Personal Wealth, 2004
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Personal Wealth, 2004
by Brian G. Raub
I
n 2004, there were an estimated 2.7 million
adults with gross assets of $1.5 million or more,
the Federal estate tax filing threshold for decedents from that year. In total, these top wealth holders owned nearly $11.1 trillion in assets. After accounting for debts and mortgages of $850.1 billion,
these individuals had a combined net worth of over
$10.2 trillion. Although top wealth holders made up
only about 1.2 percent of the total U.S. adult population, they held 20.3 percent of the total U.S. net
worth in 2004.1,2
Background
The distribution and composition of personal wealth
in the United States are topics of great interest among
researchers and policy planners. Unfortunately, these
issues are difficult to research, since there are few
sources of data on the wealth holdings of the general
population, especially the very rich. Federal estate
tax returns (Form 706) provide a unique source from
which to study the nation’s wealthiest individuals.
The estate tax return contains a complete listing
of a decedent’s assets and debts, as well as a demographic profile of the decedent and information on
the costs of administering the estate. A decedent’s
estate has up to 9 months to file an estate tax return,
but use of a 6-month extension is common. It is,
therefore, necessary to combine returns filed over
a number of calendar years in order to capture data
representative of all estate tax decedents dying in a
single year.
The estate multiplier technique is used to estimate the wealth of living individuals from Federal
estate tax return data. The fundamental assumption
underlying this methodology is that estate tax returns
filed for decedents who died in a particular year
represent a random sample, designated by death, of
the living population in that year. Estimates of the
wealth holdings of the living population are derived
Brian G. Raub is an economist with the Special Studies
Special Projects Section. This article was prepared under
the direction of Barry Johnson, Special Studies Branch
Chief.
1
Valuation Measures
The level of wealth to which these estimates apply
is $1.5 million or more in gross assets, the Federal
estate tax filing threshold in effect for 2004 U.S. decedents. Gross assets as defined here are a Federal
estate tax concept of wealth that does not conform
to usual definitions of wealth. Therefore, three measures of wealth are used in this article: gross assets,
total assets, and net worth.
Gross assets reflect the gross value of all assets,
including the full face value of life insurance, reduced
by the value of any policy loans, but excluding any
reduction for other indebtedness or for special valuation of some real estate. This measure defines the
individuals included in the top wealth holder group.
Total assets are a lower wealth value, but still essentially a gross measure. They differ from gross assets in that the cash, or equity, value of life insurance
(i.e., the value of insurance immediately before the
policyholder’s death) replaces the “at death” value of
life insurance included in gross assets.3
Total assets are the valuation concept on which
all the analyses in this article are based. Net worth is
total assets minus debts.
Demographic Characteristics
Of the 2.7 million individuals in 2004 who had gross
assets of at least $1.5 million, almost 1.6 million, or
57 percent, were men. As shown in Figure A, these
male top wealth holders could be divided roughly
into thirds by age, with one-third under 50, one-third
50 but not yet 65, and the other third 65 and older.
Female top wealth holders, who accounted for
43 percent of the total, had a significantly different
age distribution. While the percentage of female top
wealth holders ages 50 under 75 was nearly identical to that of their male counterparts, only about 26
percent were under 50. In contrast, individuals 75
and older made up a larger percentage of female top
wealth holders than male top wealth holders.
Estimate of the adult population of the United States in 2004 was obtained from U.S. Bureau of the Census at http://www.censusgov/popest/states/asrh/SC-est2004-01.html.
Estimate of the total net worth of the United States was obtained from household estimates derived from the Board of Governors of the Federal Reserve System’s
Survey of Consumer Finances (SCF), found in Kennickell, Arthur B. (2006), “Currents and Undercurrents: Changes in the Distribution of Wealth, 1989-2004,”
http://www.federalreserve.gov/pubs/feds/2006/200613/200613pap.pdf.
3 Estimates of the equity value of life insurance included in total assets were approximated, based on the face value reported on Federal estate tax returns and on the
decedent’s age. A ratio of the equity value to the face value was developed, using data from wealthy respondents to the 2004 Board of Governors of the Federal Reserve
System’s Surveys of Consumer Finances (SCF). A simple regression was used to predict the values used in the Statistics of Income estimates.
2
282
by applying a multiplier, based on appropriate mortality rates, to this sample.
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
As shown in Figure B, the marital status of top
wealth holders also varied considerably by sex.
