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The 2019 U.S. Millionaire Report

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The 2019 U.S. Millionaire Report WEALTHENGINE The 2019 U.S. Millionaire Report the WealthEngine 2019 U.S. millionaire report 1 Introduction WealthEngine is the leader in wealth intelligence in the United States. We specialize in helping you find, understand, and engage with wealthy individuals. Our database compiles 1,500+ lifestyle and wealth data attributes on more than 250 million individuals in the U.S. That’s nearly a half-trillion data points to help maximize your sales, marketing, and fundraising efforts. Our WealthEngine research lab has updated our now anticipated 2019 U.S. Millionaire Report, to give you the most up-to-date insights on millionaires throughout the country. Every nonprofit organization and commercial brand aims to increase their donations and sales. As wealth continues to grow and the number of millionaires climbs across generations worldwide, the population is being divided into segments of High Net Worth Individuals (HNWI) and Ultra High Net Worth Individuals (UHNWI). The rise of these subpopulations present themselves as both an opportunity and a challenge for companies and organizations in every industry to understand and engage with these promising prospects. the WealthEngine 2019 U.S. millionaire report 2 There are approximately 19 million 12.7% of the U.S. millionaire households and 30 million Population is Made individual millionaires IN THE U.S. Up of Millionaires Things to Think About WhereWhere do do WhatWhat kind kind of of WhereWhere do do WhatWhat are are they they theythey live? live? carcar do do they they theythey work? work? passionatepassionate drive?drive? about?about? WhereWhere do do WhatWhat kind kind of of WhereWhere do do WhatWhat are are they they theythey live? live? carcar do do they they theythey work? work? passionatepassionate drive?drive? about?about? HowHow do do they they DoDo they they have have HowHow many many HowHow old old spendspend their their children?children? propertiesproperties do do areare they? they? money?money? theythey own? own? HowHow do do they they DoDo they they have have HowHow many many HowHow old old spendspend their their children?children? propertiesproperties do do areare they? they? money?money? theythey own? own? Wealth has spread across generations resulting in a much larger population of millionaires. There is a diverse group of millionaires, each Marketers are of whom has a unique identity and distinct needs. Depending on where beginning to recognize they focus their money, the spending, giving, and lifestyle preferences of and evaluate the each millionaire will differ. Some millionaires allocate their funds towards growing millionaire commercial activities like travel, while others invest in socially impactful causes. There are also the status conscious trend followers, aggrandized population in segments and exposed for all to follow in the age of social media. by using their databases Understanding and noticing the individual needs of every consumer and analytics to identify allows you to personalize and tailor your messaging for existing and the millionaire personas emerging segments. It’s integral to employ this method of tailoring in that best connect with your marketing and fundraising in order to remain relevant and valuable brand or cause. to existing and potential consumers, clients, donors, and prospects. The following report details millionaires with a net worth greater than $1 million in the United States. We’ve identified them based on their net worth, investable assets, real estate, charitable donations, and other financial indicators. The analysis contained here is based on the adult population over 21. the WealthEngine 2019 U.S. millionaire report 3 Understanding Today’s Millionaires Explore Our Insights 1 1 1 2.4 2.4 2.4 70% 70% 70% Avg # of Avg # ofAvg Avg # of # of Avg # ofAvg # ofOnline Online Online children childrenchildrenpropertiespropertiespropertiespurchaserspurchaserspurchasers 1 2.4 70% Avg # of Avg # of Online 1 million1 are million 1 millionare are children1 properties2.4 purchasers70% Avg # of Avg # of Online nonprotBoard membership nonprotboard indicatesnonprot board a lifestyle board of outreach, children properties purchasers membersmembersmembers 1 million are giving, and philanthropy. It is also an indication nonprot board members1 million are Halfof high a potentialmillionHalf spending.a millionHalf aBoard million members are nonprot board servea subset on of a servemillionaires onserve a who onare influencers,a not members corporatecorporate board corporate board board Half a million just for the organizations they represent but for serve on a corporateHalf a million board communities, industry sectors, and the nation. serve on a 23% 23% 23% corporate board Business OwnersBusinessBusiness Owners Owners 23% Business Owners 23% 23% of millionaires are business owners. This Business Owners 8% 8% 8% indicates a powerful connection between business 8% Senior ExecutivesSenior ExecutivesSenior Executives Senior Executives ownership and higher wealth. 