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the WealthEngine 2019 U.S. millionaire report 1
The 2019 U.S. Millionaire Report
WEALTHENGINE
the WealthEngine 2019 U.S. millionaire report 2
Introduction
WealthEngine is the leader in wealth intelligence in the United
States. We specialize in helping you find, understand, and
engage with wealthy individuals. Our database compiles 1,500+
lifestyle and wealth data attributes on more than 250 million
individuals in the U.S. That’s nearly a half-trillion data points to
help maximize your sales, marketing, and fundraising efforts.
Our WealthEngine research lab has updated our now anticipated
2019 U.S. Millionaire Report, to give you the most up-to-date
insights on millionaires throughout the country.
Every nonprofit organization and commercial brand aims to
increase their donations and sales. As wealth continues to
grow and the number of millionaires climbs across generations
worldwide, the population is being divided into segments
of High Net Worth Individuals (HNWI) and Ultra High Net
Worth Individuals (UHNWI). The rise of these subpopulations
present themselves as both an opportunity and a challenge for
companies and organizations in every industry to understand
and engage with these promising prospects.
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Where do they live?
What kind of car do they
drive?
Where do they work?
What are they passionate
about?
How do they spend their
money?
Do they have children?
How many properties do
they own?
How old are they?
Where do they live?
What kind of car do they
drive?
Where do they work?
What are they passionate
about?
How do they spend their
money?
Do they have children?
How many properties do
they own?
How old are they?
Where do they live?
What kind of car do they
drive?
Where do they work?
What are they passionate
about?
How do they spend their
money?
Do they have children?
How many properties do
they own?
How old are they?
Where do they live?
What kind of car do they
drive?
Where do they work?
What are they passionate
about?
How do they spend their
money?
Do they have children?
How many properties do
they own?
How old are they?
Things to Think About
12.7% of the U.S. Population is Made Up of Millionaires
There are approximately 19 million millionaire households and 30 million
individual millionaires IN THE U.S.
The following report details millionaires with a net worth greater than $1 million in the United States. We’ve identified them based on their net worth, investable assets,
real estate, charitable donations, and other financial indicators. The analysis contained here is based on the adult population over 21.
Wealth has spread across generations resulting in a much larger
population of millionaires. There is a diverse group of millionaires, each
of whom has a unique identity and distinct needs. Depending on where
they focus their money, the spending, giving, and lifestyle preferences of
each millionaire will differ. Some millionaires allocate their funds towards
commercial activities like travel, while others invest in socially impactful
causes. There are also the status conscious trend followers, aggrandized
and exposed for all to follow in the age of social media.
Understanding and noticing the individual needs of every consumer
allows you to personalize and tailor your messaging for existing and
emerging segments. It’s integral to employ this method of tailoring in
your marketing and fundraising in order to remain relevant and valuable
to existing and potential consumers, clients, donors, and prospects.
Marketers are beginning to recognize and evaluate the growing millionaire population in segments by using their databases and analytics to identify the millionaire personas that best connect with brand or cause.
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Millionaire Breakdown by Net Worth
1 million are nonpro�t board members
Half a million serve on a corporate board
23% Business Owners
8% Senior Executives
70%Online purchasers
1Avg # of children
2.4Avg # of properties
1 million are nonpro�t board members
Half a million serve on a corporate board
23% Business Owners
8% Senior Executives
70%Online purchasers
1Avg # of children
2.4Avg # of properties
1 million are nonpro�t board members
Half a million serve on a corporate board
23% Business Owners
8% Senior Executives
70%Online purchasers
1Avg # of children
2.4Avg # of properties
Board membership indicates a lifestyle of outreach,
giving, and philanthropy. It is also an indication
of high potential spending. Board members are
a subset of millionaires who are influencers, not
just for the organizations they represent but for
communities, industry sectors, and the nation.
23% of millionaires are business owners. This
indicates a powerful connection between business
ownership and higher wealth.
1 million are nonpro�t board members
Half a million serve on a corporate board
23% Business Owners
8% Senior Executives
70%Online purchasers
1Avg # of children
2.4Avg # of properties
1 million are nonpro�t board members
Half a million serve on a corporate board
23% Business Owners
8% Senior Executives
70%Online purchasers
1Avg # of children
2.4Avg # of properties
Explore Our Insights
Understanding Today’s Millionaires
$1M - $2.5M (84%)
$2.5M - $4M (13%)
$4M - $5M (3%)
$5M - $10M (4%)
$10M - $25M (1%)
$25M - $50M (0.10%)
$50M - $100M (0.03%)
$100M - $500M (0.02%)
$500M + (0.01%)
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Age MattersBuying and giving patterns change with age. A
40-year-old millionaire requires different messaging
and attention than a 60-year-old. Both segments are
vital to the bottom line, one for its current wealth and
high spend, and one for its potential and considerable
impact on long term growth.
