AMERICAN ULTRA WEALTH

RANKING 2014-2015
WEALTH-X SPECIAL REPORT
WWW.WEALTHX.COM

UHNW USA REGIONAL REPORT | WEALTH-X INSTITUTE SPECIAL REPORT

MYKOLAS D. RAMBUS CHIEF EXECUTIVE OFFICER

DAVID S. FRIEDMAN PRESIDENT
RIDZWAN AMINUDDIN SENIOR VICE PRESIDENT OF PRODUCTS
DAVID LINCOLN WEALTH-X INSTITUTE DIRECTOR
BENJAMIN KINNARD WEALTH-X INSTITUTE RESEARCH FELLOW
SARAH MERETTE WEALTH-X INSTITUTE RESEARCH FELLOW
LYNN M. RAYNAULT VICE PRESIDENT GLOBAL MARKETING
FAUZI AHMAD DIRECTOR OF COMMUNICATIONS AND MEDIA RELATIONS
MELANIE LAM MARKETING EXECUTIVE
WILL CITRIN MANAGING EDITOR
RAVEENA RAJAVETTI VICE PRESIDENT OF RESEARCH
A SPECIAL THANK YOU TO OUR RESEARCH ANALYSTS AROUND THE
WORLD WHO MADE THIS REPORT POSSIBLE.
THIS PUBLICATION IS FOR YOUR INFORMATION ONLY AND IS NOT INTENDED AS AN OFFER,
OR A SOLICITATION OF AN OFFER, TO BUY OR SELL ANY PRODUCT OR OTHER SPECIFIC SERVICE.
ALL INFORMATION AND OPINIONS INDICATED ARE SUBJECT TO CHANGE WITHOUT NOTICE.

AMERICAN ULTRA WEALTH RANKING 2014-2015 | WEALTH-X SPECIAL REPORT

UNITED STATES OF AMERICA

SPECIAL REPORT
The United States of America has the worlds largest ultra high net worth
(UHNW) population and more UHNW wealth than any other country
in the world. The US is also home to the largest population of billionaires
in the world. There are more UHNW individuals worth US$30 million to
US$49 million in the US than there are UHNW individuals of all wealth
tiers in any other country.

ALTH

14)

ALTH

14)

US $1 B+
US $750-999M
US $500-749M

571 10.9% (2013-2014)

350 22.8%
UHNW
POPULATION

TOTAL POPULATION 69,560 6.2% (2013-2014)

1,110 20.0%

US $250-499M
US $1 B+

2,135
(2013-2014)
9.8%
571
10.9%

US $200-249M
$750-999M

3,940 2.9%
350 22.8%

US$500-749M
$100-199M
US
$50-99M
USUS
$250-499M
$30-49M
USUS
$200-249M

5,285 4.0%
1,110 20.0%
21,380 3.8%

2,135 9.8%

34,789 7.6%

3,940 2.9%

US $100-199M UHNW POPULATION

5,285 4.0%
21,380 3.8%

US $50-99M

34,789 7.6%

US $30-49M
UHNW POPULATION

UHNW WEALTH
TOTAL WEALTH 9,630 BILLION 6.0% (2013-2014)
US $2,266 BILLION 9.8% (2013-2014)

US $1 B+
US $750-999M

US $290 BILLION 7.4%

US $755 BILLION 15.1%

US $500-749M

US $954 BILLION 1.0%

US $250-499M
US $1 B+
US $200-249M
$750-999M

US $2,266 BILLION 9.8% (2013-2014)

