LAS VEGAS – The Private Bank by Nevada State Bank released the nineteenth edition of its High Net Worth Report series, with analysis focusing on the national and state level issues High Net Worth residents valued as they went to the voting booth.
Utilizing research from the 2014 High Net Worth Survey, the full results of which were released in August of 2014, highlights from the November 2014 High Net Worth Report include the following:
- High net worth Nevadans overwhelmingly believe in the strength of the Nevada economy, with 71 percent believing the state’s economy is headed in the right direction. In contrast, just 42 percent of respondents believed the national economy is headed in the right direction.
- National issues were generally of greater concern than local issues. The average rating of importance on our 1 to 5 scale was higher for national than local issues. Survey respondents showed particular concern on long-term issues at both the national and local level.
- Improving the nation’s healthcare, reducing political gridlock in Washington D.C., and reducing the nation’s unemployment rate were the top three national concerns for high-net worth respondents.
- At the local level, ensuring longer-run water resource stability was the top concern for the high income set. Also of high importance to over half of state households was improving the state’s K-12 education system.
- Two national issues were very polarizing among respondents, with a majority scoring them as having very high (5) or very low (1) importance. These included providing universal healthcare coverage and protecting the environment/slowing global warming. Only one state/local issue showed a similar level of polarization: getting the state’s healthcare system up and running.
- Other local issues noted as having a lower relative level of importance included improving the state’s highway system and reducing state and local taxes.
Randy Boesch, EVP and director of The Private Bank, commented, “Nevada’s high net worth individuals clearly and consistently ranked issues such as education, water resource stability, and reducing political gridlock as critical for our state and the nation’s future. As they went to the polls earlier this month, there is little doubt that these issues were top of mind as higher income voters participated in the midterm election.”
Applied Analysis research analyst Chris Drury, who compiled the analysis of behalf of Nevada State Bank, added, “High net worth respondents uniformly demonstrated more concern over longer-run considerations as opposed to more immediate issues. Consistent with other responses in the broader Nevada State Bank High Net Worth Survey, these individuals cited longer run – even generational – concerns as paramount not only to their financial decisions, but also to their view of key public policy considerations.”
The Private Bank publishes the High Net Worth Report regularly and conducted a survey in early 2014. The Survey Report and Monthly Briefings are available online at www.nsbank.com/HNWreport or by contacting The Private Bank directly at 702.855.4596.
About The Private Bank by Nevada State Bank (@NSBPrivateBank)
The Private Bank by Nevada State Bank provides a full range of personalized financial services for 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 (@nevadastatebank)
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 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, 140-year-old Zions Bancorporation has assets of $54.9 billion. For more information on Nevada State Bank, call 702.383.0009 or access www.nsbank.com.