LAS VEGAS – The Private Bank by Nevada State Bank released the sixth of its “High Net Worth Report” briefings today. The May edition focuses on the concentration of high-income households throughout the United States and found that Nevada’s share of households reporting incomes in excess of $200,000 annually (3.61 percent) was significantly lower than the national average (4.49 percent).
“Although Nevada’s share of higher-income households is below the national average, the state ranks 22nd nationally and remains ahead of neighboring states like Arizona and Utah,” said Russell Price, executive vice president of The Private Bank.
He explained that larger states such as California (#7) and New York (#8) tend to push up the nationwide average.
“When it comes to preserving wealth, Nevada maintains significant competitive advantages,” Price said. “This has helped us attract and retain an increasing number of high-income and high net worth households.”
Additional findings from the briefing include:
- States/districts with the largest share of their population earning $200,000 or more were Washington, D.C. (10.5 percent); New Jersey (8.8 percent); and Connecticut (8.7 percent). Those at the bottom of the rankings were West Virginia (1.7 percent); Arkansas (2.0 percent); and Mississippi (2.0 percent).
- Within Nevada, there are notable differences in the concentration of high net worth households from county to county. Tiny Esmeralda County had the highest proportion of all households in the area reported to be earning more than $200,000 per year (6.48 percent, or 33 households), followed by Douglas County (6.01 percent, or 241 households) and Washoe County (4.14 percent, or 6,658 households). Clark County placed fourth at 3.69 percent.
- Only 4.1 percent of Las Vegas metropolitan area households were among the top 5 percent of income earners nationally (at or above $191,469). This relegated the Southern Nevada region to the bottom third of all major metropolitan areas, behind communities like Birmingham, Ala. (4.2 percent); Milwaukee, Wis. (4.3 percent); Salt Lake City, Utah (4.4 percent); and Phoenix, Ariz. (4.6 percent). Leading the nation were the Bridgeport, Conn. region (17.9 percent) and the San Jose, Calif. area (15.9 percent).
Applied Analysis principal analyst Jeremy Aguero noted the remarkable degree of concentration among higher net worth households was a surprising finding of the research.
“We certainly expected that higher-income households would gravitate toward urban, coastal communities,” Aguero observed. “While that was indeed the case, only 249 of the nation’s nearly 3,150 counties report household incomes higher than the national average. It appears that more than big cities or ocean views, higher-income households tend to gravitate toward other higher-income households.”
The Private Bank publishes the “High Net Worth Report” monthly. Briefings are available on Nevada State Bank’s website at www.nsbank.com/HNWreport or by contacting The Private Bank directly at 702.855.4812.
About The Private Bank by Nevada State Bank
The Private Bank by Nevada State Bank provides a full range of personalized financial servicesfor high net worth and high-income clients, including deposit and lending services and wealth management planning. The Private Bank by Nevada State Bank is an unincorporated division of Nevada State Bank that provides specialized banking services to significant net-worth clients. Nevada State Bank is a full-service retail bank that has been chartered by the state of Nevada and is insured by the FDIC.
About Nevada State Bank
Nevada State Bank, with assets of more than $4.0 billion, is the largest state-chartered bank in Nevada. A full-service bank with 50 branches statewide, Nevada State Bank offers a complete range of consumer, private and business banking services. It is a subsidiary of Salt Lake City-based Zions Bancorporation (Nasdaq: ZION), one of the nation’s premier financial services companies. With affiliates in 10 Western and Southwestern states, 139-year-old Zions Bancorporation has assets of $55.5 billion. For more information on Nevada State Bank, call 702.383.0009 or access www.nsbank.com.