Houston has always been an entrepreneurial city where people come to make lots of money and show it off. Now there's proof. According to a new study from the business and lifestyle websites Compelo and Wealth Insight, Houston is one of the top cities in the world with the most millionaire CEOs.
Houston ranks No. 5 on the list, tied with Los Angeles and Boston, with .8 percent of the population in the rarified category. London in No. 1, followed by New York, San Francisco, and Singapore.
Nearly half of all millionaire CEOs in the world reside in the United States, according to the study. The average millionaire CEO is a 58-year-old male with a wealth ranging between $5 million and $30 million.
Half of the millionaire CEOs created their own business while 38 percent made their wealth from a salaried position. A mere 5 percent acquired their wealth from inheritance.
For purposes of the study, a millionaire is defined as a “high net worth individual” with net assets of $1 million or more, excluding his or her primary residences. The study was based on a database that Wealth Insight maintains of more than 100,000 such individuals around the world.