Where Are Advisors Most Needed?

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. Here are the cities which experienced the greatest increases in the number of HNW investors, as well as in the overall level of total wealth:

• Houston, 14% to 150,000 HNWI; total wealth of $572 billion (15.2%)

• Seattle: 12.1% to 98,000, total wealth of $348 billion (13.3%)

• San Jose, Calif.: 11.4% to 136,000, total wealth of $505 billion (12.5%)

• San Francisco: 11.2% to 364,000, total wealth of $794 billion (12.3%)

• Dallas: 11.2% to 126,000, total wealth of $513 billion (12.4%)

• Los Angeles: 10.4% to 364,000, total wealth of $1.335 billion (11.5%)

• Boston: 9.7% to 162,000; total wealth of $618 billion (10.8%)

• Philadelphia: 7.9% to 146,000; total wealth of $600 billion (9%)

• New York: 7.7% to 963,000; total wealth of $3.528 billion (8.8%)

• Detroit: 7.4% to 116,000; total wealth of $468 billion (8.5%)

• Washington, D.C.: 7% to 236,000; total wealth of $957 billion (8.1%)

• Chicago: 6.7% to 282,000; total wealth of $1.163 trillion (7.8%)

There is a fair amount of overlap between this list and one of nine cities with the lowest ratio of wealthy individuals to financial advisors, based on information from Investopedia. We include the ratio of wealthy households per advisor in each city’s wealthiest areas, the number of households in these zones and the district’s adjusted gross income (AGI):

• Carmel, Ind.: 125 households to 1 advisor; 15,000 households; $102,509

• Dallas: 157 to 1; 83,000; $139,000

• Chicago: 176 to 1; 184,000 households; $166,000

• Bryn Mawr, Penn.: 202 to 1; 10,000 households; $150,000

• Miami: 233 to 1; 23,000 households; $162,000

• Potomac, Md.: 260 to 1; household data not available; $144,000

• Seattle: 291 to 1; 116,000 households; $123,000

• Houston: 308 to 1; 63,000 households; $140,000

• San Fran./Bay Area: 363 to 1; 153,000 households; $136,000