Centre Daily Times
Magazine: Data Suggest Region Rich With Future Millionaires

By Gwenn Miller

STATE COLLEGE - Who religiously watches the Sci Fi Channel, consumes more than the national average of Grey Poupon mustard and reads Architectural Digest?

Don't laugh -- these eclectic consumers fall into the demographic of "millionaires in the making," according to American Demographics magazine. These consumers don't have seven-digit salaries yet, but, at age 45 or younger, they have a household income of more than $100,000 per year and are childless, according the June 2003 issue. Thirty-seven percent are single, and nearly nine in 10 rent rather than own their homes.

And, according to the magazine, State College has the third highest percentage of these Donald Trumps-in-training of any community in the nation. The metropolitan region of Stamford-Norwalk, Conn., ranked first, and fellow Big Ten college town Ann Arbor, Mich., ranked 10th.

Tony Warren, director of the Farrell Center for Corporate Innovation and Entrepreneurship at Penn State's Smeal College of Business, said he was surprised at the final results. There is no denying there are attractions in the area, he said, such as quality of life, low cost of living and intellectual quality.

But, Warren said, there is still a shortage of capital, meaning there isn't an established record of people starting companies and getting rich.

"I joke that there aren't enough red Ferraris parked around here yet," Warren said.

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REPORTERS & EDITORS: For more information, please contact Wyatt DuBois in the Smeal College of Business Media Relations Office at 814-863-3798 or wed112@psu.edu .

Penn State's Smeal College of Business offers highly ranked undergraduate, MBA, executive MBA, Ph.D., and executive education opportunities to more than 5,500 students at all levels. Featuring academic departments of accounting, finance, marketing, insurance and real estate, management, and supply chain and information systems, the college is also home to major research centers such as the Center for Supply Chain Research, the Institute for the Study of Business Markets, the eBusiness Research Center, the Farrell Center for Corporate Innovation and Entrepreneurship, the Center for Global Business Studies, and the Center for the Management of Technological and Organizational Change.

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