That seemed weird, but who really knows about other people’s money.

Sure, those age groups probably do have more money because their first house cost a reasonable percentage of their income, even though they paid higher mortgage rates. Real estate equity has built a lot of wealth…..

And — if their tuition was paid by parents, the cost was not a huge, unwieldy percentage of the family’s income or could have a big dent made in the cost just by having part time jobs. Boomers were not financially hamstrung by student loans.

In other words, the boomers, especially the early ones, had a better chance to build wealth than any following generations have had, so far. I think that 39% could be way high for millionaires in TV, but considering the age demographic, that is probably where the stats were harvested.

Also, the early boomers are the offspring of the generation that grew up during The Great Depression. Their memory of those times made many of them careful with the money they earned as adults. That generation overall were not big spenders and some of their kids inherited.

All of the above points are factors in those percentile rankings.

If you want to see the article that started me on this post, give it a Google or a DuckDuckGo. There are a few links in the article, including links within links. One of those asked for people to fill out net worth surveys and be paid to do so. Geez. Anybody see any holes in that one?

Besides that, even if not lying, who would be dumb enough to use an online net worth calculator. Even that beloved DuckDuck would then know waaaay too much.

Boomer

[manaboutown]

Here are the age group results shown in the article Boomer hereinabove cited and discussed.

"Here’s the average net worth by age in 2019, according to the same survey:


Younger than 35: $76,300

35-44: $436,200

45-54: $833,200

55-64: $1,175,900

65-74: $1,217,700

75 or older: $977,600"

If I did the arithmetic correctly (no guarantee) the average net worth of the three oldest groups, comprising 55 through 75+ averages $1,123,733. To me that means that 50% of the households within that age range are millionaires. And... drum roll... this was back in 2019!

Now the Villagers who own homes, in particular the snowbirds who own homes here as well as somewhere else, likely rank above average in net worth so the average Villager would be a millionaire.

[Caymus]

Here are the age group results shown in the article Boomer hereinabove cited and discussed.

"Here’s the average net worth by age in 2019, according to the same survey:


Younger than 35: $76,300

35-44: $436,200

45-54: $833,200

55-64: $1,175,900

65-74: $1,217,700

75 or older: $977,600"

If I did the arithmetic correctly (no guarantee) the average net worth of the three oldest groups, comprising 55 through 75+ averages $1,123,733. To me that means that 50% of the households within that age range are millionaires. And... drum roll... this was back in 2019!

Now the Villagers who own homes, in particular the snowbirds who own homes here as well as somewhere else, likely rank above average in net worth so the average Villager would be a millionaire.

Maybe if it was mean and not average. People like Warren Buffet and Bill Gates have a huge effect on the average.

[Boomer]

Hey, manaboutown,

Thanks for catching my $200,000 typo. I was in a hurry this morning. Dinner guests tonight and I have to get my act together and stop messing around on TOTV. (I corrected my mistake.)

(Btw, I saw your response to my purposely theatrical response to one of your posts in that other thread. Thanks. I was going to return and write about how it was the significance of your calculated use of a semicolon that ticked me off…..

While I always admire a correctly used semicolon, I know that punctuation mark can carry a lot of power when used to equate the meanings of the clauses it joins…….

and your use did just that by joining the fact of the author’s sex to the other two things that were clearly implicated, in your opinion, to be lesser than. But that’s a discussion perhaps for another time. I know I could possibly cure some readers’ insomnia by waxing on about the power of a semicolon. :))

Btw, the book you recommended arrived yesterday and I hope to start it this weekend.

Enough about that and back to peeling apples and setting the table for my real life.

Boomer

[Bill14564]

Maybe if it was mean and not average. People like Warren Buffet and Bill Gates have a huge effect on the average.

mean and average are two words for the same calculation.

Perhaps you meant median (right in the middle, as many higher as there are lower)

[Two Bills]

Tom Selleck begs to differ.

Joe

I have been taking you name in vain since I started reading posts on this board.
For some reason I have always thought your posting name was Fatskiguy!
Only today noticed my error.
Most humble and groveling apologies. :ohdear:
Bill. Thefallingdownskiguy!

[CoachKandSportsguy]

Maybe if it was mean and not average. People like Warren Buffet and Bill Gates have a huge effect on the average.

Maybe if it was median and not average. People like Warren Buffet and Bill Gates have a huge effect on the average.

Sorry to be a math definitional gendarme, don't take it personally, we all agree on the non linear tail average influence on the average.

[CoachKandSportsguy]

Here are the age group results shown in the article Boomer hereinabove cited and discussed.

"Here’s the average net worth by age in 2019, according to the same survey:


Younger than 35: $76,300

35-44: $436,200

45-54: $833,200

55-64: $1,175,900

65-74: $1,217,700

75 or older: $977,600"

If I did the arithmetic correctly (no guarantee) the average net worth of the three oldest groups, comprising 55 through 75+ averages $1,123,733. To me that means that 50% of the households within that age range are millionaires. And... drum roll... this was back in 2019!

