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February 19, 2013

WealthInsight: Where are US UHNWs located?

By Spear's

It turns out that California is the state with the most UHNWs at 12.5%. That’s followed by New York at 11%, Texas on 11% and Florida with 7%

WealthInsight has published a fascinating report on US UHNWs (net worth above $30 million). Based on a sample of 16,000, they have dissected the shape and size of their fortunes from 2007 to 2011.

It turns out that California is the state with the most UHNWs at 12.5%. That’s followed by New York at 11%, Texas on 11% and Florida with 7%.

The bulk of New York UHNWs made their money in financial services, whereas Californians rely on technology, Texans on oil & gas and Floridians on transport & logistics.

By contrast, Connecticut was the fastest grower at 26%, significantly stronger than second and third, Kansas and New Jersey, who came in at 20% and 16% respectively.

Table below: Wealthiest counties in America

When it comes to cities, New York was the largest, accounting for 7.4% of total US UHNWs with 2,929 individuals, followed by Los Angeles (950 UHNWs), Chicago (804 UHNWs), Houston (777 UHNWs), Dallas (564 UHNWs) and San Francisco (511 UHNWs).

The fastest grower was Greenwich, with numbers rising by 39% from 252 in 2007 to 350 in 2011, due to the UHNW migration from Manhattan to Connecticut.

Houston and Dallas also performed well, with UHNW growth of 34.1% and 13.3% respectively, aided by the 51% rise in oil prices.

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Table below: US UHNW distribution by industry

Read more from Wealth Insight’s global wealth reports

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