8% Senior Executives Millionaire Breakdown by Net Worth = ~25,000 People $1M - $2.5M $2.5M - $4M $4M - $5M $5M - $10M $10M - $25M $25M - $50M $50M - $100M $100M - $500M $500M + the WealthEngine 2019 U.S. millionaire report 4 Understanding Today’s Millionaires 30% 31% 23% 10% 7% 6% 5% 2% Age Matters <29 30-39 40-49 50-59 60-69 70-79 80-89 >90 Buying and giving patterns change with age. A 40-year-old millionaire requires different messaging and attention than a 60-year-old. Both segments are vital to the bottom line, one for its current wealth and high spend, and one for its potential and considerable Millionaire Breakdown by Age impact on long term growth. They Aren’t Driving Luxury Cars For millionaires in the United States, their taste in vehicles is changing. Instead of opting for commonly known, luxury vehicles, millionaires are gravitating towards car models that are more economical. We have listed the top car makes and models among these individuals. Toyota is the most popular car make for this group, and the Honda Accord is the most popular car model. The top 3 for each category are listed here. TopTop CarCar MakesMakes TopTop CarCar ModelsModels ToyotaToyota HondaHonda AccordAccord FordFord ToyotaToyota HondaHonda CamryCamry FordFord Truck Truck FF TopSeries Series Pickup Pickup Car Makes Top Car Models Toyota Honda Accord Ford Toyota Honda Camry the WealthEngine 2019 U.S. millionaire report Ford Truck5 F Series Pickup Understanding Today’s Millionaires Millionaires and Their Properties Millionaires in the United States have made their presence well known in the housing market. We have identified patterns in their real estate ownership and compared them to the real estate purchases made by non-millionaires in the United States. 63% of people in the U.S. own a home. However, of all millionaires in the country, 94% own a home. Similarly, only 7% of people in the U.S. own two homes, while 20% of millionaires do. Properties Owned Property Values 43% Owns 1 home $$$$$$$$ 0.04% More than $10 million 19% Owns 2 homes $$$$$$$ 0.18% $5 million- $10 million 9% Owns 3 properties $$$$$$ 2.72% $2 million-$5 million 5% Owns 4 properties $$$$$ 11.49% $1 million-$2 million 8.5% Owns 5 or more properties $$$$ 10.87% $750,000-$1 million $$$ 21.15% $500,000-$750,000 $$ 34.28% $250,000- $500,000 $ 5.55% Less $250,000 19% Own a Pool Location, Location, Location Historically, millionaires have always held property in traditionally wealthy locations. However, with the unprecedented growth in the millionaire population, these locations have expanded and diversified. The traditional streets and avenues of wealth still exist, but there are many more untapped pockets to discover. Top 5 Zip Codes Top 10 States 33480 Miami Beach, FL 1 California 6 Massachusetts 94027 Atherton, CA 2 New York 7 Virginia 94028 Portola Valley, CA 3 Florida 8 Washington 94539 Fremont, CA 4 Texas 9 Illinois 92677 Laguna Niguel, CA 5 New Jersey 10 Pennsylvania the WealthEngine 2019 U.S. millionaire report 6 Understanding Today’s Millionaires The Rise of Millennial Millionaires One of the fastest growing millionaire segments is of millennial millionaires. Making up 2% of the millionaire population in the U.S., millennials’ buying and giving habits differ greatly from their millionaire counterparts. Unlike Baby Boomers and Gen X millionaires, 93% of millennial millionaires’ net worth is between $1M and $2.5M. 15% of this population are business owners, and 4% are senior executives. Millennial millionaires are also shifting from highly populated, urban areas to suburban homes, concentrated mostly in California. Above all, millennials want to feel valued for their individual contributions, as a customer or donor. 15% 15% Business Owners Business Owners 4% 4% Senior Executives Senior Executives Net Worth Net Worth 93% $1M - $2.5M 93% $1M - $2.5M For more insights on this fast-growing market segment, stay tuned for our National Millennials Report, 2019 coming in a few months. the WealthEngine 2019 U.S. millionaire report 7 Evolution of the Millionaire Since the 1980s, the number of millionaires in the U.S. has grown substantially and continues to expand. As this population thrives, the millionaire identity is no longer defined by a single persona. Marketers and fundraisers are now tasked with evaluating the many different types of millionaires that exist and understanding how their needs differ from each other. Not only is it imperative to identify the unique interests and spend or giving capacity of these emerging identities, but it is also necessary to understand how best to personalize your messaging and products to your ideal client. With the rapid increase in wealthy buyers and donors, it is no longer Marketers and just a benefit to understand new and existing personas; it is a necessity. fundraisers are Breaking the millionaire identity into multiple personas allows prospectors now tasked with and fundraisers to market authentically. Identifying common values and interests between the prospect and organization allows marketers to evaluating the forge real connections with millionaires, and subsequently create a loyal many different customer base.
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