According to the Capgemini 2010 U.S. Metro Wealth Index, there are more extremely wealthy individuals in U.S. metropolitan areas today than 3 years ago before the financial meltdown had officially hit the media and the country[1]. In fact, New York City has a full 18.7 percent more “high net worth individuals” than it had in 2008, and Houston reported the strongest “growth rate” of millionaires in the country.
Overall there are 17.5 percent more high net worth individuals living in metropolitan areas today than there were last year. The Metro Wealth report is used largely by advisors who are looking for new clients and new growth opportunities, but it is also useful to investors to see where people with money are congregating and potentially investing. Do you think that this significant shift upward in metropolitan wealth is a result of more wealthy people moving to cities, or are technology and the current economy combining to create more millionaires?
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[1] http://www.bankinvestmentconsultant.com/news/capgemini-millionaires-wealth-2668200-1.html?ET=bankic:e1748:2148529a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=BIC_Daily_080410