$920 BILLION 3.4%

US $290 BILLION US
7.4%
$1,020
BILLION
2.5%
US $755US
BILLION
15.1%

US$500-749M
$100-199M
US

US $954 BILLION 1.0%

$50-99M
USUS
$250-499M

US $1,950 BILLION 3.2%

US$1,475
US $920 BILLION
3.4% BILLION 7.3%

$30-49M
USUS
$200-249M
US $100-199M UHNW WEALTH

US $1,020 BILLION 2.5%

US $1,950 BILLION 3.2%

US $50-99M

US $1,475 BILLION 7.3%

US $30-49M
UHNW WEALTH

AMERICAN ULTRA WEALTH RANKING 2014-2015 | WEALTH-X SPECIAL REPORT

TOP 30 US CITIES
LIST BY RANK
WORLD USA
RANK
RANK

The United States is home to 69,560 ultra high net worth (UHNW) individuals,
equivalent to a third of the global UHNW population. 13 of the countrys cities
have UHNW populations of over 1,000 individuals, and 35 of the 100 top cities in
the world, in terms of UHNW population size, are in the United States.
The 30 cities with the largest UHNW populations in the United States are listed
below. Over 65% of the countrys total UHNW population is based in these 30
cities. Charlotte, ranked 30th in this list, has a UHNW population larger than
numerous Middle Eastern countries including Israel, Lebanon, Qatar and Bahrain.
If we look at the geographical distribution of the UHNW population across the
United States, we notice that, in most states, the UHNW population is primarily
concentrated in just one major metropolitan area. Only four out of the countrys
50 states have more than one city with substantial UHNW populations: California,
Texas, Florida, and Missouri.

1 NEW YORK CITY, NY 8,655

2 SAN FRANCISCO, CA 5,460

3 LOS ANGELES, CA 5,135

9 4 CHICAGO, IL 2,885
11 5 WASHINGTON DC* 2,730
12 6 HOUSTON, TX 2,545
15

7 DALLAS - FORTH WORTH, TX 2,330

31 8 ATLANTA, GA 1,230
36 9 SEATTLE, WA 1,095
37 10 SAN DIEGO, CA 1,090
38 11 MIAMI, FL 1,085
38 11 DETROIT, MI 1,085
40 13 BOSTON, MA 1,040
41 14 MINNEAPOLIS, MN 990
46 15 DENVER, CO 850
51 16 PHILADELPHIA, PA 695
52 17 MILWAUKEE, WI 685
58 17 ORLANDO, FL 640
61 19 INDIANAPOLIS, IN 615

14
2

17
23

13

11
25

4
20

3
10

16

27

26
7

62 20 KANSAS CITY, MO 610

65 21 AUSTIN, TX 580
65 21 TAMPA, FL 580

19

15

25

27

68 23 SACRAMENTO, CA 550
24

75 24 NASHVILLE, TN 490

30

76 25 CLEVELAND, OH 480

76 25 FRESNO, CA 480
78 27 PHOENIX, AZ 475

21

17
6

21

29
11

78 27 ST. LOUIS, MO 475

82 29 PALM BEACH, FL 455
88 30 CHARLOTTE, NC 440
* WASHINGTON, D.C. REPRESENTS THE METRO AREA AND
EXTENDS INTO MARYLAND, VIRGINIA AND WEST VIRGINIA.

AMERICAN ULTRA WEALTH RANKING 2014-2015 | WEALTH-X SPECIAL REPORT

ew York City - which

has the largest UHNW
population of any metropolitan area in the world
- is home to just over 12%
of the United States UHNW population. The citys UHNW population is
largely derived from the financial sector, but other industries also contribute
to its ultra affluent numbers.
California is the largest state in the
United States in terms of UHNW population size the state is home to 13, 445
UHNW individuals, up 7% from last
year. Although five cities in California
are ranked in the top 30 cities in terms
of UHNW population size, the state
has two distinct major metropolitan
areas: San Francisco, renowned for the
strength of its technology sector, and
Los Angeles, a world-famous entertainment hub. Together, these cities account

for 79% of the states entire UHNW

population. San Diego, the tenth largest
city in the United States in terms of
UHNW population, trails behind these
two centres, but the citys UHNW
population has grown by almost 15%
in the last year, driven largely by the
technology and biotechnology sectors.
Other smaller metropolitan areas such
as Fresno and Sacramento have significant UHNW populations, with the
former being a centre for the states food
production industry due to its large agricultural sector and the latter growing
in conjunction with the development of
the Bay Area.
Illinois UHNW population is almost
entirely concentrated in Chicago,
although almost 10% of the citys
metropolitan area is in Wisconsin or
Indiana. The citys UHNW population
has grown by 8.3% since 2013 despite

