How Many Millionaires in Belmont? Not As Many As You May Think

The "Town of Homes" doesn't even make the top 10. And we have Belmont Hill!

With the image of Belmont Hill being a gilded Mt. Olympus occupied by monied gods, one would think that Belmont – with its goodly share of million-dollar abodes on the market and being the residence to VIPs of all sorts – would have millionaires galore stumbling over each other as they trudge to the numerous banks in town to count their cash.

But in reality, Belmont isn't even in the top 10 of Bay State communities with millionaires. In fact, the "Town of Homes" is a mere 14th, running behind our neighbors in Cambridge and Lexington. 

Of the 11,557 state tax filers who reported at least $1 million in income in 2011, Belmont can only claim 178 millionaires, according to the Department of Revenue records that was reported in the Boston Business Journal.

Put in another way, "only" one in 141 residents (actually households) are millionaires in Belmont. Compare that to Wayland where 1 in 32 residents top a million.

Makes you want to leave town. 

There is some consultation since, like its schools, Belmont is "above average" when compared to the Massachusetts average by community, which was 51.

Boston, Newton, Wellesley, Weston and Cambridge were the top five for millionaires, according to BBJ.

Read the full Boston Business Journal report here. 

Search by town here.


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