Where Do UHNW Investors Live and Why
Ultra-High Net-Worth investors, who have at least $30 million in investable assets, are relatively rare, with only around 250,000 people in the world achieving this level of wealth. Interestingly, half of UHNW investors live in North America, mostly in major metropolitan areas, and US Cities are considered home to over 600 billionaires. Here are the US cities that are attracting these Ultra-High Net Worth investors.
Top 5 Cities For America’s Ultra-Wealthy
More Ultra-High Net-Worth individuals live in the United States than any other country, accounting for nearly a third of the world’s global share of wealth, in part due to tax cuts and the booming stock market of the recent pre-pandemic years. Here are the top US cities for Ultra-High Net-Worth investor populations, including many of the world’s billionaires.
1. New York City: 8,980 UHNW citizens
With nearly 9,000 Ultra-High Net Worth investors calling it home, New York City is the only city in the world to claim more than 100 billionaires. New York increased their billionaire population in 2020, gaining 8 during the course of the year. There are more billionaires in the city of New York than in nearly every country in the world, with Germany and China as exceptions. An international cultural and financial hub, and a seat of enormous inherited and generational wealth, New York City offers Ultra-High Net-Worth investors local access to a highly competitive market of premiere wealth management and financial service firms as well as is often the primary location for their own businesses.
2. Los Angeles: 5,295 UHNW citizens
California is one of four states (along with Texas, Florida and Missouri) with more than one city hosting substantial UHNW investor populations: Los Angeles and San Francisco. Home to the entertainment industry, Los Angeles leads the race in the state with 44 billionaires, 5 of which relocated to the city in 2020. Top recognized names are Tesla Founder, Elon Musk, and David Geffen, Hollywood’s richest mogul.
3. Chicago: 3,350 UHNW citizens
Home to 13 billionaires including Ken Griffin, founder of Citadel hedge fund. The Gold Coast, New East Side and Lake Shore East and Lincoln Park continue to top the list as the neighborhoods Ultra-High Net-Worth Investors settle in. A manufacturing, IT and transportation hub, Chicago’s top 1% of residents clear a $600,000+ salary and home to more than one of the 11 billionaires in the Hyatt-hotel owning family.
4. San Francisco: 2,925 citizens
California’s second city to boast a high population of Ultra-High Net-Worth citizens, San Francisco’s status as a tech hotspot continues to attract and retain the ultra-wealthy, steadily growing its population of UHNW investors and claiming the 3rd most billionaire citizens of any city in the world. While the state may be able to claim the most UHNW individuals, Washington state is home to the United States’ two wealthiest individuals of Amazon founder Jeff Bezos and Microsoft founder Bill Gates.
5. Washington, D.C.: 2,785 citizens
Home to the heirs of the SC Johnson and Mars fortunes, D.C. claims 11 billionaires (including President Donald Trump) and attracts UHNW investors to settle in its affluent Au-Tenleytown, Barnaby Woods, Palisades and Berkley neighborhoods. The DC area boasts an unusually high concentration of well-paid professionals, with the federal government, the military and its accompanying service industries providing a source of stable employment with competitive pay.
Grow & Protect Your Wealth Wherever You Live
As an Ultra-High Net-Worth investor, you don’t have to live in one of America’s richest cities to experience the difference that comes with a premier wealth management firm. From global access, to comprehensive and detailed investment strategies that take into consideration your unique circumstances, goals and risk tolerance, Weber Global Management provides decades of investment experience to protect and grow your wealth. Learn more about our services, by reaching out to our investor relations team here.