Where do the filthy rich call home? If you want to tap into the largest market for ultra-high-net-worth investors, my native state of California is apparently the place to be. Wealth-X, a New York-based and consulting firm for private wealth managers, yesterday released its list of the wealthiest ultra-high-net-worth individuals in each state.
According to the Wealth-X World Ultra Wealth Report, the U.S. is home to 60,280 UHNWIs representing just under $8.3 trillion. They define UHNW as individuals with a net worth of more than $30 million.
“68 percent of the UHNWIs on the list created their own fortunes with another 14 percent inheriting their wealth and proceeding to create fortunes of their own,” said David Friedman, Wealth-X president. “This clearly shows the entrepreneurial American spirit is well and alive despite challenging times at present."
Here are the top 10 states with the highest numbers of UHNWIs. If you compare the list to two years ago, California, New York and Texas still hold the top spots, but they each have even more rich individuals. Do I smell a move?