If you’re going to generate million-dollar fees, you’re going to need million-dollar clients. And in New York, the self-proclaimed center of the universe, America’s millionaires come to live and mingle. So says the Metro Wealth Index, which has completed its annual report on high-net worth individuals:
New York City continued to top the Index and had more [high-net worth individuals] than the next top three [metropolitan statistical areas] – Los Angeles, Chicago and Washington, D.C. – combined.
The power might have shifted to Washington, the glitz might be in L.A., and the coronary disorders might be in Chicago — but New York still has the money. Lots of it.
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And with money comes jobs and clients. Right?
What other cities around the country are faring well in terms of the millionaire count?
The Wall Street Journal points out that the figures show New York, D.C., Houston and San Jose have gotten back to 2007 levels. Everywhere else in the country still lags behind.
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But can these numbers be useful to law firms who might want to capture some of this “high net worth,” in the form of “richly deserved legal fees”? The people who put together the study sure hope so:
“In today’s volatile market, the Metro Wealth Index serves as a resource for advisers and wealth management firms who are looking to understand the trends affecting high net worth individuals in specific U.S. markets,” said Edward R. Merchant, Solutions Leader, Capital Markets, for Capgemini Financial Services. “Through Capgemini’s wealth management expertise and sizing capabilities, we allow firms to better understand the opportunities that exist in different regions and help shape their strategy accordingly.”
Okay, okay. So New York is where the wealthy come to be wealthy — some of the most affluent attorneys out there are partners in large NYC law firms — but where else in the country saw a recovery for rich people? Here are the top ten metro areas, along with their growth rates among HNWIs (high-net worth individuals):
1. New York: +18.7%
2. Los Angeles: +13.3%
3. Chicago: +15.1%
4. Washington, D.C.: +19.3%
5. San Francisco: +14.5%
6. Philadelphia: +20.1%
7. Boston: +14.4%
8. Detroit: +12.1%
9. Houston: +28.9%
10. San Jose: +24.5%
Wow, isn’t this an interesting mad-lib: Philadelphia, something positive, the 21st century. Meanwhile, you wonder if New York firms that don’t have a presence in Houston are just missing out on a huge opportunity.
Let us know what you think. Let’s hope some of this high net worth trickles down to the lawyers out there hustling for clients — or at least to the associates helping partners who are among these HNWIs already.
Capgemini Announces 2010 U.S. Metro Wealth Index [Capgemini]
New York Has the Most Millionaires [Wall Street Journal]