Tuesday, May 21, 2013

Charlotte millionaires to grow 18 percent in 5 years

The number of millionaire households in Charlotte is forecast to grow 18.2 percent over the next five years, according to a Nielsen Co. finding cited Tuesday by Bank of America.

The Nielsen finding is from 2012.

Also Tuesday, U.S. Trust Bank of America Private Wealth Management, part of Bank of America, released the results of a survey of 711 high-net-worth people in the U.S. Those who participated in the survey have at least $3 million in investable assets.

The survey found, among other things, that many wealthy families are not planning for the long-term health care needs of their parents. Only 27 percent of baby boomers and 16 percent of those over age 68 said they ever expected that their parents might come to them for financial help.

Also, 60 percent of investors said asset growth is a higher priority than asset preservation. That's a reversal from a year ago, when 58 percent said asset protection was more important, according to survey results.

Phoenix Marketing International conducted the survey online in February and March, Bank of America said.

According to a report, released in February by the U.S. Census Bureau, 5.4 percent of Charlotte-area households are among the top 5 percent of the country's wealthiest, putting Charlotte at the 16th-lowest on the list. The finding was based on income received from January 2006 to November 2011, during which time the top 5 percent of U.S. households earned at least $191,469 a year.

Among 50 major U.S. markets, San Jose-Sunnyvale-Santa Clara, Calif., had the highest proportion of households - 15.9 percent - among the top 5 percent. Raliegh came in at 19th lowest, with 6 percent of


Anonymous said...

A million dollars today is the same as about $35,000 when the Fed was founded.

Willy Loman said...

Dig it. Everyone's goals should include making a lot of money so that they can do things they enjoy, and, moreover, do things that they have NEVER DONE! Instead, this country has been hoodwinked into believing "if you're a millionaire business owner....you didn't build that business...that business was built on the backs of the poor." And hoodwinked into the belief that people who have busted their behinds to get into the top 1% of income bracket...that these people are somehow greedy, money-grubbing, tax-cheat, upper-crusted snobs that should be "giving more of their 'fair share'" so that others (and you know who he's talking about) can continue to get more more more.....for free. Pathetic. BO has managed to tick the rich people off, all in order to be re-elected by the masses. Oh well, the new order has begun.

Anonymous said...

@ Willy, you can believe what you want to believe and categorize it as you may. Not all the of 1% are as bad as you say most people think as you claim, just the one's that do not like to pay their fair share of taxes. The reality of money making in the US? Well, take Sara Palin for instance. She had a governors job that paid less than 200k a year. Then she leaves that job and gets a million dollar a year job with Fox. Not many people get a 700% increase in their pay in a year. And although she has a degree in journalism, can you identify the news agency she has been busting her behind to move up the ranks in? Can you identify what made her more qualified than the news anchor in your area that has held that position for more than three years? She's an exception, just like the people who think all millionaires fit your description.

Anonymous said...

U.S. Trust Bank of America Private Wealth Management...

...is a ridiculously long name.