While a large majority of wealthy males, 70.5 percent, was married, only about half of their female
counterparts had this marital status. Similarly, a
higher percentage of wealthy males was single compared to female top wealth holders. In contrast, nearly one-quarter of women were widowed compared to
only 6.8 percent of men.
Figure A
Top Wealth Holders: Age, by Sex, 2004 [1]
[Numbers are in thousands]
Age
Males
Percentage
Females
(1)
(2)
(3)
(4)
1,555
100.0
1,173
100.0
Under 50
504
32.4
303
25.8
50 under 65
541
34.8
410
35.0
65 under 75
269
17.3
210
17.9
75 under 85
174
11.2
169
14.4
85 and older
66
4.2
81
6.9
Total
Percentage
[1] Top wealth holders are defined as individuals with gross assets of at least $1.5
million.
NOTE: Detail may not add to totals because of rounding.
Figure B
Top Wealth Holders: Marital Status, by Sex,
2004 [1]
[Numbers are in thousands]
Age
Males
Percentage
Females
(1)
(2)
(3)
Percentage
(4)
Total
1,555
100.0
1,173
100.0
Married
1,096
70.5
610
52.0
Widowed
105
6.8
281
24.0
Single
220
14.1
129
11.0
Other [2]
134
8.6
153
13.0
[1] Top wealth holders are defined as individuals with gross assets of at least $1.5
million.
[2] Includes individuals who were separated or divorced or those for whom marital
status could not be determined.
NOTE: Detail may not add to totals because of rounding.
Asset Portfolios
As shown in Figure C, the portfolio composition for
male top wealth holders varied considerably by size
of net worth. Real estate, including personal resi-
dences, was the most dominant portfolio component
for those with net worth under $1.5 million, but made
up a significantly smaller portion of the portfolio of
their wealthier counterparts.
While male top wealth holders with net worth of
less than $1.5 million held 40.6 percent of their portfolio in real estate, including the personal residence,
for men with net worth of $10 million or more, this
portion was only 12.6 percent. The pattern was similar for retirement assets, including Individual Retirement Accounts (IRAs), annuities, and self-employed
or Keogh plans, which accounted for over 15.0 percent of the portfolio of male top wealth holders with
net worth under $10 million but only 4.0 percent for
men with net worth of $10 million or more.
In contrast, equities, including closely held and
publicly traded stock, made up a larger portion of the
portfolios of wealthier men relative to their younger
counterparts. While these assets accounted for 14.9
percent of the portfolio of top wealth holders with net
worth under $1.5 million, they made up more than
twice this percentage, 40.9 percent, in the portfolio
of individuals with net worth of $10 million or more.
This result is consistent with academic research demonstrating that wealthier investors allocate a greater
share of their financial assets to equity investments.4
Figure D shows that the portfolio holdings for
female top wealth holders were similar to those of
males, although several differences are notable. In
each wealth category, female top wealth holders
held proportionately more of their assets in personal
residences and publicly traded stock than their male
counterparts, and less in closely held stock and
business assets, including noncorporate businesses,
farms, and limited partnerships.
For individuals with net worth of $10 million or
more, men and women held a nearly identical percentage of their portfolios in equities, about 40 percent, although the allocation between publicly traded
stock and closely held stock was quite different for
men than for women. While men in this top wealth
category split their equity holdings nearly evenly,
52 percent in publicly traded stock and 48 percent
in closely held stock, their female counterparts held
77 percent of their stock holdings in publicly traded
companies compared to only 23 percent in closely
held companies.
4
See, for example, Ackert, Lucy F. et al. (2002), “The Asset Allocation Decision and Investor Heterogeneity: A Puzzle?” Journal of Economic Behavior and Organization,
Volume 47, pp. 423-433.
283
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
Figure C
Male Top Wealth Holders: Selected Assets as a Percentage of Total Assets, by Size of Net Worth,
2004 [1]
Percentage
35
30
25
20
15
10
5
0
Personal
residences
Other real
estate
Closely held
Publicly
stock
traded stock
Cash
assets [2]
Other
financial
assets [3]
Retirement
assets [4]
Business
assets [5]
All other
assets
Selected assets
Size of net worth
Under $1.5 million
$1.5 million under $10.0 million
$10.0 million or more
[1] Top wealth holders are defined as individuals with gross assets of at least $1.5 million.
[2] Includes cash and cash management accounts.
