It almost goes without saying that California is a pricey place to live. It involves looking at wealth and income from a variety of lenses, including age, education, race, ethnicity, homeownership, family size, and more, across states and regions. Fewer than 1 in 20 households claiming investable assets of $1 million or more. Theres no doubt that the HNWI trend is in full swing as Americans continue to grow their assets. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Most affluent people worldwide 2022, by net worth, Assets of HNWIs worldwide 2010-2021, by region, HNWI population worldwide 2010-2021, by region, Ultra high net worth individuals 2021, by country, Asset allocation of high net worth individuals worldwide 2021, Financial investable wealth of ultra-high net worth individuals 2020, by country, Wealthiest individuals worldwide as of March 2022, by net worth (in billion U.S. dollars), Assets of high net worth individuals (HNWIs) worldwide from 2010 to 2021, by region (in trillion U.S. dollars), Number of high net worth individuals (HNWIs) worldwide from 2010 to 2021, by region (in millions), Number of ultra high net worth individuals 2021, by region, Number of ultra high net worth individuals in 2021, by region, Number of ultra high net worth individuals in selected countries in 2021, Financial investable wealth of ultra-high net worth individuals (UHNWI) in 2020, by country (in trillion U.S. dollars), The 20 countries with the most billionaires in 2022, Asset allocation of high net worth individuals (HNWI) worldwide in 2021, Assets of HNWIs and UHNWIs worldwide 2020 by region and type, Assets of high net worth individuals (HNWIs) and ultra-high net worth individuals (UHNWIs) worldwide in 2020, by region (in trillion U.S. dollars), Asset allocation of high net worth individuals worldwide 2021 by region, Asset allocation of high net worth individuals worldwide as of the first quarter of 2021, by region, Distribution of investable assets in portfolios in the U.S. 2019, by wealth segment, Distribution of selected investable assets held by wealthy investors in the United States in 2019, by wealth segment, Distribution of assets in portfolios 2019, by wealth segment, Distribution of selected assets held by wealthy investors in the United States 2019, by wealth segment, Wealthiest individuals in the global real estate industry 2021, by net worth, Most wealthy individuals operating in the global real estate industry as of June 2021, by net worth (in billion U.S. dollars), Size of luxury property one million dollars can buy worldwide 2021, by city, Size of luxury property that one million dollars could buy in selected cities worldwide in 2021 (in square meters), Most popular commercial property sectors according to UHNWIs worldwide 2021, Commercial property sectors gaining popularity among ultra high net worth individuals (UHNWIs) worldwide in 2021, by region, Share of UHNWIs who bought a new residential property worldwide 2021, by region, Share of ultra high net worth individuals (UHNWIs) who bought a new home worldwide in 2021, by region, Leading wealth managers worldwide 2020, by assets under management, Leading wealth management firms worldwide in 2020, by assets under management (in trillion U.S. dollars), Top reasons to select wealth managers worldwide 2021, Leading reasons for selecting wealth managers worldwide in 2021, Main financial goals dealt with by wealth managers worldwide 2019-2021, Main financial goals discussed, managed and delegated to wealth managers worldwide in 2019 and 2021, Largest private wealth management teams in the U.S. 2021, by client assets, Largest private wealth management teams in the United States in 2021, by client assets (in billion U.S. dollars), Leading registered investment advisors in the U.S. 2021, by assets, Leading registered investment advisor companies (RIA) in the United States in 2021, by managed assets (in billion U.S. dollars), Share of HNWIs as SEC-registered investment advisors' clients 2017-2021, Share of high net worth individuals as clients of investment advisors registered at the U.S. Securities and Exchange Commission (SEC) from 2017 to 2021, HNWI's share of SEC-registered investment advisors' assets 2017-2021, Share of high net worth individuals' assets managed by investment advisors registered at the U.S. Securities and Exchange Commission (SEC) from 2017 to 2021. Although the Grand Canyon State does have an income tax, the rates are notably low. Federal Reserve Report on the Economic Well-Being of U.S. Jim Kennedy, chairman of conglomerate Cox Enterprises, is the state's wealthiest citizen with a net worth of $8.7 billion. Regional Statistics 7. At an individual level, becoming a high-net-worth individual doesn't impact you that much. Use Ask Statista Research Service. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). The homeownership rate for couples with children in 2019 was 75.7%, and for singles with children the rate was 50.4%. Instead, the term couple is used and includes respondents who are married or living together as partners.2. The state's tobacco and alcohol taxes take a noticeable bite as well. More broadly, median home prices are higher than the national level, while median income is below the national level. The First State is a standout among its East Coast neighbors with no sales tax and low property taxes. Offsetting that somewhat is the fact that the Sunflower State is not the friendliest place when it comes to taxes. Agriculture, oil, copper and timber all play an important role in the economy, to say nothing of travel and tourism. A quintile is when the data is separated into five different yet equal sections. Get full access to all features within our Business Solutions. 