They Aren’t Driving Luxury CarsFor millionaires in the United States, their taste in vehicles is changing. Instead of opting for commonly known,
luxury vehicles, millionaires are gravitating towards car models that are more economical. We have listed the
top car makes and models among these individuals. Toyota is the most popular car make for this group, and the
Honda Accord is the most popular car model. The top 3 for each category are listed here.
Top Car Makes Top Car ModelsToyota
FordHonda
HondaAccord
ToyotaCamry
Ford TruckF Series Pickup
Top Car Makes Top Car ModelsToyota
FordHonda
HondaAccord
ToyotaCamry
Ford TruckF Series Pickup Top Car Makes Top Car Models
ToyotaFord
Honda
HondaAccord
ToyotaCamry
Ford TruckF Series Pickup
Understanding Today’s Millionaires
6%
7%
23%
30% 31%
10%
5%2%
<29 30-39 40-49 50-59 60-69 70-79 80-89 >90
Millionaire Breakdown by Age
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Millionaires and Their Properties Millionaires in the United States have made their presence well known in the housing market. We have
identified patterns in their real estate ownership and compared them to the real estate purchases made
by non-millionaires in the United States. 63% of people in the U.S. own a home. However, of all millionaires in the
country, 94% own a home. Similarly, only 7% of people in the U.S. own two homes, while 20% of millionaires do.
Property ValuesProperties Owned43% Owns 1 home
19% Owns 2 homes
9% Owns 3 properties
5% Owns 4 properties
8.5% Owns 5 or more properties
0.04% More than $10 million
0.18% $5 million- $10 million
2.72% $2 million-$5 million
11.49% $1 million-$2 million
10.87% $750,000-$1 million
21.15% $500,000-$750,000
34.28% $250,000- $500,000
5.55% Less $250,000
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
Location, Location, LocationHistorically, millionaires have always held property in traditionally wealthy locations. However, with the
unprecedented growth in the millionaire population, these locations have expanded and diversified. The
traditional streets and avenues of wealth still exist, but there are many more untapped pockets to discover.
Top 5 Zip Codes33480 Miami Beach, FL
94027 Atherton, CA
94028 Portola Valley, CA
94539 Fremont, CA
92677 Laguna Niguel, CA
1 California
2 New York
3 Florida
4 Texas
5 New Jersey
6 Massachusetts
7 Virginia
8 Washington
9 Illinois
10 Pennsylvania
Top 10 States
Understanding Today’s Millionaires
19% Owna Pool
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The Rise of Millennial Millionaires One of the fastest growing millionaire segments is of millennial millionaires. Making up 2% of the millionaire
population in the U.S., millennials’ buying and giving habits differ greatly from their millionaire counterparts.
Unlike Baby Boomers and Gen X millionaires, 93% of millennial millionaires’ net worth is between $1M and
$2.5M. 15% of this population are business owners, and 4% are senior executives. Millennial millionaires are also
shifting from highly populated, urban areas to suburban homes, concentrated mostly in California. Above all,
millennials want to feel valued for their individual contributions, as a customer or donor.
For more insights on this fast-growing market segment, stay tuned for our National Millennials
Report, 2019 coming in a few months.
Understanding Today’s Millionaires
15% Business Owners
4% Senior Executives
Net Worth$1M - $2.5M 93%
15% Business Owners
4% Senior Executives
Net Worth$1M - $2.5M 93%
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Since the 1980s, the number of millionaires in the U.S. has grown substantially and continues to expand. As this
population thrives, the millionaire identity is no longer defined by a single persona. Marketers and fundraisers
are now tasked with evaluating the many different types of millionaires that exist and understanding how
their needs differ from each other. Not only is it imperative to identify the unique interests and spend or giving
capacity of these emerging identities, but it is also necessary to understand how best to personalize your
messaging and products to your ideal client.
With the rapid increase in wealthy buyers and donors, it is no longer
just a benefit to understand new and existing personas; it is a necessity.
Breaking the millionaire identity into multiple personas allows prospectors
and fundraisers to market authentically. Identifying common values and
interests between the prospect and organization allows marketers to
forge real connections with millionaires, and subsequently create a loyal
customer base. The core of these connections begins with data.
Marketers and fundraisers are now tasked with evaluating the many different types of millionaires, understanding their unique needs.