a weak job market. In 2014, Chicagos

business activity was strong, with a positive outlook that benefited numerous
sectors of the citys economy.
Washington D.C. s metropolitan area
comprises the countrys fifth largest
city in terms of UHNW population,
and the worlds 11th largest. Only 20%
of this UHNW population is based
within the boundaries of the District of
Columbia, with Maryland accounting
for almost 40% of the citys UHNW
population. Although the not-forprofit sector is particularly important
within the boundaries of the District
of Columbia, the two most significant
sectors within the Washington metropolitan area are finance, banking &
investment and technology.
As with California, Texas has more than
one main metropolitan area, Houston

AMERICAN ULTRA WEALTH RANKING 2014-2015 | WEALTH-X SPECIAL REPORT

and Dallas-Forth Worth, which, combined, hold three quarters of the states
entire UHNW population. In the last
year, the UHNW population of Dallas-Forth Worth has grown almost twice
as fast as Houston at 4%. Nonetheless,
Texas UHNW population growth was
disappointingly low, at 3%, compared
to the national average of 6.2%. With
the drop in oil prices, we expect to see
UHNW population growth in the state
stagnate or even decrease in the coming
year. Austin also appears on the top 30
list of American cities. However, the city
pales in comparison to Houston and
Dallas-Forth Worth, holding less than
10% of the states UHNW population.
Despite Georgia being only the 18th
largest state in the country in terms
of UHNW population size, Atlanta is
the countrys eighth largest UHNW
metropolitan hub. Atlanta boasts a
UHNW population that is the same
size as the UHNW population of Russia. In the last year, the city experienced
8%, growth in its UHNW population,

with the finance and insurance sectors

responsible for the bulk of this growth.
Seattle has the ninth largest UHNW
population in the United States. Although it actually has a larger UHNW
population than Portugal, its growth
over the past year has been disappointing, with a net gain of only 25 UHNW
individuals. The entire state of Washington experienced a net gain of 50
UHNW individuals in 2014.
Miami has the largest UHNW population in Florida with a population
almost twice the size of that of Orlando,
the states second largest UHNW city.
Yet, less than one quarter of Floridas
UHNW population of 4,650 individuals
are based in Miami, a sharp contrast
from the other top states in the country. Even when taking into account the
combined UHNW population of the
top five cities in Florida, more than 30%
of the states UHNW population lives
outside these cities. One of the main
reasons for this phenomenon is the

states sizeable coastal area, which has

facilitated the development of a larger
number of metropolitan areas, and
Floridas popularity as a relocation destination for UHNW individuals from
other states - mainly due its climate and
high living standard which has enabled
smaller metropolitan areas to attract
UHNW individuals from across the
country.
Home to 74% of Massachusetts
UHNW population, Bostons UHNW
population is primarily concentrated
in the finance, banking and investment
industry, with almost 70% of these
individuals involved in this sector. Massachusetts in general and Boston in particular have experienced strong growth
in the technology sector, and this trend
looks set to continue in 2015. In fact,
our estimates suggest that in the coming
year Massachusetts will overtake Ohio
in terms of UHNW population size.
Minnesotas UHNW population grew
by 3.6%, adding less than 50 UHNW

