This graph from the new report shows the increase over the last decade in high-net-worth households in the northern and souther markets.
Courtesy: Nevada State Bank
The Private Bank by Nevada State Bank on July 20 released the latest edition of its High Net Worth Report series. Issue 2 of 2021 provides an in-depth profile of high-net-worth households in the Silver State.
According to the report, between 2014 and 2019, the number of high-net-worth households — those with annual incomes of $200,000 or more — increased from 36,700 to 70,700 statewide; they accounted for one in 16 households in Nevada in 2019.
The report, data from which was compiled by research firm Applied Analysis, also notes that in 2019, about 3,400 high-net-worth households migrated into Nevada from another state or country the previous year, representing over half of the total net gain compared to 2018.
Compared with all other households, high-net-worth householders were more likely to be married (78.8% compared to 44.7%), more likely to have a larger household (2.9 people compared to 2.4 people), and more likely to have children living at home (45.6% compared to 36.2%).
Over the last five years, top growth industries for top earners in high-net-worth households were in medical hospitals (+3,500), real estate (+2,600) and arts and entertainment (+1,900).
The Private Bank’s High Net Worth Report is available on Nevada State Bank’s website at www.nsbank.com/HNWreport