It’s no secret that one’s rising wealth can lead to increased spending on a goods, services and homes. And the number of those capable of spending more on a whole host of things has grown in the United States, which is worthy of note by institutional investors.
According to Capgemini’s recently released U.S. Wealth Report 2015, high-net-worth individuals in the United States increased their wealth by more than $1 trillion during 2014. The number of high-net-worth individuals — defined as those with more than $1 million in investable assets excluding primary residence, consumables and collectibles — expanded by 8.6 percent to 4.4 million people, and their actual wealth increased by 9.4 percent, or $15.2 billion. As a result, the United States maintains its status as the largest high-net-worth individual market globally.
Based on the Capgemini report, Think Advisors compiled a list of the top 12 fastest-growing U.S. cities for millionaires:
- Houston
- Seattle
- San Jose
- San Francisco (tie)
- Dallas (tie)
- Los Angeles
- Boston
- Detroit
- Philadelphia
- New York City
- Washington, D.C.
- Chicago
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Jennifer Molloy is senior editor of Institutional Real Estate Asia Pacific.