AMERICAN ULTRA WEALTH RANKING 2014-2015 | WEALTH-X SPECIAL REPORT

individuals this year. The median

age of Minneapolis entrepreneurs is
almost 10 years older than that of those
UHNW individuals with inherited
wealth, suggesting slow growth in new
business ventures in the state. However,
with the looming wealth transfer from
the ageing baby-boomers comes new
opportunities for the next generation.
We expect that stagnant growth in
Minneapolis UHNW population over
the next five years will be followed by
a period of new wealth creation and
opportunities outside of the traditional
manufacturing and banking sectors,
which currently dominate the states
wealth creation landscape.
The city of Detroit is re-inventing itself
and has a flourishing small businesses
sector, particularly in terms of services
and hospitality. A by-product of this has
been the fast growth of the UHNW
population in the city and state of Michigan, which grew by 10.7% in the last
year alone. Yet, Detroit is home to only
985 UHNW individuals, 46% of the
states population. Outside of Detroit,
while the automotive industry remains
the primary source from which UHNW
wealth is generated, other sectors such
as healthcare and real estate are becoming increasingly significant.
Colorado has seen growth of a 5.1% in
its UHNW population due in large part
to increasing demand for both tourism-related services and growth in other
core sectors such as mining. However, in
Denver, where a quarter of the population is involved in the oil and consumable fuels industry, the recent drop in oil
prices has dampened the prospects of
the citys UHNW population growth.
Despite being the largest hub for
Pennsylvanias UHNW population,

New York City - which has the largest UHNW population

of any metropolitan area in the world - is home to
just over 12% of the United States UHNW population.
the citys UHNW population accounts
for less than half of the states entire
UHNW population. Among the
UHNW individuals living outside this
hub, almost a quarter fully inherited
their wealth - often through manufacturing businesses. As the American
economy continues to grow, the rise
of the services industry as well as the
finance, banking and investment sector
will likely result in an increase in the
relative significance of Philadelphia in
Pennsylvanias UHNW population.
Milwaukee is Wisconsins largest city
and accounts for almost half of the
states UHNW population. The citys
relatively large number of Fortune 500
headquarters has spurred the development of the business services sector and
a large proportion of the citys UHNW
population is involved in the finance,
banking and investment industry. Yet,
Wisconsins UHNW individuals are
older than average, with a median age of
65 and the states UHNW growth has
been slow at 2.2%, suggesting that Wisconsins economy is in need of a boost.
Indianapolis UHNW population is primarily engaged in the real estate industry, with sectors such as media, communications and technology growing fast.
The citys rejuvenation has led to much
of this growth and currently, Indianapolis is home to 56% of the states UHNW
population. As development in the city
spreads outside the metropolitan area,
we expect the states total UHNW
population to continue to increase at a
rapid clip, as it has in the past year with a
growth rate of over 7%.

Although more than half of Kansas

Citys UHNW population is based in
the Kansas state side of the city, Kansas City, Missouri is the states largest
UHNW hub, with a UHNW population equal to that of Ireland. St. Louis is
among top 30 largest American cities in
terms of UHNW population size, and
ranks 89th worldwide. Unlike Kansas
City, where the finance, banking and
investment sector dominates the wealth
creation landscape, 14% of St. Louis
UHNW population is involved in the
manufacturing sector and other industries such as biotechnology and technology are growing in importance. However,
the city may experience some adjustment before further growth can occur.
Despite being known as the home of
country music, Nashvilles UHNW
population comes from a diverse group
of industries from manufacturing to
healthcare and the finance, banking and
investment industry. Although Nashville is the states largest city and home
to over 40% of the UHNW population, Tennessees UHNW population
is spread across other smaller hubs
including Memphis and Knoxville.

year, compared to an average of 6.2%.

Yet positive developments in other
industries from finance, banking and
investment to healthcare, technology
and real estate are occurring, showing
promising new avenues for wealth
creation in Cleveland.
Home to Fortune 500 companies and
other large corporations, Phoenix
has a diverse population of UHNW
individuals - from the construction
industry to shipping and finance. The
city is also a major hub of self-made
wealth with almost 90% of its UHNW
population having fully made their own
fortunes - compared to 76% nationally.
Furthermore, both the state and the
city have grown at the same rate as the
national average - 6.2% - demonstrating
that Phoenix wealth creation prospects
remain strong.

