For those keeping score, 2014 was very good year for ultra high-net-worth individuals in the U.S with their total assets rising 9%, to $15.2 trillion. In the top dozen cities alone, wealth rose by more than a trillion dollars.
According to Capgemini’s 2015 U.S. Wealth Report, the areas of the country that saw the biggest rise in HNWI residents were in Texas and the West Coast, mainly because of growth in real estate prices. Capgemini defined HNWI as those with at least $1 million of investable assets excluding primary residence, collectibles, consumables and other consumer durables.
North America is second in the world to Asia-Pacific in sheer numbers of HNWI. North America is close with 4.68 million individuals compared to 4.69 million in Asia-Pacific.
With the U.S. economy getting back on it feet, it would seem the rise in the ultra-wealthy is likely to continue, although the mysteries of the stock and real estate markets may cause things to change.
Check out the Top 12 Fastest Growing U.S. Cities for Millionaires:
% Rise in HNWI: 6.7%
No. of HNWI : 282,000
Total Wealth (% change): $1.163 trillion (7.8%)
11. Washington, D.C.
% Rise in HNWI: 7%
No. of HNWI : 236,000
Total Wealth (% change): $957 billion (8.1%)
10. New York
% Rise in HNWI: 7.7%
No. of HNWI : 963,000
Total Wealth (% change): $3.528 billion (8.8%)
% Rise in HNWI: 7.9%
No. of HNWI : 146,000
Total Wealth (% change): $600 billion (9%)
% Rise in HNWI: 7.4%
No. of HNWI : 116,000
Total Wealth (% change): $468 billion (8.5%)