The Wall Street Journal is reporting the Motor City has the 9th largest number of millionaires. WSJ states "the comeback of the auto industry and the number of tax benefits for high tech firms are two reasons for the numbers."

Number 9: Detroit 
  • No. millionaires: 92,100
  • Change in millionaires: 3.4%
  • Change in home value: -13.3%
  • Fortune 500 HQ: Ford, GM
  • Unemployment rate: 11.6%

It is a surprise that Detroit has a single millionaire, let alone over 90,000. Both the car industry and the large number of companies that supported it with parts, technology and components like tires all suffered as sales fell. GM and Chrysler went into bankruptcy. But the industry has begun an unexpected renaissance. GM and Ford are routinely the top two manufacturers of cars sold in the U.S. Each has cut costs enough to insure profitability. Michigan has offered tax incentives to bring new industries to the Detroit area, helping it become a modest center for small tech firms.

Read the full article HERE


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