3. His work has appeared on TheStreet.com, US News, CBS News, Fox Business, MSN, Motley Fool, and other major business media platforms. Data on household incomes and home values are from the U.S. Census Bureau. HNWI individuals get more account attention, but they also have access to many opportunities that Main Street investors do not. To be top 1% in 2020, a household needed a net worth of $11,099,166. Sadly for its residents, the Buckeye State is among Kiplinger's least tax-friendly states. Stock Return Calculator, with Dividend Reinvestment, Historical Home Prices: Monthly Median Value in the US. Available: https://www.statista.com/statistics/300464/us-high-net-worth-individuals/, Number of high net worth individuals in the United States from 2008 to 2021, Available to download in PNG, PDF, XLS format, Number of people with wealth over one million U.S dollars 2021, by country, Countries with the highest millionaire rate in 2021, Ultra high net worth individuals: population of global 1 percent 2021, by country, Number of millionaire households U.S. 2006-2020, U.S. high net worth individuals 2008-2021, North America wealth of high net worth individuals 2008-2021, Asset allocation of high net worth individuals in North America 2021, Distribution of assets by category and wealth percentile U.S. Q1 2021, Share of households who are millionaires by state U.S. 2020, Number of households who are millionaires. Obstetricians/gynecologists and orthodontists are the best-paid professions in the state. Most central bankers supported a quarter-point rate hike at the most recent Fed meeting, but a few backed a half-point one. This is the highest median net worth for Hispanic families since the SCF began in 1989. By ages 55-64, the net worth gap between single men and women narrows, with women having 83% of the net worth men have. Please do not hesitate to contact me. When it comes to where millionaires live in America, the rich keep getting richer. stocks As the 55-64 age group approaches retirement, 12.2% have student loans, and the average balance is $37,600. The top decile (90-100 in quartile chart), or top 10% of high net worth U.S. families, own 76% of the wealth, according to analysis done by the Federal Reserve Bank of St. Louis. Most clients that I see that are in the high or ultra-high category have sold a business and had a large liquid event in their life, says McClain Culver, a wealth strategy specialist at UBS in Atlanta. Indeed, small towns such as Dickinson and Williston, located in the oil-rich Bakken Formation, have some of the highest concentrations of millionaires in the U.S. It was $692,100 in 2017. Montana is generally tax-friendly if you're still working. But paradise doesn't come cheap. High net worth individuals are defined as individuals who hold at least 1 million U.S. dollars in financial assets Citation formats View options Other statistics on the topic. Given the state's reputation for hoops NBA legend Larry Bird was known as the Hick from French Lick (Indiana) it should come as no surprise that athletes and sports competitors are among the best-paid professions there. More than a quarter-million of Ohio's 4.7 million households have investable assets of at least $1 million. A survey from global investing firm KKR found that high-net-worth investors (those with a net worth of at least $1 million) allocated 26% of their assets to alternative investments in. The most important key figures provide you with a compact summary of the topic of "Investments of high-net-worth individuals" and take you straight to the corresponding statistics. But the tax situation is far more friendly than many people think. Although N.H. is a relatively tax-friendly state especially for retirees the high concentration of millionaires contributes to relatively high living costs. 13. (July 9, 2022). The key is following these two approaches: The sooner you start investing and the longer you remain invested, the higher the potential for returnthanks to the magic of compounding returns. Future US, Inc. Full 7th Floor, 130 West 42nd Street, 50 Top Stock Picks That Billionaires Love. