So Rich, So White
The forthcoming issue of Fortune (which is to say, the March 5 edition not yet online) features a special report called "An Almanac of American Wealth." In it, the magazine says "that money in America is still predominantly white: The median net worth of a white household was $141,000 in 2004, compared with $25,000 for a nonwhite one." It also charts exactly where the richest folks in the country live (California, natch, and Hawaii, duh), breaks down how and where the wealthy invest their dough (domestic equities, bonds, investment real estate, etc.) and suggests a shopping list for folks on a $5 million budget ("46 shares of Berkshire Hathaway stock...rent and social services for 312 homeless people in New York City for a year," that kinda thing).
The piece also has a section called "HOMES, SWEET HOMES, ACROSS AMERICA." Writes Fortune: "Sure, everyone's home is a castle, but some homes are more like castles than others. Here is a national sampling of what the rich get to choose from when they shop for real estate." Dallas figures into that list, of course. But where? That's after the jump, which is free o' charge. (But you can probably guess. One hint: It's very white.) --Robert Wilonsky
There is a table that accompanies this chart, which is broken down by zip code, the number of bedrooms and bathrooms, square footage and lot size. But since the mag isn't online, well, this'll have to do for now:
SEATTLE 98199 $4,500,000 7 bedrooms/5.75 bathrooms 9,847 sq. feet/0.25 acres
LOS ANGELES 90049 $4,990,000 5 bedrooms/7 bathrooms 5,408 sq. feet/0.78 acres
DALLAS 75205 $4,995,000 4 bedrooms/3.5 bathrooms 5,963 sq. feet/0.65 acres
FARGO, N.D. 58103 $879,900 There are no $5 million homes. This is the most expensive on the market. GREENWICH, CONN. 06830 $5,000,000 5 bedrooms/7 bathrooms 5,838 sq. feet/2.31 acres
ATLANTA 30327 $4,900,000 6 bedrooms/10 bathrooms 16,000 sq. feet/1.3 acres
PALM BEACH 33480 $4,995,000 5 bedrooms/6.5 bathrooms 5,581 sq. feet/0.5 acres
Get the This Week's Top Stories Newsletter
Every week we collect the latest news, music and arts stories — along with film and food reviews and the best things to do this week — so that you'll never miss Observer's biggest stories.