Affluent and High Net Worth Market: Wealth, Banking, and Payments Trends, 8th Edition

Report Overview

Affluent and High Net Worth Market: Wealth, Banking, and Payments Trends, 8th Edition segments affluent and high-net worth consumers and households, drilling down into their household finances, banking relationships and financial products and services usage and attitudes, digital engagement, payment usage and preferences, and credit card usage and preferences. The report emphasizes 5-year and 10-year trends over time, including market sizing, attitudes, usage, and other metrics. Throughout the report, affluent and high-net worth consumers and households are segmented as follows:

• Base affluent ($150K-$249K HH income)
• Middle/upper affluent ($250K+ HH income)
• Upper affluent ($1MM+ HH income)
• High-net worth (at least $1 million net worth)
• The Top 2% (at least $5 million net worth)

Analysis focuses primarily on base affluent, middle/upper affluent, and high-net worth demographics. Emphasis is also placed on affluence and net worth by generation and age, as well as other demographics.

Market sizing examples include total, average, and median household wealth; the dollar value of payments made via various payment instruments; and active credit card wallet share of revolvers and transactors.

Vital Insights into a Key Demographic

Other topics covered in this report include affluent and high-net worth consumers’:

• Attitudes toward money management, financial risk, financial services pricing, and financial services literary and competence
• Economic outlook and big-ticket item purchase expectations
• Financial emergency responses (i.e. borrowing, spending from savings, postponing payments, cutting back), including the first expected expense cut back on, first expected payment postponed, first expected account/asset spent from, and first expected borrowing source
• Digital engagement, including online and mobile purchasing, online and mobile banking, bank app, mobile wallet,
• Banking relationships, including primary banking institution, reasons for choosing primary bank

Packaged Facts estimates total 2019 U.S. household wealth at $101 trillion, up 62% since 2010; and that average household wealth will reach $783,000, up 48% since 2010. Both trends are much stronger than shown for household growth, translating to significant gains in average household wealth over this period.

This report trends wealth and household growth of affluent and high net worth demographics from 2010 to 2019 for Millennials, Generation X, Baby Boomers, and the Silent Generation. Analysis includes more granular HH income and net worth breakouts (i.e. $1 million+ HH income; $5 million+ net worth, as well as mass affluent).

It also trends household net worth, assets, and debt from 2010 to 2019 (including category analysis for financial assets, non-financial assets, and debt) by affluent and high net worth segment. Granular trending includes directly held funds, stocks, and bonds; whole life insurance cash value; savings bonds; and other managed assets, principal residences, active businesses, passive businesses, IRA/Keough accounts, current and future pensions, investment real estate and vacation properties, and transaction accounts/CDs.