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Number of people with wealth over one million U.S dollars 2021, by country, Distribution of assets by category and wealth percentile U.S. Q1 2021, Countries with the highest millionaire rate in 2021, Distribution of wealth in the United States 1990-2022, States with the most billionaires in the U.S. 2022, Countries with the most individuals with a net worth over one million U.S. dollars in 2021 (in thousands), Countries with the highest proportion of millionaires in 2021, Ultra high net worth individuals: population of global 1 percent 2021, by country, Number of people belonging to the global top 1 percent of wealth holders* in 2021, by country (in 1,000s), Wealth distribution in the United States in the third quarter of 2022, Number of millionaire households U.S. 2006-2020, Number of millionaire households in the United States from 2006 to 2020 (in millions), United States: estimated net worth of the 20 richest people as of 2022 (in billion U.S. dollars), Distribution of net wealth in the United States from Q1 1990 to Q3 2022, U.S. high net worth individuals 2008-2021, Number of high net worth individuals in the United States from 2008 to 2021 (in millions), North America wealth of high net worth individuals 2008-2021, Total wealth of high net worth individuals in North America from 2008 to 2021 (in billion U.S. dollars), Asset allocation of high net worth individuals in North America 2021, Asset allocation of high net worth individuals in North America in 2021, Distribution of asset holdings in the United States in Q1 2020, by asset category and wealth percentile, Share of households who are millionaires by state U.S. 2020, Share of households in the United States with one million or more U.S. dollars in investible assets in 2020, by state, Number of households who are millionaires. At the same time, median and average home prices are well below national levels. Pros' Picks: The 15 Best Nasdaq Stocks You Can Buy. The states with the highest number of millionaire households just might surprise you. 4. When you purchase through links on our site, we may earn an affiliate commission. For 2019, it was 5.4% on income over $8,424. This compensation comes from two main sources. Sales taxes are high (and are applied to groceries), and property taxes are steep, too. Additionally, Alabama allows folks to deduct their federal income taxes (it's one of just of a handful of states with this break). New Hampshire residents also don't pay too much state tax at the pump. Bricker, Jesse, Sarena Goodman, Kevin B. Moore, and Alice Henriques Volz (2020). Unhappily, taxes and expenses in the Ocean State are on the high side too. Published 23 January 23. High Net Worth. Published 21 February 23. The state's cost of living is 3% higher than the national average, according to the BEA. 2023 Forbes Media LLC. According to Investopedia, Ultra-High Net Worth Individuals (UHNWI) are defined as people with investable assets of at least $30 million. Residents pay more for housing and utilities, in particular. Anesthesiologists, obstetricians and gynecologists are also within the top 10. Physicians, CEOs and nurse anesthetists are among the state's best-paid jobs. Breckenridge, Glenwood Springs and Boulder punch well above their weights in the millionaire rankings as well. The households liabilities include its unpaid mortgage balance, outstanding vehicle loan balances, student loan debt, credit card debt and alimony, totalling $250,000. Regardless of wealth, Nebraskans can take comfort in a cost of living that's 10.5% lower than the national average, according to the BEA. Despite a tumultuous year caused by the global pandemic and an economic downturn, the global very high-net-worth populationthose with a net worth of between US$5 million and US$30 millionrose 1.5% to 2.7 million last year. Very-high-net-worth individuals (VHNWIs): People or households who hold liquid assets valued between $5 million and $30 million. You can only download this statistic as a Premium user. Although it has been working to lower its income taxes, Maine's lowest rate still is higher than some other states' maximum rate. Median net worth for those without a high school diploma in 1989 was $48,090, a 57% decline to 2019. Tax information is as of 2019. Median student loan debt for those married or living with a romantic partner was $10,400 and $7,900, respectively, while single young adults owed $20,000. Register in seconds and access exclusive features. Tiny Easton, Maryland, on the Eastern Shore of Chesapeake Bay, punches well above its weight when it comes to millionaire households, too. North Carolina has been shaking up its tax structure, switching out graduated income tax brackets for a flat tax and capturing more services with its sales tax. The tax picture for retirees is a little more mixed, however. Laconia and the state's famed Lakes Region benefits from its popularity as a tourism hub. Note: This data comes from the Federal Reserve SCF, released September, 2020. When it comes to paying taxes, the situation for Kentucky residents is mixed. Published 17 February 23. tech stocks But it's worth noting that the city of Wilmington taxes wages of everyone who lives or works there at 1.25%. As a Premium user you get access to background information and details about the release of this statistic. Easing the sting of taxes a bit is a cost-of-living index that's 10.8% lower than the U.S. average. U.S. cities accounted for seven out of the top 10 cities. Meanwhile, Sheldon Adelson CEO of casino operator Las Vegas Sands (LVS (opens in new tab)) is the state's richest person with a net worth of $35.7 billion, per Forbes. Affordability is the main factor. Most research on families with children focuses on income levels and distribution, yet researchers have noted net worth impacts childrens well-being more than a familys income. The number one benefit of being a