Penta-Millionaires the new rising class tops 1 million households

Researchers with Boston Consulting Group had found that the number of households with more than $5 million in investable assets crossed the one million mark. This article verifies what we have seen in the Premex WealthGraph data. 

From a targeting perspective, it makes sense that wealth intelligence should be used to inform machine learning algorithms.  

Some other interesting facts in the research: 

"But America’s affluent have gained significant ground. According to the Boston Consulting Group, the nation last year minted 6,789,666 millionaires, up 41.5% from 2010. That’s impressive, but still below the astounding growth rates clocked at the highest wealth levels.

In just a five-year span, the number of folks in the $20-million-to-$100-million band jumped 63.5%; those occupying the $100-million-to-$1-billion strata, grew by 61%.

The times are changing—often in good ways. More women than ever are climbing the wealth pyramid, both as entrepreneurs and as the heads of families—women like Abigail Johnson, CEO of Fidelity Investments; Facebook COO Sheryl Sandberg; and Sara Blakely, founder of body-shaper lingerie Spanx. According to a recent UBS study, from 1995 to 2014, the number of global female billionaires grew by a factor of 6.6, versus 5.2 for men. More than 80% of female billionaires hail from the U.S.; 19% of them were self-made.

And while the moneyed set is likely to be married, the wife is no longer always a stay-at-home spouse; dual-income couples are equally on the rise. According to the Spectrem Group, which releases various reports on ultrahigh-net-worth individuals, last year 62% of those in the $25-million-and-above category were dual-career spouses, up from 39% in 2012. That’s a huge shift in how wealth is created and in the makeup of the nation’s social fabric.

Read the full article: https://www.barrons.com/articles/penta-millionaires-the-new-rising-class-1474086236