Wealth-X Lists New York as U.S. City with the Largest Number of Ultra High Net Worth People Global Intelligence Firm Publishes First Ever Ranking on UHNW Population by City
NEW YORK, Oct. 18, 2011 /PRNewswire/ -- Wealth-X, the world's leading wealth intelligence, due diligence and prospecting firm, today announced the release of the first ever UHNW City Ranking.
The study ranks the top ten metro areas in the United States by population of ultra high net worth (UHNW) individuals, or anyone worth at least US $30 million when accounting for shares in public and private companies, residential and investment properties, art collections, planes, cash and other investible assets.
According to Wealth-X research, the New York metro area leads the pack with 7,720 UHNW individuals. The runner up, Los Angeles, trails behind with 4,350 ultra-wealthy individuals. San Francisco, Chicago, Washington D.C., Houston and Dallas follow. Atlanta, Boston and Seattle all have less than 1,000 ultra-wealthy people. Because many UHNW people own vacation homes, beach houses and ski cottages in various cities, the Wealth-X study only samples primary residences.
While New York is the most populous city in the nation, the country's UHNW segment is vastly overrepresented in New York. According to Wealth-X estimates, the United States is home to 57,860 UHNW individuals, and 13% percent of them live in the New York metro area. By contrast, that same area is home to only about 6% of the total population of the United States.
"The overrepresentation of the ultra-rich in the New York metro area is a testament to the region's financial stability and resilience," said David Lincoln, Director of Research at Wealth-X.
The state of NY experienced the second highest GDP growth rate last year at 5.1%. NYC unemployment rates have improved to 8.7% from 9.3% year-over-year and have decreased at a greater rate than the nation's average. The city's real estate market is also rebounding, as evidenced by the fact that the number of luxury co-op apartment closings has almost returned to the pre-recession level.
"Certain geographic clusters generate and attract wealth," said Wealth-X Co-Founder David Friedman. "While Occupy Wall Street protesters may direct their anger at wealthy, New York bankers, the more relevant question is, 'What about New York, or any of the other cities, has engendered unique ecosystems of education, risk capital and human capital that result in prosperity, and how can that be more geographically dispersed?'
"A concentration of UHNW individuals is certainly indicative of an area's overall economic health," added Friedman. "Identifying major cities where the UHNW reside will help professionals within the wealth management industry, luxury brands and not-for-profits map a focused and tailored approach to their target market."
Wealth-X provides its members with qualified prospects and intelligence on ultra high net worth (UHNW) individuals, along with the privately held-companies they control. We work with 7 of the top 10 global private banks, leading educational institutions, not-for-profits and luxury brands. Our firm's online business development solution profiles individuals who represent US$ 10.7 trillion of the world's net wealth. The Wealth-X database additionally offers exclusive details on ultra-wealthy individuals, including their wealth, income, passions, philanthropic interests, affiliations, politics, advisors, families and biographies. Wealth-X is the global leader on UHNW individuals and the worldwide standard for professionals working with the ultra-affluent.