Number of millionaires increases in Metro Detroit
The number of millionaires in the Metro Detroit area has grown by 37 percent since 2008, according to a new report released by RBC Wealth Management and Capgemini, a Paris-based consulting firm.
While Metro Detroit, with 108,000 millionaires, remained among the top 12 U.S. metropolitan areas with a high net worth population, it had below average growth during that period, according to the report.
In 2013, Detroit became the largest municipality to file bankruptcy in U.S. history, “likely limiting (high net worth individual) growth,” the study said.
Other metropolitan areas that topped the list are: Seattle, San Jose, Dallas, Houston, Philadelphia, Boston, San Francisco, Washington, D.C., Chicago, Los Angeles and New York.
Houston, Dallas and San Jose had the fastest growth during the past five years.
In Metro Detroit, assets among the wealthiest grew from $375 billion to $431 billion, a 15 percent increase from 2012 to 2013. The study does not include primary residences.
“Detroit beset by low growth, declining population and high unemployment had among the lowest gross metropolitan product growth, leading to (high net worth individual) wealth growth that was relatively lower, though still a respectable 15 percent,” the study said.
In Metro Detroit millionaires, had most of their assets in the following: 38 percent in equities, 26 percent in cash and cash equivalents, 16 percent in fixed income, 13 in real estate and 12 percent in alternative investments.