[3] Includes all government bonds, bonds issued by corporations and foreign governments, mortgages and notes, cash value life insurance, and diversified mutual funds.
[4] Includes Individual Retirement Accounts, annuities, and self-employed or Keogh plans.
[5] Includes noncorporate businesses, farms, and limited partnerships.
284
Some of the differences between the asset portfolios of male and female top wealth holders can be
attributed to the differing age distributions of the
two groups. For example, as mentioned above, male
top wealth holders in each net worth category held a
higher percentage of their portfolios in closely held
stock relative to females. Some of this disparity,
however, is due to the fact that the age distribution of
female top wealth holders is skewed more toward the
older age categories than is true for males, as shown
in Figure A. As shown in Figures E and F, top wealth
holders 65 and older held a markedly lower percentage of their portfolios in closely held stock than their
younger counterparts, although, in each age category,
men held proportionately more than women.
In general, the differences in portfolio composition between age groups are not as large as the differences between wealth groups shown above. Even so,
several patterns based on age can be observed. For
both male and female top wealth holders, personal
residences and closely held stock accounted for a
smaller percentage of the portfolio held by older individuals than that of their younger counterparts.
In contrast, for both genders, the percentage of
the portfolio held in publicly traded stock was lowest for individuals 50 under 65 but highest for those
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
Figure D
Female Top Wealth Holders: Selected Assets as a Percentage of Total Assets, by Size of Net Worth,
2004 [1]
Percentage
35
30
25
20
15
10
5
0
Personal
residences
Other real
estate
Closely held
Publicly
stock
traded stock
Cash
assets [2]
Other
financial
assets [3]
Retirement
assets [4]
Business
assets [5]
All other
assets
Selected assets
Size of net worth
Under $1.5 million
$1.5 million under $10.0 million
$10.0 million or more
[1] Top wealth holders are defined as individuals with gross assets of at least $1.5 million.
[2] Includes cash and cash management accounts.
[3] Includes all government bonds, bonds issued by corporations and foreign governments, mortgages and notes, cash value life insurance, and diversified mutual funds.
[4] Includes Individual Retirement Accounts, annuities, and self-employed or Keogh plans.
[5] Includes noncorporate businesses, farms, and limited partnerships.
65 and older, although, in each age category, women
held more proportionately more than men. Taken as
a whole, Figures C through F show that the portfolio
allocation of top wealth holders in 2004 reflected
preferences based on, age, gender, and wealth level.
Debts and Mortgages
Figure G shows the debts and mortgages of top
wealth holders in 2004 as a percentage of total
assets, by sex and age. Two main trends can be
observed. First, the debt-to-assets ratio for both
men and women was significant lower for older top
5
wealth holders than for their younger counterparts.
This is consistent with the economic theory which
predicts that individuals will take on greater debt
early in their working lives in order to finance a desired lifestyle.5
Although data are not available separately on
holdings of mortgage debt, much of the difference in
overall debt-to-assets ratios between age groups is
likely related to mortgage debt held on primary residences. Data collected as part of the Federal Reserve
Board’s Survey of Consumer Finances demonstrate
that families headed by younger individuals are much
See, for example, Modigliani, Franco (1986), “Life Cycle, Individual Thrift, and the Wealth of Nations,” American Economic Review, Volume 68, pp. 547-560.
285
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
Figure E
Male Top Wealth Holders: Selected Assets as a Percentage of Total Assets, by Age, 2004 [1]
Percentage
35
30
25
20
15
10
5
0
Personal
residences
Other real
estate
Closely held
Publicly
stock
traded stock
Cash
assets [2]
Other
financial
assets [3]
Retirement
assets [4]
Business
assets [5]
All other
assets
Selected assets
Age
Under 50
50 under 65
65 and older
[1] Top wealth holders are defined as individuals with gross assets of at least $1.5 million.
[2] Includes cash and cash management accounts.
[3] Includes all government bonds, bonds issued by corporations and foreign governments, mortgages and notes, cash value life insurance, and diversified mutual funds.
[4] Includes Individual Retirement Accounts, annuities, and self-employed or Keogh plans.
[5] Includes noncorporate businesses, farms, and limited partnerships.
more likely to hold mortgage debt on residential
property, and have considerably higher average mortgage balances when present, than families headed by
older individuals.6
The second main trend that can be observed in
Figure G is that female top wealth holders in each
category had a significantly lower debt-to-assets ratio
than their male counterparts. The relative difference
in the ratios between genders was largest for top
wealth holders under age 50, where the debt-to-assets ratio for men was 17.7 percent, compared to 10.1
percent for women.