Now the Villagers who own homes, in particular the snowbirds who own homes here as well as somewhere else, likely rank above average in net worth so the average Villager would be a millionaire.

was it really a survey where people answered questions?
or was it their own data crime calculations which they called their "Survey"?

I get suspicious of all surveys, knowing how people interpret and misinterpret questions. . . especially of personal financial information. . . ie, who is dumb enough to answer these surveys where IP addresses can be collected. . .

I am firmly in the data crime camp. . . also influencing my answer is knowing from coachK that hospital survey questionaires, required by CMS, are falling in response percentages over the years until now. . So answering those surveys helps lessen the skew of the more disappointed answer them and the as expected are less willing to answer them

[manaboutown]

was it really a survey where people answered questions?
or was it their own data crime calculations which they called their "Survey"?

I get suspicious of all surveys, knowing how people interpret and misinterpret questions. . . especially of personal financial information. . . ie, who is dumb enough to answer these surveys where IP addresses can be collected. . .

I am firmly in the data crime camp. . . also influencing my answer is knowing from coachK that hospital survey questionaires, required by CMS, are falling in response percentages over the years until now. . So answering those surveys helps lessen the skew of the more disappointed answer them and the as expected are less willing to answer them

The survey referenced in Boomer's link is the source of the data I quoted. It was a survey taken by the Federal Reserve Board.

https://www.federalreserve.gov/publications/files/scf20.pdf

[yankygrl]

How Many Millionaires Live in the Villages Florida
INVESTOR TIMES by INVESTOR TIMES Reading Time: 2 mins read

How Many Millionaires Live in The Villages, Florida?

The Villages, located in central Florida, is a popular retirement community known for its active lifestyle and numerous amenities. With its beautiful weather, golf courses, and recreational facilities, it has become a sought-after destination for retirees. Alongside the active lifestyle, an intriguing question arises: how many millionaires live in The Villages?

While it is challenging to determine an exact number, The Villages is home to a significant number of millionaires. According to a study conducted by Phoenix Marketing International, The Villages had the highest concentration of millionaires per capita in the United States in 2019. The study found that approximately 39% of households in The Villages had a net worth of at least one million dollars, excluding their primary residence.


The Villages’ appeal to millionaires can be attributed to several factors. Firstly, the cost of living in Florida is relatively low compared to other states with high concentrations of wealthy individuals, such as New York or California. This, combined with the absence of state income tax, makes Florida an attractive destination for retirees looking to stretch their retirement funds opportunities.

1. Are there any specific neighborhoods in The Villages where millionaires live?
While it is challenging to pinpoint specific neighborhoods, millionaires can be found throughout The Villages.

2. What are some common professions of the millionaires in The Villages?
The Villages is home to a diverse group of millionaires, including former business owners, executives, doctors, and lawyers.

3. How do millionaires in The Villages spend their time?
Millionaires in The Villages often engage in recreational activities such as golfing, boating, and participating in social clubs and events.

4. Do millionaires in The Villages typically downsize their homes?
Many millionaires in The Villages choose to downsize their homes, opting for smaller, low-maintenance properties that align with their desired lifestyle.

5. Are there any exclusive clubs or organizations for millionaires in The Villages?
While there are no exclusive clubs solely for millionaires, there are various clubs and organizations that cater to different interests and hobbies.

6. Are there any philanthropic efforts by millionaires in The Villages?
Yes, many millionaires in The Villages are actively involved in philanthropic endeavors, supporting local charities and causes.

7. Can non-millionaires also live in The Villages?
Absolutely! The Villages is an inclusive community that welcomes residents from various financial backgrounds.

8. Are there any financial planning services available for residents in The Villages?
Yes, residents have access to financial planning services within The Villages to help manage their wealth and retirement funds.

9. How does the presence of millionaires impact the local economy?
The presence of millionaires in The Villages contributes to the local economy by stimulating businesses and creating job opportunities

10. Are there any tax advantages for millionaires living in The Villages?
Florida’s lack of state income tax is an advantage for millionaires living in The Villages, allowing them to keep more of their wealth.

11. Are there any disadvantages to living in The Villages as a millionaire?
Disadvantages can vary depending on individual preferences, but some may find the community’s focus on retirement activities limiting if they desire a more urban lifestyle.

12. Can I visit The Villages as a non-resident to experience the community?
Yes, The Villages welcomes visitors who can explore the community’s amenities, participate in activities, and get a feel for the lifestyle it offers.

In conclusion, The Villages, Florida, is home to a significant number of millionaires, with a high concentration per capita. The community’s low cost of living, exclusive amenities, and social opportunities contribute to its appeal among the affluent. Whether you are a millionaire or not, The Villages offers a unique retirement experience for individuals from various backgrounds.
But remember everyone will tell you everyone living in TV is on a fixed income…okay some less fixed then others.

[Villager-Wannabe]

I admire those individuals who are close to or actually are totally self-sufficient, that is, living off the grid, growing their own food, have hunting and fishing skills, and a good grasp of survival skills, etc. . I also admire millionaires, but not as much.

