More Millionaires in 2001

By Jennifer Heebner, Senior associate Editor -- JCK Online, 3/1/2003 2:00:00 AM

Some 2.1 million high-net-worth people lived in the United States in 2001, according to a recent banking industry study. According to the 2002 World Wealth Report from Merrill Lynch and Cap Gemini Ernst & Young, both located in New York, high-net-worth individuals have financial assets—not counting real estate—of at least $1 million.

An even wealthier group—ultra-high-net-worth individuals (UHNWIs)—have financial assets of at least $30 million. Some 57,000 individuals worldwide—an increase of 2.6% over year 2000 numbers—earned that title in 2001. These UHNWIs have combined assets of $8.37 trillion, which represents a 3% increase in wealth over the previous year's figure.

By contrast, the median net worth of U.S. households is just over $40,000, according to the U.S. Census Bureau.

A World of Wealth

Region	Growth During 2001	World Share of Wealth in Trillions	HNWI's Net Worth	Number of Millionaires	Growth Since 1986	Predicted Growth by End of 2006
* Canada accounts for 120,000 HNWIs
Asia	7.1%	20%
Europe	0%	32%	$8.4	2.54 mil.	440%	$12.3
Latin America	8.0%	13%	$3.5	280,000	275%	$5.1
Middle East	0%	3.8%
North America*	1.7%	29%	$7.6	2.22 mil.	313%	$11.2
Total	3%	100%	$26.2	7.1 mil.	%	$38.5

20 U.S. Counties With the Highest Per Capita Incomes

Per capita income is the average per-person income of individuals residing in a given area. Per capita income is significant because it helps determine consumers' personal spending, which accounts for between one-half and two-thirds of the gross domestic product, the barometer of our nation's economic health.

Jewelry—even in these more affluent areas—still takes a back seat to the purchase of necessities: per capita income is the amount of money consumers gross, prior to paying for taxes, food, and shelter. However, jewelers in these areas can still benefit from consumer wealth—research shows that when incomes are higher, consumers tend to spend a little more.

New York City	$72,194
Pitkin, CO	$59,123
Marin, CA	$52,869
Teton, WY	$52,723
Fairfield, CT	$51,866
Skagway-Yakutat-Angoon, AK	$51,438
Somerset, NJ	$49,594
Morris, NJ	$47,915
Bergen, NJ	$47,101
Westchester, NY	$47,267
Arlington, VA	$46,677
Alexandria, VA	$46,290
San Francisco, CA	$44,518
Fairfax, VA	$44,303
Nantucket, MA	$44,267
Bristol Bay, AK	$43,439
Lake, IL	$43,174
Collier, FL	$42,813
Hunterdon, NJ	$42,471
Montgomery, PA	$42,431
Nationwide	$27,203