6
286
Net Worth
Net worth, defined as total assets minus mortgages
and other debts, is a subject of interest among researchers and the general public because, relative to
total assets, it represents a more complete picture of
an individual’s financial position. The 2.7 million top
wealth holders in 2004 held a combined $10.2 trillion
in net worth, for an average of over $3.7 million.
Figure H, however, reveals that the average net
worth of these individuals varied considerably by age
and sex. For both male and female top wealth holders, average net worth for older individuals was high-
See Bucks, Brian K.; Arthur B. Kennickell; and Kevin B. Moore, “Recent Changes in U.S. Family Finances: Evidence from the 2001 and 2004 Survey of Consumer
Finances,” Federal Reserve Board of Governors, http://www.federalreserve.gov/PUBS/oss/oss2/2004/bull0206.pdf.
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
Figure F
Female Top Wealth Holders: Selected Assets as a Percentage of Total Assets, by Age, 2004 [1]
Percentage
35
30
25
20
15
10
5
0
Personal
residences
Other real
estate
Closely held
stock
Publicly
traded stock
Cash
assets [2]
Other
financial
assets [3]
Retirement
assets [4]
Business
assets [5]
All other
assets
Selected assets
Age
Under 50
50 under 65
65 and older
[1] Top wealth holders are defined as individuals with gross assets of at least $1.5 million.
[2] Includes cash and cash management accounts.
[3] Includes all government bonds, bonds issued by corporations and foreign governments, mortgages and notes, cash value life insurance, and diversified mutual funds.
[4] Includes Individual Retirement Accounts, annuities, and self-employed or Keogh plans.
[5] Includes noncorporate businesses, farms, and limited partnerships.
er than it was for younger individuals. Additionally,
the youngest male top wealth holders, those under
50, had a lower average net worth than their female
counterparts, but, in each of the other age groups,
men had a higher average net worth than women.
Male top wealth holders under 50 had the lowest average net worth, $2.5 million, trailing females
in this age group, who had an average net worth of
$3.1 million. Male top wealth holders 75 under 85
had an average net worth of $5.3 million, more than
twice that of their under-50 counterparts and virtually
identical to the $5.2 million average for men 85 and
older. Women 75 under 85 had an average net worth
of $4.3 million, just below the average for women 85
and older, $4.4 million.
As shown in Figure H, a large part of the difference between the average net worth of male and
female top wealth holders under 50 is attributable to
the fact that men held more debt, as seen by the gap
between total assets and net worth. For top wealth
holders 65 and older, who held less debt than their
younger counterparts, the gap between total assets
and net worth is substantially smaller.
For highly skewed distributions, the median
is often a better summary measure than the average since the median is less affected by outliers in a
287
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
Figure G
Top Wealth Holders: Debt and Mortgages as a Percentage of Total Assets, by Sex and Age, 2004 [1]
Percentage
20
18
16
14
Males
Females
12
10
8
6
4
2
0
Under 50
50 under 65
65 under 75
75 under 85
85 and older
[1] Top wealth holders are defined as individuals with gross assets of at least $1.5 million.
population. As shown in Figure H, the median net
worth of top wealth holders showed considerably
less variation by age and sex than the average, and
the differences in net worth between men and women
were smaller.
The median net worth for wealthy males ranged
from $1.6 million for those under 50 to $2.4 million for those 75 under 85. For wealthy females, the
median showed even less variation by age, with the
smallest median, $2.0 million for those under 50,
only 19 percent lower than the largest median, $2.3
million for those 85 and older.
Taken together, the average and median net worth
and total asset distributions by age and sex show that
the averages are significantly impacted by relatively
few extremely wealthy individuals, particularly for
male top wealth holders. This relationship can also
be seen in the percentile distribution of wealth for top
wealth holders by sex, shown in Figure I.
288
For values below the 25th percentile, female
net worth values dominate those for males, while, at
the 90th percentile and above, male net worth values
dominate. The net worth distribution for men and
women between the 25th and 90th percentiles was
very similar. While not included in Figure I, the left
tail of the net worth distribution for males dips much
lower (larger negative values) for points below the
1st percentile than for females.