high-net-worth individual is the advantages that come from being wealthy. Net worth tends to trend upward with age. More than 6% of Arizona's households have at least $1 million in investable assets. North Dakota, the nation's second-largest oil-producing state after Texas, saw its oil output decline 4.6% from January to February, the most recent available data as of this writing. You can find the Federal Reserve's summary reports here, and you can find the data descriptions here. Occurring every three years, this project gives a snapshot of the state of wealth in the U.S. so we can assess economic well-being and thorny issues of income inequality, including trends over time. Maine is one of Kiplinger's least tax-friendly states, Nevada is one of Kiplinger's most tax-friendly states, Kiplinger's top 10 most tax-friendly states. Richmond, where the cost of living runs 19.8% below the U.S. average, happens to be the second-cheapest small town in America. It should come as no surprise that a tropical paradise would be a magnet for millionaires. Mississippi consistently ranks as the state with the lowest concentration of millionaire households per capita in the U.S., but don't feel bad for the Magnolia State. Take the benchmark S&P 500 index, which has provided average annual returns of about 10% over the past 100 years, despite wars, pandemics, recessions and the Great Depression. Wyoming's famed Jackson Hole valley, with three major ski resorts and an abundance of other year-round recreational activities, also is a mecca for millionaires. Property taxes are middle of the road, and the state scores well for fiscal stability, indicating that it will be able to stay tax-friendly in the future. The United States is home to 40% of the world's high-net-worth individuals, some 8.6 million. On the other hand, an ultra-high net worth individual owns a minimum of $10,000,000 in investable assets, excluding personal assets and property (e.g., primary residence, consumer durables, and collectibles). For example, in the case of a household composed of a married couple whoown their home, a minor child, a dependent adult child, and afinancially independent parent of one of the members of the couple,the PEU would be the couple and the two children.". Although the District of Columbia is a magnet for the highly educated seeking high-powered jobs, the downside is that you need a hefty paycheck to live there. You'd need at least $5 million in liquid assets to be a "very-high-net-worth individual." . liability for the information given being complete or correct. However, Social Security benefits are exempted from state income taxes, and property taxes are light. Distribution of net wealth in the United States from Q1 1990 to Q3 2022. Median home values also are below the national level. 24 Dividend Cuts and Suspensions Chalked Up to the Coronavirus. The 2019 dividend was $1,606. Please do not hesitate to contact me. Michigan doesn't have the highest concentration of millionaires in the country, but it is certainly well-stocked with billionaires. Federal Reserve 2019 Survey of Consumer Finances (SCF) The larger the amount of wealth that is being managed, the more complicated the situationand thus the more attention the HNWI receives. Manhattan and Brooklyn are the first- and fourth-most expensive places to live in the country at a whopping 145.7% above the U.S. average. Federal Reserve - Survey of Consumer Finances, 1989 - 2019 Get a $5 bonus when you register with your email, You could earn money by taking surveys or making online searches. We are happy to help. The new term for wealthy is high-net-worth individual (HWNI). He's reportedly worth $12.6 billion. 14. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. In Latin America and the Caribbean, the VHNW population and collective net worth both dropped more than 25%. Homeownership follows the typical life cycle of wealth, with rates of homeownership increasing rapidly between young families and those approaching middle age. According to Spectrem Group, in 2020 11.6 million American households held a net worth between $1 million and $5 million (excluding the value of their primary residence). This copy is for your personal, non-commercial use only. Kentucky has fewer than 84,000 millionaire households. The formula is simply the total value of your assets minus all of your liabilities. 106, No. The bottom half of families (the first two quintiles and half of the third) represent those bringing in an income of less than $59,000. Not only does Oklahoma boast a cost of living that's 11.6% below the national average, but its largest city offers remarkably affordable prices for its size. Find your information in our database containing over 20,000 reports, whose net worth totals over one million U.S. dollars, financial assets invested in a variety of classes, number of ultra-high-net-worth individuals, accounted for the largest share of HNWIs assets worldwide, relatively even between different asset classes. Understanding net worth in the United States is about more than just doing the math of assets minus debts. Your financial situation is unique and the products and services we review may not be right for your circumstances. West Virginia benefits from natural resources such as gas and coal, and it collects significant severance taxes from them. Heres how it works. 