When It Rains, L.A.’s Wealthy Pour Out of Town

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By Elyse Glickman

Now that awards season has wrapped in Los Angeles, what’s a wealthy scion to do? Get out of town by private jet and follow the sun, apparently.

L.A. Weekly reported Monday that late winter is low season for the city’s elite, based on findings from the recently released Knight Frank Wealth Report.

Knight Frank’s study looks at seasonal populations of affluent people worth $10 million or more in major world cities. To compile the data and reveal how global sporting, art and business trends influence private-jet hotspots, its researchers worked in conjunction with NetJets and WINGX.

Findings included the seasonal ebb and flow of wealthy individuals in first and second-home locations around the world.

Even with all L.A. has to offer, only 5,630 elite locals stay in town during the month of February. High season for the wealthy in Los Angeles (which for this study encompasses Malibu and Beverly Hills) is June, when 11,170 of them are in town to enjoy the good life.

Even with local winter migration, Los Angeles is comparatively more permanent a stomping ground for wealthy residents. The rich in other parts of the world, such as cold climate cities London and Paris, move around even more than that depending on the time of year.

In Los Angeles, the report says that the total number of millionaires was found to be 165,000. Those worth $10 million or more come in at 7,370, while those worth more than $30 million number 2,820.

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