More than half of the nearly 55,000 ultra high-net-worth individuals in the U.S. live in just five states, according to the latest Intelligence Briefing published Monday by Wealth-X. Those individuals have wealth exceeding $30 million.
The top five states, ranked in order, are:
- New York
California has some 9,800 ultra high-net-worth (UHNW) residents. More than 7,300 ultra wealthy individuals live in New York and upward of 5,200 in Texas.
The next six states by rank are Michigan, Pennsylvania, Ohio, Wisconsin, Connecticut and New Jersey. These 11 states account for more than 65% of the U.S. UHNW population, Wealth-X said in a statement.
Despite the concentration of wealth in a handful of states, opportunities exist for asset managers to earn the business of the ultra wealthy across the nation. According to Wealth- X, only three states have fewer than 100 UHNW individuals: Alaska, Delaware andNorth Dakota.
"Placing wealth advisors in the correct community locations has become an important strategic differentiator for wealth management firms, especially as these organizations create or extend their UHNW platform," Wealth-X chief executive Mykolas Rambus said in the statement.
David Friedman, the firm’s executive vice president for strategy, added: "Firms that are serious about increasing their assets under management should consider aligning their hiring plans with the best locations in the market."
The Wealth-X research team collects and analyzes information about UNHW individuals, including their wealth, income, passions, philanthropic interest, affiliations, politics, advisors, families and biographies.