In April of 2007, the U.S. Trust Survey of Affluent Americans was prepared for the United States Trust Company which is a wholly owned subsidiary of the Charles Schwab Corporation. Gregg and Lisa Whitney think it is important for their clients to follow the attitudes and trends of wealthy Americans on a wide variety of topics as most of their clients hold real estate as a part of their investment portfolio.
This article is Part 8 of an interesting nine part series on the super high net worth American. Gregg and Lisa Whitney are pleased to provide this information for you
Their partnership, also known as Whitney and Associates, has a proven, long-term track record of successful real estate sales in the La Jolla, California Real Estate Market. Gregg and Lisa Whitney believe Clients should be key finding from this survey as part of the exceptional service they provide to their clients.
Those surveyed in this study released recently constitute Americans with an investable net work greater than $5 million, not including primary residence. Included in this study is a special sub-sample of ultra high net worth Americans with total assets of $25 million or more. Gregg and Lisa Whitney want you to know that an income qualification was not used in the current version of the study and the overall qualification was based solely on investable assets leading to an overall wealthier sample. An independent marketing research firm was retained to conduct this survey and focuses itself on the top wealthiest Americans and their beliefs, concerns and attitudes.
Gregg and Lisa Whitney would like to discuss the demographics and some interesting statistics about the super high net worth and high net worth individuals who participated in the study.
Of the individuals surveyed, 61% of the respondents considered themselves the primary financial decision maker. Over one-third, or 39%, reported sharing the responsibility.
A vast majority of the respondents were male, 82%.
Less than one fifth of all respondents or 18% report that both parents are still living or only one parent is still living, at 22%. Over half, or 60%, report neither parent still living.
One third of all respondents’ report they are retired, at 35%, and 39% report that they are self-employed or a business owner. Less than one in five, or 17%, report to be employed full time and only 5% report being employed 5%.
The age breakdown for the survey is as follows:
| Under 45 | 8% |
| 45 to54 | 22% |
| 55 to 64 | 34% |
| 65 to 74 | 23% |
| 75 plus | 13% |
Despite average national statistics, the majority of high net worth individuals report staying married longer and divorce less with 65% married once and are still married to the same person. Less than 1 out of 4 reports they are married, but not for the first time. Less than 5% report they are single and never married. Approximately 4% report they are widowed and remarkable, only 2% report they are divorced and single.
Though the average yearly household income is unremarkable at approximately $402, 500, the average, at 54%, of investable assets reported exceed $11 million. About one in five of the respondents reported an asset worth between $10 and $15 million. Almost one-fifth of all respondents report an asset worth of $15 to $25 million. Close to one in ten, or 11% report ass worth of more than $25 million. The total value of assets without primary residence based on the high net worth people who responded are as follows:
| • From $5 million to $10 million | 62% |
| • More than $10 million to $15 million | 18% |
| • More than $15 million to $20 million | 7% |
| • More than $20 million to $25 million | 4% |
| • More than $25 million | 10% |
The total value of assets with primary residence based on the high net worth people who responded are as follows:
| • From $5 million to $10 million | 54% |
| • More than $10 million to $15 million | 21% |
| • More than $15 million to $20 million | 8% |
| • More than $20 million to $25 million | 5% |
| • More than $25 million | 11% |
A conclusion can be made based on these findings that value of the primary residence makes a significant contribution to the overall asset worth of the respondents.
At Whitney and Associates, we understand the specialized needs of the wealthiest Buyers and are the right choice for the buying or selling of a home in La, Jolla, California.
Have any questions or like to learn more? Use our handy form on the side of the page to contact Gregg and Lisa Whitney. You will see that we only require your email address. Gregg and Lisa Whitney understand that your privacy is important to you and we respect that. We do not share your information with anyone without your permission.
Gregg and Lisa Whitney realize that you are probably in the information gathering stage of your process, and we want to provide assistance to you in any of your La Jolla, California Real Estate needs. If you would like to talk to Gregg or Lisa Whitney in person, feel free to call Whitney and Associates at our main line at 858-456-3282.
When you are ready to invest in the real estate market let us help you. After all, we are the experts in La Jolla, California Real Estate.