Impending Transfer of Wealth Between GenerationsBaby boomers are the wealthiest generation in America and perhaps even the world. While global wealth and
the number of High Net Worth and Ultra High Net Worth individuals has grown steadily in every part of the
world, the U.S. is predicted to have one of the largest transfers of wealth in history.
Between $30TN and $68TN will be passed down to Millennials, Gen Xers, and the generations to follow. There is a
fledgling market segment of the young and wealthy that promises to grow significantly and change everything
we know about marketing, sales, and fundraising engagement.
Whether it’s young, budding multi-millionaires, or demi-billionaires, they will shape new ways of doing business.
Their emphasis on purpose, sustainability, and supporting causes will demand authenticity and transparency from
the organizations and companies they interact with. It is crucial for nonprofits and businesses to understand the
members of these groups in order to cultivate long-standing relationships with them.
Evolution of the Millionaire
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Young, new money, single, 25-35; they are not significant donors yet
45% female
This group under indexes on education: 29% completed college or received a graduate degree
38% are a single parent
More diverse geographically, located in CA, NY, FL, TX, NJ, WA, VA, CO
30% are female
85% have children
68% finished college and/or graduate school
Own an average of 2.6 properties
63% with a total real estate value over $1Million
22% have a pool
Donate heavily
31% own their own business
11% are senior executives
#1 car preference is SUV
Interest in real estate as an investment has climbed
They prefer luxury cars to SUVs
99% have a net worth under $5 million
Business ownership is key: almost 11% own their own business and 5% are senior executives
They see the value in owning real estate; over 90% own a home worth over $1 million
The real estate ownership is not for investment; this group under indexes against the whole nation in the real estate investor category
They overwhelmingly live in CA or NY
The Young, Single, Millionaires
The Married 45 Year Old Millionaire
Millionaire PersonasAll millionaires are not alike. They spend differently, they save differently, and they give differently. Two people will buy the
same luxury good or service, but for completely different reasons. They may give the same amount to an organization,
but one could have been an annual fund donor for over 20 years, and one could have given a one-time major gift.
Knowing and anticipating the triggers of those capable of spending and donating is done with personalized data
and segmentation. When companies and organizations align their messaging properly, engagement soars.
Evolution of the Millionaire
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The Traditional Retiree 66 Year Old
Ultra High Net Worth Individual
Geographically diverse: CA, NY, TX, FL, NJ, WA, CO, AZ, VA, NC, IL, MA
Longest length in residence; typically staying an average of 10.2 years
Average age 64
84% married
44% female
Geographically diverse: CA, NY, TX, FL, NJ, WA, CO, AZ, VA, NC, IL, MA
25% female
The most educated millionaire; 70% + graduated college and/or received a graduate degree
97% are top donors
Own an average of 8 + homes
61% serve on a board, either corporate or nonprofit
87% own a business
Less likely to donate
Prefer SUVs and luxury cars
Over half are senior executives
75% have a college and/or a graduate degree
Evolution of the Millionaire
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per millionaire3,433 sqft on average
17 Properties Top Car Makes Top Car ModelsMercedes
LexusBMW
Mercedes-BenzE Class
Mercedes-BenzS Class
Mercedes-BenzGL Class
81%Own businesses
42%Have a pool on their property
Top 5 Zip Codes33480 Miami Beach, FL
94027 Atherton, CA
94028 Portola Valley, CA
94539 Fremont, CA
92677 Laguna Niguel, CA
1 California
2 New York
3 Florida
4 Texas
5 New Jersey
6 Massachusetts
7 Virginia
8 Washington
9 Illinois
10 Pennsylvania
Top 10 States
per millionaire3,433 sqft on average
17 Properties Top Car Makes Top Car ModelsMercedes
LexusBMW
Mercedes-BenzE Class
Mercedes-BenzS Class
Mercedes-BenzGL Class
81%Own businesses
42%Have a pool on their property
Top 5 Zip Codes33480 Miami Beach, FL
94027 Atherton, CA
94028 Portola Valley, CA
94539 Fremont, CA
92677 Laguna Niguel, CA
1 California
2 New York
3 Florida
4 Texas
5 New Jersey
6 Massachusetts
7 Virginia
8 Washington
9 Illinois
10 Pennsylvania
Top 10 States
Individuals with a net worth greater than $25 million have similar buying patterns as their millionaire
counterparts, and most are attracted to the same car makes and models and live in similar locations.
