adidas tracksuit jacket area households that make up the 1
That’s how many households in the Cleveland Elyria metropolitan statistical area have a net worth of $5 million or more, according to this analysis from Fortune magazine based on data compiled by Boston Consulting Group.
The 7,179 households at the $5 million plus level means 0.83% of Cleveland Elyria residents meet what Fortune characterizes as the new standard for being considered rich.
Cleveland trails, ever so slightly, the state’s two other big metros in its percentage of rich households. Cincinnati has 7,441 households at the $5 million plus level, or 0.88%, and Columbus’ numbers are 6,858 and 0.86%, respectively.
Here are the relevant figures for some other big cities in Ohio:
Akron, 2,337 households, or 0.81%
Canton, 1,220 households, or 0.74%
Dayton, 2,515 households, or 0.76%
Toledo, 1,612 households, or 0.66%
Youngstown, 1,408 households, or 0.53%
Fortune notes that global private financial wealth “increased by 5.3% to $166.5 trillion last year, according to Boston Consulting Group. That compares with a 4.4% gain the year before. And by the end of 2021, the growth rate globally is projected to be 6%.”
About 45% of that $166.5 trillion is held by 18 million millionaire households worldwide. The United States “still has the largest share of wealth among countries, with more than 7 million millionaire households vs. 2.1 million in China,” according to the magazine. It’s a pretty slick looking graphic with a familiar figure at No. 2: Cleveland Cavaliers superstar LeBron James, with earnings of $86 million in the last year. The highest paid athlete last year was Cristiano Ronaldo, Portugal’s soccer icon, who made $93 million $58 million in salary and winnings and $35 million from endorsements. No. 3 was soccer player Lionel Messi, who made $80 million; $27 million of that was from endorsements, and half of that was from Adidas alone.
There’s a bit of a glass half full/glass half empty vibe to this Wall Street Journal story about a new report from Georgetown University’s Center on Education and the Workforce. workers without four year college degrees. workers without college diplomas, or 2.5 workers for every one of those good jobs, meaning that high school grads have far lower odds of winning the career lottery than they did 25 years ago,” according to the story. By 2015, the share of all good jobs that went to noncollege graduates fell to 45% from 60% in 1991 leaving 45 million workers in low paying, sometimes part time roles that don’t offer a path to the middle class.”