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How Many Millionaires Call Martha's Vineyard Home?

And why does the Island town with the highest-earning millionaires also have the lowest per capita income? We can answer the first question, but not the second.

(coastalartmaps.com)
(coastalartmaps.com)

The Vineyard Gazette recently reported that an estimated 160 Island residents are homeless, up from 117 in 2013.

Now comes word that the number of millionaires living on the Vineyard has increased as well.

Martha's Vineyard had at least 31 millionaire residents in 2011, a couple more than in 2010, according to a report in the Boston Business Journal that uses income data from the state department of revenue.

Tisbury had the most millionaires, with 12 people reporting an average income of $1,575,000. That's one millionaire for every 339 Tisbury residents, whose per capita income townwide was $49,470 in 2010. 

West Tisbury also saw the ranks of its millionaires increase, to eight, up 14 percent from seven in 2010. That's one millionaire, averaging more than $2,900,000 a year, for every 354 residents of West Tisbury, where the 2010 per capita income was $27,603.

Edgartown lost more than 20 percent of its millionaires: In 2011 the town was down to seven, or one for every 601 Edgartonians, from nine the year before. Their average 2011 income was $2,148,000; the per capita income in Edgartown was $41,123 in 2010.

Chilmark also lost a millionaire, going to four in 2011 from five in 2010. Their average 2011 income was $2,140,000. Chilmark has one millionaire for every 225 residents, with a 2010 per capita income of $56,700.

The Boston Business Journal numbers don't mean that Aquinnah and Oak Bluffs have no millionaires at all: The report only included towns in which three or more people reported incomes of more than $1,000,000 in 2011.

Across the water, Falmouth had a reported 40 percent increase in millionaires, going from 25 in 2010 to 35 in 2011. Their average income was $1,605,000 and there was one millionaire for every 900 residents of Falmouth, where the per capita 2010 income was $30,119.

On Nantucket, the millionaire population increased by 10 percent to 22 from 20 in 2010. They averaged $2,418,000 and there was one millionaire for every 468 Nantucketers, whose per capita income in 2010 was $39,851.

Read the full Boston Business Journal report here. 

Search by town here.

LORENZO BARTO January 23, 2014 at 03:21 PM
These numbers have to be totally incorrect, since to purchase a million + home requires the person to have a million dollars. The report only shows under-reporting of income and there is a distinction between a person, who officially resides on the island and makes a living on the island, as opposed to someone, who owns a home on island, and makes their millions elswhere. The report should be about "How many millionaires own homes on the island?" Lastly, the report also shows it is difficult for even the rich to make a hefty income working and living on the island.
Louisa Hufstader (Editor) January 23, 2014 at 03:31 PM
The BBJ report is about people who legally reside and file taxes in specific communities. Many of the millionaires who own homes on Martha's Vineyard have their legal residences elsewhere. But this article refers only to Island residents, not summer people.
John Leo January 23, 2014 at 03:47 PM
there is a difference between a person who has a million dollars of net assets and one who earns a million or more per year. Odd that a business journal wash't clear on this point. I would guess that if you own a home on MV, you are prob a millionaire. No big deal anymore.
Louisa Hufstader (Editor) January 23, 2014 at 04:49 PM
It's actually made very clear in the BBJ article that the data on how many residents reported income of $1 million or more comes from the state department of revenue. It has nothing to do with property ownership, and if it took a million-dollar income to own a home on MV then there would be fewer than three dozen year-round homeowners in all six towns — which is clearly not the case.
chris gargan January 24, 2014 at 07:28 AM
I had to laugh at Mr. Leo's final sentence: :No big deal any more.". I live in a framing community in Wisconsin that is experiencing some of the same issue you see on MV: rich people coming into the community, taking tillable land out of rotation, building mansions and forcing, (through economic pressure) the descendants of three and four generation farms off the farms and out of the communities. It is a big deal. This is a calculated plan to reinstate a servant class in america.
Martha Magee January 24, 2014 at 01:17 PM
Downton Abbey here we come. Mr. Carson will straighten it all out.

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