U.S. high-net-worth market largest in the world

December 16, 2015 admin

Houston skyline and Memorial reflection Texas USIt’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:

  1. Houston
  2. Seattle
  3. San Jose
  4. San Francisco (tie)
  5. Dallas (tie)
  6. Los Angeles
  7. Boston
  8. Detroit
  9. Philadelphia
  10. New York City
  11. Washington, D.C.
  12. Chicago

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Jennifer-Molloy91x119Jennifer Molloy is senior editor of Institutional Real Estate Asia Pacific.

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