Land of Enchantment attracts millionaires

Land of Enchantment attracts millionaires

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ALBUQUERQUE (KRQE) – New Mexico’s economy is in bad shape and population growth is approaching zero but one sector of the population is growing rapidly and it is moving the state up in the rankings of the rich.

According to a new report from a national market research firm, Phoenix Marketing International, thousands of new millionaires are now living in New Mexico. The state now has more millionaires per capita than 16 other states.

“You’ve now surpassed some states like Florida, in terms of millionaires to total households, Arizona,” Phoenix Marketing International employee David Thompson said. “You’re above Nevada, Montana.”

The report states shows that from 2012 to 2013, New Mexico gained more than 2,000 millionaire households, even though the population remained steady.

The millionaire population has jumped more than 20 percent in the past four years.

Albuquerque Realtor Lauren Austin with Century 21 said they’ve seen an increase in million-dollar home sales lately.

“We had 40 sold last year which is pretty amazing,” Austin said.

Austin said one couple she’s sold to thought Albuquerque was a perfect central location between the oil fields in Texas and California.

“They work in the oil industry and they found that it was easier for them, because they have a private planes,” Austin said.

You can bet the farm they are millionaires. Austin said their home was pretty pricey, not to mention their personal jet.

Austin said there might be other reasons New Mexico is attracting more wealth to include better weather and better deals on homes.

“I think we’re seeing the baby boomers wanting to retire,” Austin said. “I’ve gotten people from D.C., new people from Maine and they don’t want to deal with the winters anymore.”

New Mexico now has almost 38,000 households worth more than a million bucks.

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