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Mar 28, 2006 6:37 pm US/Pacific
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L.A. County Has Most Millionaires In Nation
LOS ANGELES (CBS) ―
More millionaires live in Southern California than anywhere else in the country, according to a survey released Tuesday.
Los Angeles County is home to about 262,800 millionaires -- the most in any county nationwide -- while Orange County ranked No. 3 and San Diego County was No. 5 in the annual survey by New York City-based TNS Financial Services.
Cook County, Ill., which includes Chicago, was No. 2 on the list, with 167,873 millionaires, according to TNS, which found an overall increase in the number of millionaires for a third year in a row.
Phoenix's Maricopa County ranked No. 4, with 106,210 millionaires.
When asked to identify their most important financial goal, the leading response was "to assure a comfortable standard of living during retirement."
Less important goals included leaving an estate for heirs, protecting an estate from taxes, minimizing income and capital gains taxes, improving household liquidity and charitable giving.
"These millionaire households understand that calculated risks are still a necessity within their portfolio design. However, over 50 percent have become much more conservative in their investment approach over the past year," said Jeanette Luhr, manager of TNS' Affluent Market Research Program.
The mean net worth of the millionaires identified, excluding the value of their primary home, was $2.16 million, and the mean age for the head of the household was 58. Almost 45 percent were retired.
The survey was based on a representative national sample of more than 1,800 households with net worths of $500,000 or more, excluding their primary home.
(© 2006 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)