Today’s Multi-Millionaires have some difference from millionaires. Unlike other millionaires, a higher percentage
of millionaires with a net worth greather than $25 million own businesses and the average individual owns a
higher number of properties. The buying and giving power of this group is far greater than other segments.
Today’s Multi-Millionaires
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Changes in millionaires’ behavior means that marketers & fundraisers must tailor their marketing, sales, and
development efforts based on the wants, needs, and values of their target audience. The personalization of
communication and products not only allows marketers and fundraisers to connect with these millionaires, but
also helps them build a long-lasting relationship.
Tailoring your messaging to your prospect’s unique interests shows them you care about them on a personal
level, rather than simply being concerned with the bottom line. By showing your consumers you are of service to
them, and their experience, you have the opportunity to create end-to-end customer engagement. In order to
forge a loyal customer base, it’s necessary to continue nurturing your consumer and their values. This is especially
important for reaching out to millennial millionaires. Not only are millennial millionaires keen on receiving
relevant information, but they also want to remain engaged with individual points of interest. The intersection
between engagement and personalization is what allows you to make your brand relevant to a wider group of
consumers and donors.
Importance of Artificial Intelligence and Machine Learning on ProspectingArtificial Intelligence (AI) and Machine Learning (ML) will revolutionize the daily practices of nearly every industry.
Fundraising and marketing are no different. Predictive prospecting, or the science of identifying your next best
prospect, whether it is a customer or a donor, is becoming exponentially more powerful with the help of AI.
These technologies fuel the virtuous cycle of long-term donor or customer engagement. By leveraging AI & ML
to help initiate meaningful and personal interactions with potential consumers, individuals ruminate less on the
possibility of buying or giving, and actually buy or give. This all begins with personalization.
Personalized communication leads to more engaging messaging that will resonate with prospects. Continued
engagement results in conversions and lays the foundation for long-term relationships. AI can help you identify patterns
and actionable insights among customers, donors, and prospects.
Personalization
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ConclusionThe 30 million U.S. millionaires have tremendous buying and giving
power. While they are a small portion of the entire U.S. population,
they are the influencers and market leaders we all watch. This
population is comprised of many unique millionaire personas
whose spending and philanthropic habits influence our entire
economy. The millionaire population is more diverse now than at
any other time in history, affording sales, marketing, and fundraising
professionals an ever-growing universe to explore and engage with.
The data presented in this report highlights the tremendous
value and opportunities that can be gained from uncovering the
millionaires you are already engaged with and discovering the
ones you wish you knew. The millionaires of the United States are
waiting for the right message, product, or offer to come their way.
How will you identify them, get to know them, and engage with
them in a personalized and authentic way?
At WealthEngine, we help over 3,000 clients by doing just that.
We provide these actionable wealth and lifestyle insights to help
them identify their next best prospect and the millionaires hiding
among the people they already know.
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About WealthEngineUsing actionable wealth and lifestyle insights, WealthEngine fuels highly-targeted, personalized campaigns that
continuously deliver measured outcomes. The WealthEngine platform is powered by more than a half trillion data
points and uses proprietary learning science to create unique WE Profiles for more than 250M people in the U.S.
For more than 20 years, we have ensured our clients engage in highly personalized and precise conversations
with their audiences to find their next best prospect and drive growth. By elevating campaigns to the power of
WE, our clients expand their audiences, decrease acquisition costs and increase revenue, along with the lifetime
value of their donor or customers.
With our WealthEngine 9 prospect engagement platform, clients have access to the most accurate, up-to-date,
and detailed data than ever before. Now, you have the ability to nurture your prospects in a highly personal,
relevant, and precise manner, where you can transform your insights into action and your action into knowledge.
Not only are you given the tools to learn everything you need to know about your next best prospect, with our
Propensity to Spend (P2S) and Propensity to Give (P2G) scores, you can hyper-personalize your engagement
based on your prospects spending and giving preferences. The time to generate lasting change is now, and the
tools to create it are here.
Contact Us Today for a Free Demoinfo@wealthengine.com 800.933.4446 wealthengine.com
© 2019 WealthEngine, Inc. All Rights Reserved.
Reserved reproduction and distribution of this publication in any form without prior written permission is forbidden. The information contained herein has been
compiled together for informational purposes. WealthEngine is not making any recommendations for action based on the data within this report. Readers are
encouraged to engage with their appropriate legal, accounting, and professional counsel before implementing any suggested actions. WealthEngine has no liability
for errors, omissions, or inadequacies in the information contained herein or for interpretations thereof and shall not be held liable for any claims or losses that may rise
from the implementation of the data in this report. The data is subject to change at any time.