Minneapolis named 5th best city to get rich
|Minneapolis looking especially flashy|
There's no need to hit Wall Street or Hollywood to make it big. Minneapolis was just named the fifth-best city in the country to get rich by CreditDonkey. It's the only Midwestern metro to make the top ten.
CreditDonkey, a credit card comparison website, had a pretty solid methodology for putting this list together. They looked at a combination of the percentage of high income households ($150,000 and up), local economic growth from 2008 to 2011, and patents filed.
The average figures for these indicators in the cities they looked at were about 10 percent high income households, 5.3 percent local economic growth, and 1,484 patents filed. Minneapolis beat the norm in all three categories, and CreditDonkey deemed us a "non-coastal innovation center" -- whatever that means:
- High Income Percentage: 11.1%
- GDP Growth: 7.45%
- Patents: 3,113
Minneapolis and its surrounding communities help drive the Midwest's economy, and it's an area that has been doing better than the country as a whole in recent years. As one of the United States' non-coastal innovation centers, this region placed 8th in the number of patents granted and 13th in economic growth. About 11 percent of local households make $150,000 or more.
Of course, anyone who's been paying any attention for the last five years knows to take this cheery assessment with a grain of salt. As in many places around the country, our economic recovery has been mostly driven by low wage and low prospect "McJobs." Still, if you're hoping to chase down that elusive Gatsby-esque lifestyle, Minneapolis is as good a place to do it as any.
Here's the full list:
1. San Jose, CA
2. Boston, MA
3. Washington, D.C.
4. Austin, TX
5. Minneapolis, MN
6. New York, NY
7. Seattle, WA
8. San Francisco, CA
9. (tie) Houston, TX
9. (tie) Raleigh, NC