California is the state with the highest number of ultra-wealthy individuals in the United States, according to a new report.
The Wealth-X Special Report on America’s Ultra Wealthy Population found that the Golden State topped the list of states with the most ber-rich. New York City maintained its status as the city with the largest ultra-wealthy population in the United States— and in the world.
There are 13,445 ultra-high net worth individuals—defined as those with $30 million and above in net assets—based in California, according to the report. These individuals are mostly located in San Francisco (5,460) and Los Angeles (5,135). California’s ultra-high net worth population is larger than the UHNW population of the United Kingdom (11,510).
The state of New York ranks second in the United States, with 9,530 ultra-high net worth individuals, 8,655 (or 91 percent) of whom are based in New York City.
The report also found that the United States is home to the world’s largest population of billionaires, with 571 in the U.S. There are more ultra-high net worth individuals worth $30 million to $49 million in the U.S. than UHNW individuals of all wealth tiers combined in any other single country.
There are more UHNW individuals in Texas, the third largest U.S. state, than in all of Canada. California and New York added 865 and 585 UHNW individuals respectively to their populations in 2014, the largest increase in UHNW population size among U.S. states.
North Dakota’s UHNW population grew 14.3 percent, making it the state with the fastest growing UHNW population. Florida’s UHNW population increased by more than 10 percent, adding nearly 500 new individuals over the past year, due to strong growth in the state’s financial and real estate sectors. Michigan added close to 200 new UHNW individuals in 2014, thanks to rising confidence in the state’s economic outlook.
For its report, Wealth-X uses the individual’s primary business address as a determinant of his or her location. To download a report showing the UHNW population map for the U.S., click here. The Wealth-X and UBS World Ultra Wealth Report 2014 is available at www.worldultrawealthreport.com.
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