Where Do The Most Successful Entrepreneurs Live?
By Paul Esajian on January 22, 2016
Where you live may be a significant factor in how successful you are. So where do some of the world’s most successful entrepreneurs live?
Birds of a Feather Flock Together
The wealthy, successful, and entrepreneurial flock to together, and thrive. This is definitely true of hyper-wealthy families and the schools they send their kids too, as it is of businesses, high powered investors, billionaires, and tech entrepreneurs. Hot startup scenes breed creativity, momentum, and attract financiers. You can imagine the benefits of having a tight group of friends like Warren Buffett, Mark Zuckerberg, Jeff Bezos, and Bill Gates. In her book The Blue Sweater, founder of Acumen, Jacqueline Novogratz highlights how wealthy circles, even among philanthropists have blurred across the globe, but not across class lines. Some try to move up with new cars, and the clothes they wear. That is rarely sustainable. However, real estate could be the exception to this. There are definitely high densities of successful entrepreneurs in certain cities, neighborhoods, and even buildings. Access to, and affiliation with these groups may certainly have advantage for real estate entrepreneurs too. So where do they live?
Where the Financial A List Lives
According to Property Shark 834 Fifth Avenue, NY has been home to the most entrepreneurs and executives throughout history. This NYC co-op has been tied to the fortunes of the Rockefellers, Standard Oil, Rupert Murdoch, Chase bank, and even the head of Blackstone. One newspaper calls it “the most pedigreed building on the snobbiest street in the country’s most real estate obsessed city.” Of course you might have to have the most elite references and up to $300M in liquid capital just to be allowed the opportunity to buy here.
San Francisco, California
We all know San Fran as the West Coast version of NY. It’s the place to be for startups hoping to become the next billion dollar unicorns, and attracts around 40% of all venture capital. For many that is reasons enough to move there at any cost, and even if it means living out of your car.
Fisher Island, Florida
Fisher Island is one of the most exclusive parcels of land in the world. It has been tied to Richard Nixon, Oprah Winfrey, and was once owned entirely by the Vanderbilt family who received it in exchange for a yacht given to Carl Fisher. Data from Zillow reports that you need to earn a minimum wage of $234 an hour to afford a median priced rental on the island; 4x the cost of living in DC or LA, and 2x more than San Fran or Menlo Park, CA.
The surrounding South Florida area also boasts magnificent properties owned by Donald Trump and Tony Robbins, and the Porsche Design Tower which is said to be home to 2% of the world’s billionaires.
Looking for More Affordable Housing Alternatives?
Obviously not all new real estate investor, agents, and startup entrepreneurs can afford to live on Fisher Island, in Manhattan, or San Fran. So what other options are there? Fortunately there are other wealth strong holds and hot tech cities with good fundamentals which may offer more affordable options. In 2016 this may include; San Diego, Jacksonville, Austin, Grand Rapids, and Tampa.
Finding Other Ways to Connect
Of course not all real estate entrepreneurs see the sense in moving or in living in high cost areas, especially when it will soak up so much of their gains, and mobility and connection has been so fueled by technology. So what are some other ways to access these circles? Consider travel, seminars and events, joining a nearby yacht club or golf club, or perhaps buying shares or product from someone you want to connect with, or donating to or volunteering with organizations and causes they care about.
Summary
Where you live and own property may have an impact on your success, and certainly on your connections. The above provides more insight into the map of where the stars of the financial world live and work. Fortunately there are some more affordable, yet beneficial options too. Even for those that desire to be frugal and minimize overhead, while maximizing income, there are hacks for upgrading sphere of influence too.