How Many Millionaires Live in Chelmsford?

There are more than there used to be.

By Les Masterson

Thirty-one Chelmsford residents filed million-dollar tax returns in 2011, seven more than the previous year.

That means that one out of every 1,114 residents filed a million-dollar return, reported the Boston Business Journal.

Chelmsford is short of the Massachusetts average by community, which was 51, but higher than the state median, which was 14.

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.

Rob C January 25, 2014 at 08:40 PM
I would say there are more than just 31 in town. Just 31 that earned more than 1M last year. I am sure there are many more with a net worth of over 1M in town that are just not earning that much per year.
steve forte January 27, 2014 at 07:39 AM
Exactly Rob. one dosnt need to earn 1 mill a yr to be a millionaire. Just posess over 1 mill in assets. Basicly anyone who has been in their home for 15 plus yrs who never took out a 2nd and has a 401k they never borrowed from is probably a millionaire.
Tyler Jozefowicz January 27, 2014 at 09:48 AM
A millionaire is one who has earned income over 1 year . A snapshot in time , just like any other income category. Asset accumulation does not qualify. If someone saved every penny for 50-60 years and it totals over a million , a "millionaire" they are not. Otherwise you would probably have a million millionaires.
steve forte January 27, 2014 at 10:07 AM
Some would disagree . A millionaire (originally and sometimes still millionnaire[1]) is an individual whose net worth or wealth is equal to or exceeds one million units of currency. http://en.wikipedia.org/wiki/Millionaire
Rob C January 27, 2014 at 01:24 PM
Merriam Webster defines a millionaire as a person who’s wealth is valued at one million or more currency units. (Dollars, Pounds, Euros) Technically a person could earn one million dollars a year and still not be a millionaire if he/she spends it all and amasses no assets while doing so.
Tyler Jozefowicz January 27, 2014 at 02:38 PM
The dictionary definition you state is correct. As far as the survey goes , the survey is addressing million dollar tax returns which deal only with income , not assets.
Rob C January 27, 2014 at 03:31 PM
Andrew has the title of the story and the answer all wrong then. He asks how many millionaires live in town and gives the answer to a different question. The title should have been “how many in town earned more than a million a year?”. I would be interested to know the actual answer to the question he poses in the title. I would think that there are between 4 and 5 hundred millionaire households in town.
steve forte January 27, 2014 at 04:17 PM
Rob , that was my first thought when I read the title.


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