Washington, D.C. Surpasses New York, L.A. as Fastest Growing Region of Wealth

Nov 19, 2013| Courtesy by : weeklystandard.com


Washington, D.C. is booming. That’s in large part because of a massive growth in lobbying expenditures and federal contracts.

“The winners in the new Washington are not just the former senators, party consiglieri and four-star generals who have always profited from their connections. Now they are also the former bureaucrats, accountants and staff officers for whom unimagined riches are suddenly possible. They are the entrepreneurs attracted to the capital by its aura of prosperity and its super-educated workforce. They are the lawyers, lobbyists and executives who work for companies that barely had a presence in Washington before the boom,” reports the Washington Post.

“During the past decade, the region added 21,000 households in the nation’s top 1 percent. No other metro area came close.”

On A10 of today’s print paper, the Post has this graphic, which shows “Hot spots for the wealthies households.” And while Washington is the fourth hottest spot, behind Bridgeport, San Jose, and San Francisco, it has the largest percentage increase of any “hot spot” of “incomes ranking in the nation’s top 1 percent” since 2000.

Washington has increased its households in the top one percent by 0.8 percent, according to the Post. The next fastest growing city in these terms is Philadelphia, at 0.4 percent. Los Angeles, New York, Boston, and Houston are at 0.3 percent.