Millionaire in your midst?

 

Staten Island business bank points to wealthy population

 

STATEN ISLAND, N.Y. -- Recent findings that placed a millionaire among approximately every 22 New Yorkers might give you a whole new reason to appreciate the company you keep.  


Only three United States cities are on a top-20 list of the highest percentage of millionaires, and New York's 4.63 percent, or 389,100 people, outpaces the others.


Houston (2.09 percent) and San Francisco (2.07) are the other two.


Victory State Bank noted that one report attributes higher real estate values as underpinning the millionaires' wealth. Another, in USA Today, said stocks were the main driver of global wealth.


Still other reports about the study cited New York's prevalence of headquarters for large corporations and foundations. Others pointed to the proximity of financial markets.


The bank said research has found that millionaires tend not to be flashy stereotypes. Instead, they live below their means and have frugal buying habits, among other low-key characteristics.

And so a neighbor's millionaire status may not be evident.


The 20 cities emerging in the millionaire-density study by the WealthInsight wealth consultancy and Spear's Magazine are around the globe, led by Monaco (29.21 percent, or one in three people), Zurich (27.34) and Geneva (17.92). 

"It's unsurprising to see that Monaco is the most likely place where you will bump into a millionaire," WealthInsight Analyst Oliver Williams was quoted as saying.  He noted that the low tax and Mediterranean waterfront make it the ideal habitat for wealthy individuals. 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank.  For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.

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