New Affluent Market Revealed

Press Release
Nov 1, 2022

ROCKVILLE Md., November 1, 2022 – According to new Packaged Facts report Financial Services for the Very High Net Worth (VHNW), the truly affluent cohort is changing compositionally and demographically; the Silent Generation (born before 1946) is dwindling, and their places in the top tiers of net worth are being taken by Baby Boomers in their early 60s and older Gen Xers in their 50s.

There is even a smattering of Millennials who have reached the upper echelons of affluence. These new truly affluent individuals have different expectations – for their own lifestyles, relationships with financial services providers, and ownership of financial products – than previous generations.

In previous generations, the youngest members of the VHNW were heirs to fortunes while today’s youngest VHNW households are most likely to be entrepreneurs with self-made wealth.

As serious wealth migrates to women and racial/ethnic minorities, inclusivity initiatives targeting these truly affluent will become common across the industry.

In the U.S., affluent households favor specific geographical regions. They are more likely to live in the Northeast, Mid-Atlantic and Pacific Coast states than the population as a whole and are far less likely to live in the South and center-of-the-country states. Their greater numbers in those regions give them an outsized presence relative to the general population.

 

About Packaged Facts  

Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, the food and beverage market, consumer financial products and services, consumer goods and retailing, and pet products and services. Packaged Facts also offers a full range of custom research services. Reports can be purchased at our company website and are also available through MarketResearch.com.

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Media Contact: cgangloff@marketresearch.com  

Press Contact:
Corinne Gangloff
+1 440.842.2400
cgangloff@marketresearch.com

SOURCE Packaged Facts

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