Little ol’ Fredericksburg has the most millionaires per capita than any city in Texas, and it ranks 47th in the U.S.
Neighboring Kerrville ranks second in the state and 75th nationwide.
Those findings were recently released in a study by The Wall Street Journal, which looked for more than $1 million in investable assets. Those are defined as highly liquid holdings, such as stocks, bonds, savings accounts and cash. The measurement does not include real estate or assets tied up in most types of retirement accounts.
The study found Los Alamos, New Mexico, to be the number one place in the nation for percentage of millionaires. States with a concentration of technology, aerospace and medical industries led the findings as those mark diversified economies based around those industries that are good for building wealth.
In Gillespie County, rapid growth in the wine industry and an influx of retirees has most certainly helped Fredericksburg move to the top of the Lone Star State list. And some landowner families have sold or parceled plots to these newcomers, resulting in greater net worth.
“I don’t know much about the rankings, but I know there are a lot of people here who are very philanthropic,” Mayor Linda Langerhans said. “Some people who have lived their whole life in Fredericksburg are quite wealthy but you would never know it. Maybe they live frugally and save, but they don’t wear a lot of fancy clothes or jewelry.”
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