NEW YORK--()--Capgemini, one of the world's foremost providers of consulting, technology and outsourcing services, today announced the results of the Capgemini 2011 U.S. Metro Wealth Index, which monitors populations of high net worth individuals (HNWIs)1 within the top ten United States metropolitan statistical areas (MSAs). According to the Index, the population of HNWIs in the top ten MSAs increased 7.3 percent in 2010, showing modest growth compared to 2009, when growth reached 17.5 percent after a steep decline in 2008. In addition, the HNWI population in nearly all of these MSAs surpassed the respective 2007 pre-crisis levels.
“Houston has been a strong growth story over the past two years, having been able to recover from the largest percentage fall of HNWIs in 2008”
“An important contributor to the increase in HNWI population we saw in these areas was the continued rise in U.S. equity and commodity markets, which led to many investors seeing the value of their investments grow,” said William Sullivan, Head of Global Market Intelligence, Capgemini Financial Services. “We saw many HNWIs – not just in these MSAs, but globally – taking on more calculated investment risks and shifting assets into what we consider more aggressive asset classes in a continued effort to recoup some of the losses they faced as a result of the financial crisis.”
Houston had the highest total growth rate (9.6 percent) in its HNWI population during 2010, allowing it to take over the number eight spot from Detroit. This is the second year in a row Houston has climbed the ranks in the Index, having ranked tenth on the list in 2008.
“Houston has been a strong growth story over the past two years, having been able to recover from the largest percentage fall of HNWIs in 2008,” continued Mr. Sullivan. “In addition to one of the lowest unemployment rates among the ten MSAs, Houston’s economy has significant exposure to the oil and gas industry, which may have contributed to the growth in Houston’s HNWI population.”
The Capgemini U.S. Metro Wealth Index leverages Capgemini’s custom market sizing modeling capability and is designed to help wealth management firms understand the scale and potential of different markets in order to identify new growth opportunities or adjust an existing footprint in specific regions. Wealth management firms can benefit from such analysis as it provides details on the dynamics and growth of potential markets and client segments, as well as insights on future trends.
The complete results for the top ten U.S. MSAs can be found in the table below or at www.capgemini.com/wealth. In addition, Capgemini has more than a decade of market sizing experience through client projects and on the industry leading World Wealth Report. For more information on the World Wealth Report visit www.capgemini.com/worldwealthreport or for market sizing projects and information, please contact wealth@capgemini.com.
| 2010 Rank by #HNWIs (2009 in parentheses) |
US Metro Area and Adult Population (rounded) |
2007 HNWI Population (k) | 2008 HNWI Population (k) | 2009 HNWI Population (k) | 2010 HNWI Population (k) | 2007-08 HNWI Growth (%) | 2008-09 HNWI Growth (%) | 2009-10 HNWI Growth (%) | ||||||||
| 1 (1) |
New York (15,489,000) |
650.1 | 561.8 | 667.2 | 720.0 | -13.6% | 18.7% | 7.9% | ||||||||
| 2 (2) |
Los Angeles (10,250,000) |
253.3 | 208.2 | 235.8 | 256.5 | -17.8% | 13.3% | 8.8% | ||||||||
| 3 (3) |
Chicago (7,621,000) |
205.4 | 172.2 | 198.1 | 212.3 | -16.2% | 15.1% | 7.1% | ||||||||
| 4 (4) |
Washington D.C. (4,436,000) |
151.9 | 127.7 | 152.4 | 164.4 | -15.9% | 19.3% | 7.9% | ||||||||
| 5 (5) |
San Francisco (3,561,000) |
142.6 | 120.8 | 138.3 | 147.4 | -15.3% | 14.5% | 6.6% | ||||||||
| 6 (6) |
Philadelphia (4,845,000) |
106.3 | 86.7 | 104.1 | 110.4 | -18.4% | 20.1% | 6.0% | ||||||||
| 7 (7) |
Boston (3,792,000) |
107.9 | 89.4 | 102.3 | 109.8 | -17.1% | 14.4% | 7.3% | ||||||||
| 8 (9) |
Houston (4,544,000) |
86.7 | 68.4 | 88.2 | 96.7 | -21.1% | 28.9% | 9.6% | ||||||||
| 9 (8) |
Detroit (3,548,000) |
94.5 | 79.5 | 89.1 | 92.1 | -15.9% | 12.1% | 3.4% | ||||||||
| 10 (10) |
San Jose (1,468,000) |
80.7 | 69.5 | 86.5 | 88.8 | -13.9% | 24.5% | 2.7% | ||||||||
*Note: Growth numbers may not be directly calculable due to rounding in this table
About Capgemini
With 112,000 people in 40 countries, Capgemini is one of the world's foremost providers of consulting, technology and outsourcing services. The Group reported 2010 global revenues of EUR 8.7 billion. Together with its clients, Capgemini creates and delivers business and technology solutions that fit their needs and drive the results they want. A deeply multicultural organization, Capgemini has developed its own way of working, the Collaborative Business ExperienceTM, and draws on Rightshore ®, its worldwide delivery model. Learn more about us at www.capgemini.com.
Capgemini’s Financial Services unit brings deep industry experience, innovative service offerings and next generation global delivery to serve the financial services industry. With a network of 17,000 professionals serving over 900 clients worldwide, Capgemini collaborates with leading banks, insurers and capital market companies to deliver business and IT solutions and thought leadership which create tangible value.
More information is available at: www.capgemini.com/financialservices.
Rightshore® is a trademark belonging to Capgemini
1 HNWIs are defined as those having investable assets of $1 million or more, excluding primary residence, collectibles, consumables, and consumer durables
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