California is home to 13,445 ultra high net worth (UHNW) individuals, making it the state with the largest UHNW population in the US, according to a Wealth-X special report on UHNW wealth in America.
New York state came in second place in the Wealth-X ranking with a population of 9,530 UHNW individuals, defined as those with at least $30m in net assets.
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New York City, however, boasts the largest UHNW population of any city in the United States – and also the world – with 8,655 UHNW individuals.
According to the American Ultra Wealth Ranking 2014-2015, the United States’ UHNW population is primarily concentrated in major metropolitan areas across the country. Only four of the 50 states – California, Texas, Florida and Missouri – have more than one city with substantial UHNW populations.
Below are some key findings from the report:
The United States is home to 69,560 UHNW individuals, more than any other country in the world. The United States’ UHNW population accounts for a third of the global UHNW population.
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By GlobalDataThere are more UHNW individuals worth $30m to $49m in the US than there are UHNW individuals of all wealth tiers in any other country.
American UHNW individuals worth more than $500m grew faster than all other UHNW wealth tiers in terms of population size and wealth. These 2,031 individuals are worth $3.3tn, and account for a third of the total UHNW wealth of the US.
The US’ UHNW population grew by 6% overall last year, and no states saw a decrease in the size of their UHNW populations.
California and New York added the largest number of new UHNW individuals last year. There were 1,470 new UHNW individuals minted in these two states in 2014.
North Dakota’s UHNW population saw a 14.3% increase in 2014, the sharpest increase of any state in 2014. South Dakota’s UHNW population swelled by 13.3% – the second largest increase among the states.
Florida’s UHNW population grew by 10.3% in 2014, adding 435 new UHNW individuals due in large part to strong growth in its financial and real estate sectors.
Wealth-X president David Friedman commented, "The UHNW market – while offering the most concentrated segment for private wealth, luxury brands and non-profits – is also the most elusive. To successfully engage this group, enterprises must have deeper intelligence and due to the private nature of their wealth, this has been historically one of the biggest data gaps. Wealth-X is the first and only company that has been able, through its vast global intelligence network, to manually identify and curate intelligence on this sector, empowering its clients to craft bespoke marketing strategies for sales people, marketing events and key client initiatives."
