Wealth-X Lists The Ultra Wealthy By U.S. State

NEW YORK, Dec. 13, 2010 /PRNewswire/ -- Wealth-X, the world's leading wealth intelligence firm, today announced the publication of its latest Intelligence Briefing, which lists the number of ultra high net worth individuals in each U.S. state.

There are nearly 55,000 ultra high net worth individuals in the United States. Of those, according to the new report, more than half keep their primary residence in just five states. The top five states, in ranked order are:

1. California

2. New York

3. Texas

4. Illinois

5. Florida

California has the most ultra high net worth residents, with greater than 9,800 worth more than $30 million living in the Golden State. New York has more than 7,300 UHNW individuals and Texas has more than 5,200 plutocrats living in its borders.

The next six states by rank are:

6. Michigan

7. Pennsylvania

8. Ohio

9. Wisconsin

10. Connecticut

11. New Jersey

These eleven states account for more than 65% of the U.S. ultra wealthy population.

Despite the concentration of wealth in the top 11 states, there are opportunities for asset managers to earn the business of the ultra wealthy across the nation. According to Wealth- X, only three states have less than 100 ultra high net worth individuals: Alaska, Delaware and North Dakota. For the full list, please visit www.wealth-x.net.

"Placing wealth advisors in the correct community locations has become an important strategic differentiator for wealth management firms, especially as these organizations create or extend their UHNW platform," says Wealth-X CEO Mykolas Rambus.

"Firms that are serious about increasing their assets under management should consider aligning their hiring plans with the best locations in the market," says David Friedman, Wealth-X Executive Vice President for Strategy.

ABOUT WEALTH-X

Wealth-X is the global leader in helping private wealth and asset managers increase assets under management. The firm's member-only business development solution is the standard for advisors and bankers working with ultra-high-net-worth clients. Wealth-X provides its members with qualified prospects and intelligence on ultra high net worth individuals, along with the privately held-companies they control. Led by the former editor of the Forbes rich lists, the Wealth-X research team is the authority on collecting and analyzing information about ultra high net worth individuals, including their wealth, income, passions, philanthropic interest, affiliations, politics, advisors, families and biographies. For more information, visit www.wealth-x.net.

SOURCE Wealth-X