State Data
Figure J shows the States with the largest number of
individuals with net worth of $1.5 million or more.7
California, the nation’s most populous State in 2004,
also had the largest number of residents with net
worth of at least $1.5 million, 428,000.8 In fact, the
State was home to 19.5 percent of all such residents,
despite accounting for only 11.9 percent of the U.S.
adult population. Florida, with 6.1 percent of the
7 While the size of the underlying sample of estate tax returns makes estimates of wealth derived using the estate multiplier technique fairly robust, estimates of wealth
by State can be subject to significant year-to-year fluctuations. This is especially true for individuals at the extreme tail of the net worth distribution and for States with
relatively small decedent populations.
8 U.S. Census Bureau, 2004.
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
Figure H
Average Total
Average Net
Median Total
Median Net
Top Wealth
Holders: Average and Median Total Assets and Net Worth, by Sex and Age, 2004 [1]
Age
Assets
Worth
Assets
Worth
Value (in millions of dollars)
Under
50
3,123,438
2,521,242 Males1,984,519
1,626,605
6
50 under 65
4,348,255
3,992,434
2,265,206
2,074,712
65 under 75
4,622,632
4,356,149
2,405,277
2,378,300
Average total
assets
75 under 85
5,462,276
5,276,236
2,487,005
2,421,477
5
85
and older
5,318,121
5,187,288
2,391,508
2,359,545
Average net worth
4
3
Median total assets
2
Median net worth
1
0
Under 50
50 under 65
65 under 75
75 under 85
85 and older
Age
Value (in millions of dollars)
6
Females
5
Average total assets
4
Average net worth
3
Age
Average Total
Average Net
MedianWorth
total assets
Assets
2
Under
50
50 under 65
65 under 75
1 under 85
75
85 and older
3,476,294
3,956,517
3,930,352
4,389,130
4,476,469
Median Total
Assets
3,123,904
3,698,690
3,778,495
4,290,592
4,404,963
2,132,156
2,262,453
2,266,263
2,235,400
2,354,832
Median net worth
Median Net
Worth
1,960,092
2,119,397
2,179,207
2,150,779
2,328,399
0
Under 50
50 under 65
65 under 75
75 under 85
85 and older
Age
[1] Top wealth holders are defined as individuals with gross assets of at least $1.5 million.
289
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
Figure I
Top Wealth Holders, by Sex, Net Worth Distribution, 1st-99th Percentiles, 2004 [1]
Net worth (in millions of dollars)
35
30
Males
25
Females
20
15
10
5
0
1
5
10
25
50
75
90
95
99
Percentile
[1] Top wealth holders are defined as individuals with gross assets of at least $1.5 million.
Figure J
States with the Largest Number of Residents
with Net Worth of $1.5 Million or More, 2004
[Numbers are in thousands]
State
Number of residents
with net worth of
$1.5 million or more
(1)
Total adult
population [1]
Percentage
of adult
population
(2)
(3)
California
428
26,297
1.6
Florida
199
13,394
1.5
New York
168
14,655
1.1
Texas
108
16,223
0.7
Illinois
101
9,475
1.1
Pennsylvania
86
9,569
0.9
Massachusetts
83
4,952
1.7
New Jersey
79
6,543
1.2
Ohio
61
8,680
0.7
North Carolina
59
6,423
0.9
[1] Statistics on U.S. population in 2004, by State, were obtained from the U.S. Bureau
of the Census, available online at http://www.census.gov/popest/states.
NOTE: Detail may not add to totals because of rounding.
290
U.S. adult population, had the second-largest number
of residents with net worth of at least $1.5 million,
199,000, which accounted for 9.1 percent of the total.
New York had the third largest number of residents
with net worth of at least $1.5 million, 168,000, or
7.7 percent of the total, but was home to only 6.6
percent of the total U.S. adult population.
The fact that a disproportionate share of the very
wealthy lived in California, Florida, and New York
is reflected in Figure K, which shows that each of
these three States ranked in the top ten in concentration of residents with net worth of at least $1.5
million. Ranking by concentration eliminates distortions caused by the widely varied populations of
the States. Using this measure, Connecticut ranked
first with the highest per capita number of residents
with net worth of at least $1.5 million, 1.8 percent.
