In a first-time study, Forsyth County has been listed among the top 10 counties in the state with highest net wealth.
Financial technology company SmartAsset recently ranked Forsyth County as third in Georgia for total net worth, which was listed at $62,555, and second for net worth as percent of income, which was 178.1 percent.
This is the first time this study has been completed, but previous studies by SmartAsset have consistently ranked Forsyth as best for incoming business.
President and CEO of the Cumming-Forsyth County Chamber of Commerce James McCoy said the study is a new look at the county’s wealth.
“We know this is an affluent community,” he said. “But this is a different number than we usually hear. What is interesting to me about this is this is a measure of net wealth. You could be making a lot of money, but if it’s being poured back into a house you can’t afford, a car you can’t afford, private school, etc., your [net] worth won’t be that high and you’ll be less well-off if a recession hits.
“People who have a great deal of net wealth weather those storms better.”
According to the company’s website, the study aimed to find the places in the United States with the highest net worth. To do this, they calculated the ratio of net worth to per capita income for every county.
Net worth, also known as net wealth, is the amount a company or individual is worth after subtracting any liabilities (debts, business losses, etc.) the company or individual has.
Forsyth came in behind Fayette and Union counties, which received first and second place, respectively.
McCoy credited this, in part, to the level of education the county’s business community has.
“The way that Forsyth County has grown over the last 30 years in particular [is that] it has grown hand-in-hand with the school system, the business community and has attracted a very well-educated group of people who are also engaged in great business activities, which is what drives wealth and affluence,” he said. “We were very fortunate as a community years ago to have people looking forward.
“Our overall education level of people beyond school age is high and communities across the country that have the amount of education we have are usually well off. Those levels of education often translate to business leadership or academia communities and we’re the former, and business drives wealth.”
Details of the study and more information can be found at smartasset.com/investing/online-brokerage-accounts#Georgia.