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Originally Posted by iheartthed
Same thing in Detroit and probably in any other older northern city. I think what sets apart the NYCs, DCs, and Chicagos, from the Detroits, Clevelands, and Cincinnatis is that there are just a lot more wealthy in the city to balance it out.
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California has a huge number of millionaires because so many homes have appreciated by $500,000 or more. Also, trust funders from the interior move there, Florida, or the East Coast. Trust Funders from the higher-profile places don't move to Ohio.
The Midwest is different because primary residences typically haven't appreciated more than $200,000. That means if you're a millionaire here, you really understand stocks and business.
Cincinnati, specifically, still has many very large privately-held companies. There is still a functioning old-school blueblood class. The Cincinnati Reds, for example, have been under local ownership for their entire 150~ year history. Same for The Bengals, although they're only about 55 years old. But there are also numerous large insurance companies and all sorts of under-the-radar businesses that are still held by the families who founded them.