Tags: millionaires | billionaires | wealth | rich

Rich Get Richer Throughout the States

By Michelle Smith   |   Thursday, 31 Oct 2013 02:07 PM

The combined wealth of the richest individuals from each state rose almost 20 percent this year, topping half a trillion dollars, according to new data from Wealth-X, an ultra high net worth intelligence firm.

Wealth-X compiled a list consisting of the wealthiest person in each state, based on the individuals' primary business addresses. Collectively, this group of 50 is worth a staggering $560 billion, the firm says.

That breaks down to an average net worth of $10.8 billion.

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But the numbers are not nearly that favorable for everyone involved. The data reveal that massive wealth gaps exist even among the rich.

Nine of the individuals on the Wealth-X list are not even in the billionaires club.

Almost 70 percent of the wealth, or $362 billion, is concentrated among the top 10, a list whose members have not changed since last year.

Microsoft co-founder Bill Gates continues to hold the top spot. He is estimated to be worth more than $70 billion.

Another report from Wealth-X underscores the large divisions between the fortunes of the wealthy. It divided the nation's ultra high net worth (UHNW) population into eight income tiers.

Over half of all UHNW individuals, some 30,000 people, are at the bottom end of the scale, in the $30 million to $49 million wealth bracket. With a combined fortune of $1.4 trillion, these individuals have about 17 percent of the nation's total UHNW wealth.

By comparison, there are only about 480 billionaires in the U.S., representing less than 1 percent of the total UHNW population. This small group has a combined fortune of over $2 trillion, controlling about 25 percent of all the wealth attributable to the UHNW segment, says Wealth-X.

Whether they are multi-millionaires or billionaires, overall, the data show the rich are getting richer. And that trend stands in stark comparison to the financial realities of the broader population.

According to Good Morning America, a report from the Pew Research Center shows that during the first two years of the economic recovery, households in the top 7 percent of wealth distribution saw their net worth rise about 28 percent. The net worth of the other 93 percent of the population dropped 4 percent.

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