It’s a good way to make a living – if you can afford it.
A recent report from the Economic Innovation Group – a Washington, D.C., think tank – finds that residents of King County earned an average of $24,100 in 2019 from their assets. That is not money from sweat and toil; it’s money from things such as stock dividends, interest payments and rental income. You know, wealth without working.
The study looked at the 100 most populous U.S. counties (Clark County is slightly outside the top 100) and used IRS data to determine how much money is derived from investments rather than production. King County ranked eighth among those 100 counties in terms of asset income per capita.
Of course, the thing about think tanks is that you never know what they are thinking before they begin a study; often, such explorations start with an answer in search of a question. The Economic Innovation Group was launched in 2015 by a group of entrepreneurs and professes to focus on “empowering entrepreneurs and investors to forge a more dynamic U.S. economy.”
So, take that for what it’s worth. The point is that the findings about King County – home to Amazon, Microsoft and thousands of Boeing workers – is intriguing. The guess is that most residents earn nowhere near $24,100 in asset income, but there are enough people who can afford to invest that it drives up the average.