[drcar]

How Many Millionaires Live in the Villages Florida
INVESTOR TIMES by INVESTOR TIMES Reading Time: 2 mins read

How Many Millionaires Live in The Villages, Florida?

The Villages, located in central Florida, is a popular retirement community known for its active lifestyle and numerous amenities. With its beautiful weather, golf courses, and recreational facilities, it has become a sought-after destination for retirees. Alongside the active lifestyle, an intriguing question arises: how many millionaires live in The Villages?

While it is challenging to determine an exact number, The Villages is home to a significant number of millionaires. According to a study conducted by Phoenix Marketing International, The Villages had the highest concentration of millionaires per capita in the United States in 2019. The study found that approximately 39% of households in The Villages had a net worth of at least one million dollars, excluding their primary residence.


The Villages’ appeal to millionaires can be attributed to several factors. Firstly, the cost of living in Florida is relatively low compared to other states with high concentrations of wealthy individuals, such as New York or California. This, combined with the absence of state income tax, makes Florida an attractive destination for retirees looking to stretch their retirement funds opportunities.

1. Are there any specific neighborhoods in The Villages where millionaires live?
While it is challenging to pinpoint specific neighborhoods, millionaires can be found throughout The Villages.

2. What are some common professions of the millionaires in The Villages?
The Villages is home to a diverse group of millionaires, including former business owners, executives, doctors, and lawyers.

3. How do millionaires in The Villages spend their time?
Millionaires in The Villages often engage in recreational activities such as golfing, boating, and participating in social clubs and events.

4. Do millionaires in The Villages typically downsize their homes?
Many millionaires in The Villages choose to downsize their homes, opting for smaller, low-maintenance properties that align with their desired lifestyle.

5. Are there any exclusive clubs or organizations for millionaires in The Villages?
While there are no exclusive clubs solely for millionaires, there are various clubs and organizations that cater to different interests and hobbies.

6. Are there any philanthropic efforts by millionaires in The Villages?
Yes, many millionaires in The Villages are actively involved in philanthropic endeavors, supporting local charities and causes.

7. Can non-millionaires also live in The Villages?
Absolutely! The Villages is an inclusive community that welcomes residents from various financial backgrounds.

8. Are there any financial planning services available for residents in The Villages?
Yes, residents have access to financial planning services within The Villages to help manage their wealth and retirement funds.

9. How does the presence of millionaires impact the local economy?
The presence of millionaires in The Villages contributes to the local economy by stimulating businesses and creating job opportunities

10. Are there any tax advantages for millionaires living in The Villages?
Florida’s lack of state income tax is an advantage for millionaires living in The Villages, allowing them to keep more of their wealth.

11. Are there any disadvantages to living in The Villages as a millionaire?
Disadvantages can vary depending on individual preferences, but some may find the community’s focus on retirement activities limiting if they desire a more urban lifestyle.

12. Can I visit The Villages as a non-resident to experience the community?
Yes, The Villages welcomes visitors who can explore the community’s amenities, participate in activities, and get a feel for the lifestyle it offers.

In conclusion, The Villages, Florida, is home to a significant number of millionaires, with a high concentration per capita. The community’s low cost of living, exclusive amenities, and social opportunities contribute to its appeal among the affluent. Whether you are a millionaire or not, The Villages offers a unique retirement experience for individuals from various backgrounds.

The point is who cares how much people are worth! Not my concern!

[Rosethorn]

Well, if your parents paid your way through college that in of itself is a huge financial help compared to folks who had to pay for their own college.

How many people in TV were left a large inheritance prior to retirement and was able to invest that money?

I wouldn't be surprised if most of these multi-millionaires had some help somewhere along the way.

Those born into poverty and become authentic multi-millionaires are they folks I admire and respect the most.

So very true.

But I also have immense respect for folks who worked hard their whole life and lived a life of integrity and honor, and don’t have many dollars to show for it.

Money and financial independence is not always a good barometer of one’s true success in life.

[OrangeBlossomBaby]

To me, net worth is meaningless. But I'm also not wealthy enough to have much invested in any funds. We have a house that we don't owe on. We have four vehicles that we don't owe on. We're able to pay our bills and still have some savings in the bank with our combined income. I'd say my income versus my expenses is more important than my net worth.

If I want to describe "wealthy" numerically I'd say - having an -income- of over $100k/year, while living the lifestyle we currently live, would make us "wealthy."

[MrFlorida]

I would perfer good health instead.

[CoachKandSportsguy]

The survey referenced in Boomer's link is the source of the data I quoted. It was a survey taken by the Federal Reserve Board.

https://www.federalreserve.gov/publications/files/scf20.pdf

Those are also opt in as I was sent a federal government option to participate in surveys along time ago, and because it had the income level, i threw it out. I also know people who are not truthful in surveys, and since coachk deals with a lot of survey results as part of her departments job, any opt in human response survey is very difficult to parse out reality from biased opinions and unrealistic expectations. .

[manaboutown]

I would perfer good health instead.

Good health is priceless.