Business & Tech
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.
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.
Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.
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.
Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.
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.