While scrolling through my Facebook timeline the other day, I was startled by a post from something called “Dallas Economic Development” which trumpeted the “fact” that “Dallas is a top 10 city for affluent residents.” This leapt out at me, because I suspected it to be untrue, so I decided to dig further.
Checking the Facebook page for “Downtown Economic Development,” I discovered that it is sponsored by the City of Dallas Office of Economic Development, which “supports existing and prospective businesses and the development and redevelopment of downtown and neighborhoods in southern Dallas.” Hmm … seemed legit, so far. To the extent I had any remaining doubts about the veracity of this “fact,” the Downtown Economic Development post referenced a Dallas Morning News blog post by Pamela Yip headlined “Dallas vaults into top 10 population centers for affluent.”
Hmm … I know Ms. Yip to be pretty careful when it comes to her writing, so I decided to press on. Her post made the claim that “Dallas and Houston were big beneficiaries of the trends, leading in the growth of high net worth individuals and wealth. The cities recorded the most aggressive rates of wealth growth among the affluent, both in 2013 and in the last five years, the report said. The cities also were the largest gainers in the growth of affluent residents.” Now I was definitely intrigued, as this simply did not square with the city of Dallas that I know.Full Story