News Release from Phoenix Marketing International

The Phoenix Global Wealth Monitor (GWM) U.S. Sizing Report is intended to provide estimates of the number of affluent and wealthy households in the country. Sizing estimates are provided at the State level as well as by Core-Based Statistical Areas (CBSAs). A Core-Based Statistical Area is comprised of Metropolitan and Micropolitan Statistical Areas which are defined as follows: 

• Metropolitan statistical areas have at least one urbanized area of 50,000 or more population, plus adjacent territory that has a high degree of social and economic integration with the core as measured by commuting ties. 

• Micropolitan statistical areas have at least one urban cluster of at least 10,000 but less than 50,000 population, plus adjacent territory that has a high degree of social and economic integration with the core as measured by commuting ties. 

Currently, there are 942 Metropolitan and Micropolitan statistical areas in the United States. 

Methodology 

The GWM sizing estimates are developed using a combination of sources including the Survey of Consumer Finance (SCF), as well as Nielsen-Claritas. The SCF provides the framework and allows us to determine the general distribution of households by their level of investable assets. Estimates are further refined using the age and income distributions provided by Claritas. Together, these inputs enable us to estimate the number of households by investable assets at a national level. Formulas are then created by applying national estimates to closely linked variables developed by the Census This allows us to obtain estimates at smaller units of geography. Please not that the numbers provided in this report are approximations, not actual number of households. They can best be used for comparative purposes.

PDF: Millionaires per Capita by State

Hawaii

• 466,705 Total Households
• 33,520 Households with $1M Investable Assets
• 7.18% Ratio of Millionaires to total HH