It's Low Season for L.A.'s Wealthiest People
It's winter. Two storms have just moved through L.A., and another is expected at the end of the week.
What do you do? Mostly you grin and bear it.
But if you're ultra-rich, you get on a private jet and go wherever the sun is shining.
According to the recently released Knight Frank Wealth Report, late winter is low season for the wealthy people of Los Angeles.
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The report looked at the "seasonal populations" of the rich in major world cities, namely the coming and going of those worth $10 million or more.
Our low month is February, when only 5,630 of these precious folks stay in town, according to the report.
The high season for the wealthy in L.A. is June, when 11,170 of them hang here. The definition of L.A. in the analysis includes Malibu and Beverly Hills.
"Los Angeles’ multimillionaire population gyrates between a little over 11,000 to just under 6,000 through the year," the report says.
While the rich in other parts of the world move around even more than that depending on the time of year, L.A. is comparatively permanent for wealthy residents, the report found.
"In London and Paris, for example, the peak-season population of those with net assets of over $10 million is more than double seasonal lows," it says. "Los Angeles is the most 'stable' market, according to our data."
The total number of millionaires in L.A. was found to be 165,000. Those worth $10 million or more: 7,370. Those worth north of $30 million: 2,820.
The number of those worth $30 million or more in Los Angeles has increased 31 percent since 2005, the report says.
The peak, June population of multimillionaires (those worth $10 million or more by the report's definition) in L.A. is greater than the comparative peak populations in Paris (9,480), Dubai (10,470) and Miami (5,410) but smaller than in London (34,230), New York (32,500), Hong Kong (24,450) and Zurich (11,820), according to the Knight Frank Wealth Report.
Los Angeles, however, is one of the global "cities that matter" when it comes to the rich, the report says. You probably already knew that.
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