Unsurprisingly, considering the citys

role as a major financial hub, Charlottes
UHNW population is primarily made
up of individuals involved in the finance,
banking and investment industry.
However, the city is home to only 37%
of the states UHNW population, a
lower proportion than most other cities
As with Tennessee, although Cleveland in our top 30 list. Indeed, Raleigh serves
has the states largest UHNW populaas another centre of wealth creation in
tion, both Columbus and Cincinnati are North Carolina, with both cities togethsignificant hubs for the states UHNW er accounting for almost two thirds of
population. Home to old fortunes
the states UHNW population.
made through manufacturing, chemicals, metals and mining and other such
industries, the state has seen relatively
slow growth in UHNW population
recently, growing at 3.4% in the last

AMERICAN ULTRA WEALTH RANKING 2014-2015 | WEALTH-X SPECIAL REPORT

THE RICHEST US STATES

BY UHNW POPULATION
195

NEW HAMPSHIRE

1,240

WASHINGTON

380

80

NORTH DAKOTA

435

205

IDAHO

350

VERMONT

1,285

MINNESOTA

1,410

1,400

170

WISCONSIN

SOUTH DAKOTA

560

225

315
250
UTAH

13,445

CALIFORNIA

IOWA

NEBRASKA
COLORADO

575

1,105

NEW YORK

1,195

6,475

420

TEXAS

NORTH CAROLINA

TENNESSEE

410

310

ALABAMA

MISSISSIPPI

MASSACHUSETTS

285

RHODE ISLAND

1,365

CONNECTICUT

1,280

WEST
VIRGINIA
VIRGINIA

1,145
ARKANSAS

NEW MEXICO

PENNSYLVANIA

220 1,310

KENTUCKY

595

1,620

OHIO

415

MISSOURI

OKLAHOMA

1,505

IINDIANA

825

935

135

ARIZONA

2,860
ILLINOIS

1,140

KANSAS

1,030

9,530

2,125

MICHIGAN

WYOMING

NEVADA

MAINE

130

MONTANA
OREGON

95

385

SOUTH CAROLINA

NEW JERSEY

60

DELAWARE

1,365

MARYLAND

540

WASHINGTON, DC

1,315

GEORGIA

LOUISIANA

4,650
FLORIDA

50

ALASKA

215

HAWAII

UHNW POPULATION PERCENTAGE

INCREASE 2013-2014
0 - 2.9%

3.0 - 4.9%

5.0 - 6.9%

7.0 - 9.9%

>10%

ALASKA 0.0%

TEXAS 3.0%

LOUISIANA 5.0%

CALIFORNIA 7.0%

FLORIDA 10.3%

HAWAII 0.0%

MISSOURI 3.1%

OKLAHOMA 5.1%

MONTANA 7.0%

MICHIGAN 10.7%

WISCONSIN 2.2%

ILLINOIS 3.2%

COLORADO 5.1%

IOWA 7.1%

UTAH 11.1%

CONNECTICUT 2.6%

PENNSYLVANIA 3.2%

MISSISSIPPI 5.1%

WEST VIRGINIA 7.3%

WYOMING 11.1%

OHIO 3.4%

NORTH CAROLINA 5.3%

INDIANA 7.3%

MAINE 11.8%

MINNESOTA 3.6%

NEW HAMPSHIRE 5.4%

RHODE ISLAND 7.5%

NEVADA 12.0%

NEW JERSEY 3.6%

SOUTH CAROLINA 5.5%

KENTUCKY 7.8%

SOUTH DAKOTA 13.3%

NEW MEXICO 3.8%

OREGON 6.1%

ALABAMA 7.9%

NORTH DAKOTA 14.3%

VERMONT 4.0%

ARIZONA 6.2%

IDAHO 7.9%

WASHINGTON 4.2%

NEW YORK 6.5%

WASHINGTON DC 8.0%

GEORGIA 4.4%

MARYLAND 6.6%

ARKANSAS 8.2%

KANSAS 4.5%

NEBRASKA 6.8%

TENNESSEE 9.0%

VIRGINIA 4.8%

DELAWARE 9.1%

MASSACHUSETTS 4.8%

AMERICAN ULTRA WEALTH RANKING 2014-2015 | WEALTH-X SPECIAL REPORT

2014 UHNW 2013 UHNW

POPULATION POPULATION

CALIFORNIA 13,445 12,560

NEW YORK 9,530

8,945

TEXAS 6,475

6,285

FLORIDA 4,650

4,215

ILLINOIS 2,860

2,770

MICHIGAN 2,125

1,920

PENNSYLVANIA 1,620

1,570

OHIO 1,505

1,455

MASSACHUSETTS 1,410

1,345

WISCONSIN 1,400

1,370

CONNECTICUT 1,365

1,330

MARYLAND 1,365

1,280

VIRGINIA 1,310

1,250

MINNESOTA 1,285

1,240

NEW JERSEY 1,280

1,235

WASHINGTON 1,240

1,190