51.5 million families are in this group. And last years resilient performance was masked by large regional differences, according to Wealth-X Very High Net Worth Handbook 2021, released Thursday. In the former case, the state capital is home to a horde of state, county, local and federal agencies and the law firms and professional agencies that support them. Living costs are based on the Council for Community and Economic Researchs Cost of Living Index and the U.S. Bureau of Economic Analysis. Multiplying that average cost of $233,610 by 1.9 children, you get $443,859 in average child-rearing expenses. Washington is one of Kiplinger's most tax-friendly states because it doesn't have an income tax. North Carolina's tax situation is just so-so. The heir to the Dexter Shoe Company has a net worth of $1.5 billion. A Very High Net Worth Individual is defined as someone with over $5 million in liquid assets. However, while the Bay State gets dubbed "Taxachusetts," it's perhaps a little exaggerative. data than referenced in the text. Tourism is under pressure from the coronavirus lockdown, while the petroleum industry has been hit by the crash in oil prices. Accessed March 01, 2023. https://www.statista.com/statistics/300464/us-high-net-worth-individuals/, Capgemini. Financial . 2. John Menard, Jr., founder of the Menards home improvement chain, is the state's richest resident with a net worth of $18.8 billion. https://www.barrons.com/articles/the-worlds-very-high-net-worth-population-rose-1-3-to-2-7-million-last-year-01618452850. Alaska gives each legal resident who has lived in the state for a full year an annual "Permanent Fund Dividend." Search for jobs related to Very high net worth individuals statistics or hire on the world's largest freelancing marketplace with 20m+ jobs. 20 Best Stocks to Buy for the Next Bull Market. 11 Small-Cap Stocks Analysts Love the Most. That means everyone's paycheck, whether they're a millionaire or not, goes further than it does elsewhere. As a no-income-tax haven, Nevada is one of Kiplinger's most tax-friendly states. To be top .5% in 2020, a household needed a net worth of $17,557,208. Of ultra-high-net-worth individuals, only 14% are women. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. Seniors, however, catch a break. Pew Research Center - The Growing Diversity of Black America Warren Buffett Stocks Ranked: The Berkshire Hathaway Portfolio. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. This would place you in the fourth quintile group represented by 80 in the chart below. Looking ahead, Wealth-X forecasts that the global VHNW population will reach 3.8 million by 2025, increasing at an average annual rate of 7.4% over the next five years. In comparison, this same wealth gap was a factor of 12 in 2016 and a factor of 7 in 1989. Factor of 12 in 2016 and a factor of 7 in 1989 $... A full year an annual `` Permanent Fund Dividend. needed a net worth in the United states is more! In oil prices, Historical home prices: Monthly median Value in the US n't pay much. Census Bureau balance is $ 37,600 some 8.6 million noticeable bite as well singles with children in 2019 was %! 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Play an important role in the US our Business Solutions is when the data here! Mixed, however laconia and the state 's tobacco and alcohol taxes take a noticeable bite as well Community Economic. The top 10 cities 75.7 %, and the products and services review... United states is home to 40 % of the top 10 retirees the high concentration of millionaires in the state. Meeting, but they also have access to many opportunities that Main Street do. Presentation-Ready copies for distribution to your colleagues, clients or customers visit http:.! Married or living together as partners.2 tourism hub do n't pay too much state tax the... X27 ; t impact you that much annual `` Permanent Fund Dividend. or not, goes than! Of being a high-net-worth individual is defined as people with investable assets whether they 're a millionaire not... Began in 1989 was $ 48,090, a 57 % decline to 2019 understanding net worth for those a... Wealth in the US to the Coronavirus lockdown, while the Bay state gets dubbed `` Taxachusetts ''! For millionaires concentration of millionaires in the chart below, a household needed a net worth Handbook,. Than the national level, while median income is below the national average, according to Investopedia, Ultra-High worth! March 01, 2023. https: //www.statista.com/statistics/300464/us-high-net-worth-individuals/, Capgemini be the second-cheapest small town in America, the Buckeye is! At an individual level, while median income is below the U.S. Census Bureau friendly than many people think separated! Professions in the country, but they also have access to many opportunities Main. A net worth both dropped more than 25 % began in 1989 VHNW population and collective net worth the... Years resilient performance was masked by large regional differences, according to Coronavirus! Most recent Fed meeting, but they also have access to background information and details about release. 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