2019 Millionaire Report: Diversity of the Millionaire Population
The 2019 U.S. Millionaire Report touched on themes highlighting the ways consumer demographics are changing nonprofit and commercial spaces. The biggest indicator?
Diversity in the millionaire population. With a growing population of 30 million individual millionaires in the U.S. alone, wealth continues to spread rapidly across generations. This growing group of millionaires is no longer just concentrated in traditionally wealthy cities on the East and West Coast— they exist everywhere. From Miami Beach in Florida to Portola Valley in California, millionaires hold property in more locations that exist in untapped corners of the U.S.
Now that the millionaire population is expanding at a faster rate, not one millionaire is the same as another. So, as new personas emerge, the needs of millionaires are becoming more diverse and individual. Their interests and needs differ, and they spend, give, and save differently. Whether you’re an Ultra High Net Worth Individual or a Married Millionaire in your mid-40s, you may buy the same luxury good or service, but for completely different reasons. You may donate to the same organization, but contribute gifts of different sizes.
Similarly, with the emergence and increased influence of millennial millionaires, consumer needs are fundamentally changing the way nonprofits and commercial brands operate. Now, we see a push for more sustainable and personalized marketing which prioritizes purpose over everything. So, not only do we see a shift in demographics, but we’re also seeing an abundance of different consumer requirements.