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Minnesota’s wealthy also tend to be older than the national average. Only 10 percent are under 40. Nationally, about 25 percent under 40.
BMO defined the wealthy as people with investable assets of $1 million or more. The state has about 115,575 millionaire households by that definition, according to other industry stats, ranking us No. 17 in the nation in terms of the ratio of rich households to total households.
The bank said it’s using the survey to better understand the market.
Here’s how the Minnesotans answered some key questions:
My wealth was …
Primarily generated by me 78%
Primarily generated by my spouse 15%
From my divorce 1%
The survey was done last spring and covered a random sample of 482 wealthy U.S. adults, including 40 in Minnesota. BMO Harris, part of Canada’s huge Bank of Montreal, entered the Twin Cities in 2011.
• Newgate School, the skills-building nonprofit founded nearly 40 years ago by Ron Severson, a one-time U of M instructor, will hold its first-ever open house on June 28 from 11 a.m. to 2 p.m. Newgate, located in southeast Minneapolis, has trained thousands of disadvantaged young adults in auto mechanics and auto body repair, funded by the proceeds from donated cars that it fixes and sells, as well as donations from admirers. More information: www.newgateschool.org.
• Noble House Hotels has opened the Commons Hotel on Washington Avenue in Stadium Village on the east bank of the University of Minnesota, following a $15 million overhaul by owner RockBridge Capital. The hotel formerly was part of the Radisson chain. The new management says the Commons Hotel “gives nod to a geek-chic persona — incorporating a theme of contrasts inspired by its collegiate ties to the university and industrial history of the Twin Cities.” Gotta see this.
• Little Falls Community High School, a first-place winner, and Mounds View High School were among the eight school teams that were finalists in this spring’s 13th Annual National Economics Challenge in New York City, sponsored by the Council for Economics Education. The Council’s personal-finance and economics education is used by 5 million K-12 students annually.