Nevada’s high-net-worth households — defined as those having $500,000 in assets — are getting younger, a new study by finds.
The Private Bank by Nevada State Bank released the data Feb. 5 as a follow up to its July 2012 study of the state’s high-net-worth households.
Over that two and a half years, the percentage of Nevada households that meet the definition of high-net-worth fell from 7.4 to 6.98 percent. That finding runs contrary to national data showing the accumulation of wealth escalating in the period of recovery from the Great Recession. Nationally, the percentage of high-net-worth households grew from 7.6 to 8 percent.
The report explores the natural sequence of accumulating wealth during the working years, then depleting wealth during retirement.
“Nevada’s high-net-worth households changed during the recession and have continued to evolve throughout the ensuing recovery,” said Randy Boesch, vice president of The Private Bank by Nevada State Bank.
The Private Bank prepares a monthly High Net Worth Report that analyzes data for that demographic. Applied Analysis of Las Vegas does the economic analysis.
Nevada’s high-net-worth households are 86.4 percent white; 59.2 percent are married and 97 percent are homeowners, the study found. Each of those figures is at least 13 percent higher than the general population.