America’s wealthiest may have seen a slight downturn in their fortunes last year, but they’re still doing better than their counterparts in other parts of the globe.
According to the Capgemini 2012 Metro Wealth Index, which looks at the changing populations of high net worth individuals in the United States’ largest metro areas between 2010 and 2011, economic uncertainty led to a 1.2% decline in HNWIs – yet the top five U.S. metropolitan statistical areas (MSAs) all remained among the top 15 largest wealth markets worldwide.
In fact, the U.S. remains the largest HNWI country globally, says the report released Nov. 27 by technology and outsourcing consultant Capgemini in partnership with RBC Wealth Management.
“Each of the top five U.S. MSAs on its own is large enough to earn a ranking spot as one of the top 15 wealth markets in the world,” said Jean Lassignardie, chief sales and marketing officer for Capgemini Global Financial Services, in a statement.
Motor City, which continued to battle high unemployment levels last year, saw growth of its high net worth population fall by 2.2% in the last year. The city ranked ninth in the previous year. In Capgemini’s 2011 index, HNWIs numbered 90,100 in the Detroit MSA’s overall population of 4.29 million compared with 92,100 in 2010.
9) San Jose
San Jose moved to ninth position in 2011 from 10th in 2010, with HNWI growth at 2.1% in 2011 versus 2.7% in 2010. The relatively small metro area, with a population of just 1.86 million, was home to 90,700 HNWIs in 2011 compared with 88,800 in 2010. Good performance by major local industries helped boost San Jose’s wealth numbers.
Houston’s MSA, which now has a total population of 6.09 million, saw its number of HNWIs rise 1.9% in 2011, to 98,500 individuals compared with 96.700 in 2010, thanks in part to strong performance by local business. However, growth slowed compared with the 9.8% HNWI growth rate reported in 2010. The city nevertheless maintained its eighth place ranking from 2010.
Philadelphia moved one place down on the Capgemini index from sixth place last year due to poor equity market performance and house price pressure. The MSA totaling a population of 5.99 million saw a 0.9% drop in HNWIs to 109,400 in 2011 from 110,400 in 2010. Last year, Philly’s number of HNWIs grew by 6.0%.
Boston, with a total MSA population of 4.59 million individuals, moved up one place to sixth position in 2011, driven by solid economic growth. HNWI growth was 0.4% in 2011 versus 7.3% in 2010, and HNWI population was 110,200 people in 2011 versus 109,800 in 2010.
5) San Francisco