NORTH CAROLINA 1,195

1,135

GEORGIA 1,315

1,260

TENNESSEE 1,145

1,050

COLORADO 1,140

1,085

INDIANA 1,105

1,030

ARIZONA 1,030

970

OKLAHOMA 935

890

MISSOURI 825

800

ARKANSAS 595

550

KANSAS 575

550

NEVADA 560

500

DISTRICT OF COLUMBIA 540

500

OREGON 435

410

LOUISIANA 420

400

KENTUCKY 415

385

ALABAMA 410

380

SOUTH CAROLINA 385

365

MONTANA 380

355

WYOMING 350

315

NEBRASKA 315

295

MISSISSIPPI 310

295

RHODE ISLAND 285

265

UTAH 250

225

IOWA 225

210

WEST VIRGINIA 220

205

HAWAII 215

215

IDAHO 205

190

NEW HAMPSHIRE 195

185

SOUTH DAKOTA 170

150

NEW MEXICO 135

130

VERMONT 130

125

MAINE 95

85

NORTH DAKOTA 80

70

DELAWARE 60

55

ALASKA 50

50

reaking down Americas

UHNW population by
state, we see that some
states are particularly
significant: for example,
there are more UHNW individuals in
California than in the United Kingdom, there are more UHNW individuals in New York than there are in India,
and there are more UHNW individuals
in Texas than in all of Canada.
Alaska was the only US state to experience a decline in GDP over the last year,
while Hawaii experienced no growth. It
is therefore not surprising that, in the
last year, Alaska and Hawaii experienced
no growth in their UHNW populations, while New Mexico and Vermont
only saw an increase of five UHNW
individuals over the same time period.
Wisconsin and Connecticut also experienced disappointing growth, with their
UHNW populations increasing by less
than 3%, adding only 30 and 35 UHNW
individuals, respectively. Those four
states also experienced below average
GDP growth.
The state with the fastest growing
UHNW population was North Dakota,
although the absolute increase was only
of 10 individuals. The second fastest

UHNW population growth was seen

in South Dakota, although the increase
was only of 20 individuals. These states
experienced some of the fastest growth
in GDP, causing existing businesses
to become increasingly profitable and
enabling a significant number of individuals to cross the UHNW threshold of
US$30 million.
The strong growth witnessed in Floridas financial and real estate sectors
led to a sizeable increase in the states
UHNW population. Floridas UHNW
population grew by more than 10%,
adding almost 500 new individuals over
the past year. Michigan was also a strong
performer, benefiting from a surge in
investment and a rising confidence in
the states economic outlook. The size
of Michigans UHNW population
expanded by more than 10%, with the
addition of over 200 individuals. California and New York added the largest
number of new UHNW individuals
there were 1,470 new UHNW individuals in these two states alone. Although
these states GDP growth was not as
impressive as that seen in other states,
they have a number of advantages, one
of them being the high concentration
of UHNW population and businesses
already established there.

TOTAL POPULATION 69,560 65,505

AMERICAN ULTRA WEALTH RANKING 2014-2015 | WEALTH-X SPECIAL REPORT

ABOUT WEALTH-X
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Our members identify, develop and enhance relationships with
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