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Class Warfare

Plenty to Occupy in L.A. as Area Ranks Near Top of List of Wealthy Cities in Amerca

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Fri, Oct 21, 2011 at 11:05 AM

click to enlarge L.A. to the bone.
  • L.A. to the bone.
Occupy L.A. is often cast as an offshoot of the epicenter of the movement -- Occupy Wall Street, where protesters are shining a light on the mess bailed-out big banks have made of the nation's economy.

But there's plenty to Occupy right here in Southern California. As we noted previously, ""if California were a nation, it would rank fourth, behind the U.S., China and Russia, in billionaire population."

A new report pretty much confirms there are plenty of so-called one-percenters in the Southland:

Wealth-X (via LAObserved) says L.A. has 4,350 "ultra-wealthy" people and ranks only behind New York in high rollers:

... The New York metro area leads the pack with 7,720 UHNW (ultra-high net-worth) individuals. The runner up, Los Angeles ...

Our only surprise is that New York beat us, given how many billionaires and barons live here (Malibu, Beverly Hills, Bel Air, Holmby Hills, Brentwood, Pacific Palisades, Santa Monica, Calabasas, etc., not to mention Newport Beach and parts of San Diego).

We was robbed. We have plenty to occupy. Wealth-X co-founder David Friedman:

Certain geographic clusters generate and attract wealth. While Occupy Wall Street protesters may direct their anger at wealthy, New York bankers, the more relevant question is, 'What about New York, or any of the other cities, has engendered unique ecosystems of education, risk capital and human capital that result in prosperity, and how can that be more geographically dispersed?'

Yes, that's exactly what the people on the lawn at L.A. City Hall are asking: How can they get theirs?

[@dennisjromero/djromero@laweekly.com]

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