Wealth–X provides financial institutions, luxury brands and not-for-profit organizations with intelligence and prospecting platform with a large collection of curated research on High Net Worth Individuals and Very High Net Worth Individuals.
Very High Net Worth (VHNW) individuals – Those with a net worth of $5m-$30m
Ultra High Net Worth (UHNW) individuals – Those with a net worth of $30m+ (also referred to as the ‘ultra wealthy’).
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THE VERY HIGH NET WORTH (VHNW) POPULATION – THOSE WITH A NET WORTH OF $5M TO $30M – EXPANDED STRONGLY IN 2019, RISING BY OVER 10% TO 2.7M INDIVIDUALS. This was a sharp acceleration in growth from just 1% in 2018. The combined net worth of VHNW individuals also increased by over 10%, to $26.6trn.
THE VHNW POPULATION IN THE US HAD A HIGHLY PROSPEROUS YEAR AND THE COUNTRY REMAINS BY FAR THE LARGEST WEALTH MARKET WORLDWIDE. The US VHNW population (which grew by almost 16%) and their combined wealth accounted for approximately 36% of the global total in 2019.
EIGHTY-FIVE PERCENT OF THE VHNW POPULATION HAVE CREATED THEIR WEALTH ENTIRELY THROUGH THEIR OWN EFFORTS. The remainder comprises those whose net worth stems from a combination of inherited and self-created wealth, and those whose wealth derives solely from inheritance.
In 2019 there were a total of 25.2m people with a net worth of more than $1m (i.e. millionaires), with their combined assets totaling more than $104trn. A breakdown by Wealth-X’s demarcated ‘major’ wealth tiers highlights the extent to which the distribution of wealth is spread unevenly among the wealthy. Almost 90% of these millionaires have a net worth of $1m to $5m. Entering this club at ‘just’ $1m, such individuals are often corporate executives, those who have inherited a significant sum or even those who own an expensive asset, such as a large home or luxury apartment in one of the many cities that have seen dramatic property price rises over the last decade.
New York is the leading VHNW city, by a distance. Whether at the billionaire, UHNW or VHNW level, New York is the pre-eminent global city of the wealthy, reflecting its status as a global financial center, and home to the largest regional economy in the US. Commercial opportunities abound in finance, business and consumer services, and real estate, among many others.
Real estate and luxury assets account for just over one-quarter of total VHNW wealth – the value of a luxury main residence, and perhaps a holiday home and luxury cars or soft luxury goods, can account for a considerable proportion of total net worth among the lower wealth tiers. This share declines sharply, to around 6%, among the ultra wealthy class and lower still among billionaires.Of course, what qualifies as “luxury” varies by market. In the U.S., for example, the average price for a luxury home is $2.5 million in Los Angeles, $3.6 million in NYC, $1.5 million in Fort Worth, Texas, $2.3 million in Miami and $1.1 million in Cincinnati, according to the 2018 edition of “Luxury Defined: An Insight into the Luxury Residential Property Market,” published by Christie’s International Real Estate.
How do you ‘break into’ the Luxury Market? How do you raise your average sale price?
1. Education. You have to know about the product and the people. Most agents get intimidated once they listing or showing in the price range JUST above their own. Preview like crazy. Get to know the luxury agents. Get to know the luxury builders and their product. What do you get for the money?
2. Networking. Most luxury listings come from center of influence relationships. Are you part of those clubs, charities, groups and events? Expand your center of influence with intention. 10% of your database will refer business to you or transact personally with you on a yearly basis. This assumes you actually communicate with them! Build ‘spokes within this spoke’ to nurture these golden relationships.
Join organizations and participate in 3 categories regularly:
a) ‘stuff you like to do anyway’ / hobbies and interests you have or are curious about. This category is important because you’re most likely to actually connect and participate regularly.
b) ‘Networking for the sake of networking’: Chamber of Commerce, BNI, Investor clubs, etc.
c) Charities, especially real estate oriented like Habitat for Humanity, but also philanthropic organizations, fundraisers, etc.
3. Prospect Expireds!! This is our favorite because you have many advantages here.
-Open house, marketing opportunities to bring you additional business while it’s listed.