There were an estimated 42.5 million households in the US with a net worth of at least $100k in 2017, according to the latest annual Market Insights Report from the Spectrem Group. While the vast majority of those had net worth in the $100k-$1 million range, the number of those with net worth of $1-5 million saw its largest relative year-over-year increase since 2009. These figures do not include primary residences.
Here is the breakdown of high-net-worth households numbers, as per the latest report:
- There were 31 million households with net worth between $100,000 and $1 million last year, up from 30.5 million in 2016 and 29.8 million in 2015;
- There were 9.98 million households with net worth of $1-5 million, up from 9.38 million in 2016, with that 6.2% growth the fastest since 2009;
- There were 1.348 million households with net worth of $5-25 million, up from 1.264 million in 2016 and 1.21 million in 2015; and
- There were 172,000 households with net worth above $25 million, up from 156,000 in 2016 and 145,000 in 2015.
Overall, the number of millionaire households ($1m+ in net worth) grew to 11.5 million last year, up from 9.2 million a decade earlier, and more than double the number (5.3 million) from two decades ago (1997).
Looking to market to affluent adults in the US? Recent data from the Census Bureau reveals the metropolitan areas where affluents are most densely concentrated.
One in particular stands out: San Jose-Sunnyvale-Santa Clara, CA. In this metropolitan statistical area the median household is affluent, meaning that it has at least $100,000 in household income. In this case the median average is $100,469, the only metro area in the US with a median average above $100,000.
One micropolitan statistical area joins it: Los Alamos, NM, with its median household income of $105,902.
(The Census Bureau defines metropolitan statistical areas as ones having at least one urbanized area of 50,000 or more inhabitants, whereas micropolitan statistical areas have at least one urban cluster of at least 10,000 but less than 50,000 population.)
The full list of the top 5 metropolitan and micropolitan statistical areas by median household income can be found here.