Two of the smallest States in terms of population,
Wyoming and Delaware, as well as the District of
Columbia, were also in the top ten. In addition
to California, Florida, and New York, two other
States—Massachusetts and New Jersey—ranked in
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
Figure K
the top ten in both the number of residents with net
worth of at least $1.5 million and the per capita number of these residents.
The concentration of residents with at least $1.5
million in net worth, by State, is shown geographically in Figure L. This figure separates the States
(including the District of Columbia) into three groups
by per capita number of residents with net worth of
at least $1.5 million. It is interesting to note that the
States in the top third, those with the highest number
of wealth holders per capita, were geographically
distributed fairly evenly across the four major regions
of the United States—Northeast, South, Midwest, and
West—with four top-third States in each region.9
States with the Highest Concentration
of Residents with Net Worth of $1.5 Million or
More, 2004
[Numbers are in thousands]
Number of residents
with net worth
of $1.5 million
or more
State
(1)
Connecticut
47
Total adult
population [1]
Percentage
of adult
population
(2)
(3)
2,665
1.8
Massachusetts
83
4,952
1.7
California
428
26,297
1.6
District of Columbia
Florida
7
444
1.6
199
13,394
1.5
Wyoming
5
390
1.3
Delaware
8
637
1.3
New Jersey
79
6,543
1.2
Maryland
50
4,163
1.2
Top Wealth Holders, 1998-2004
Changes in the top wealth holder population over
time are best understood against the backdrop of
changes in the U.S. economy, since the financial
well-being of top wealth holders is likely to be sig-
[1] Statistics on U.S. population in 2004, by State, were obtained from the U.S. Bureau
of the Census, available online at http://www.census.gov/popest/states.
NOTE: Detail may not add to totals because of rounding.
Figure L
Concentration of Top Wealth Holders with Net Worth of $1.5 Million or More, by State, 2004
WA
VT
MT
ME
ND
MN
OR
ID
SD
WI
WY
MI
IA
NE
NV
IL
UT
CA
PA
RI
CT
NJ
VA
DE
MD
NC
DC
OH
IN
WV
CO
KS
MO
KY
TN
AZ
NH
MA
NY
OK
NM
AR
SC
MS
AL
GA
LA
TX
AK
FL
Top third
HI
Middle third
Bottom third
9
Regions of the United States are assigned using the classification system of the U.S. Bureau of the Census. See http://www.census.gov/geo/www/us_regdiv.pdf.
291
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
nificantly affected by the health of the economy as
a whole. Over the 2 years between 1998 and 2000,
the country experienced a period of rapid economic
growth, with real Gross Domestic Product (GDP)
increasing a total of 8.3 percent.10 Equity prices during this time also increased rapidly. On January 2,
1998, the S&P 500 stock index closed at 975.04, but,
by March 24, 2000, the index closed at a then-record 1527.46, a 56.7-percent increase in less than 27
months.11 Stocks in the technology-laden NASDAQ
Composite Index, meanwhile, appreciated even more
rapidly during this period, with the index increasing
219.2 percent between January 2, 1998, and its peak
close on March 10, 2000.12
The period of rapid growth in the economy and
stock prices between 1998 and early 2000 gave way
to a pronounced retrenchment by the summer of
2001. Between 2000 and 2001, real GDP increased
only 0.75 percent. From their March 2000 peaks,
the S&P 500 dropped 28.5 percent by September 10,
2001, while the Nasdaq Composite Index shed nearly
two-thirds of its value. Despite the historic nature
of the September 11 terrorist attacks, however, both
the S&P 500 and the Nasdaq Composite Index both
closed higher on December 31, 2001, than they had
on September 10. The National Bureau of Economic
Research (NBER) later declared that the economy
was in a recession over the period March 2001
through November 2001.13
Between 2001 and 2004, the economy recovered
gradually, with real GDP increasing a total of 7.9
percent over the 3 year period. Equity prices during
this period posted small nominal gains, with the S&P
500 stock index increasing 5.6 percent from the start
of 2002 to the end of 2004, and the Nasdaq Composite Index increasing 11.5 percent.
In the preceding paragraphs, stock index levels
are expressed in nominal terms without considering
the effects of inflation, which erodes the value of
money over time. A look at the real (inflation-adjusted) changes in the value of the stock market between
10
GDP statistics obtained from the Bureau of Economic Analysis. See http://www.bea.gov/national/index.htm#gdp.
Data on the S&P 500 index obtained from http://www2.standardandpoors.com.
12 Data on the Nasdaq Composite Index obtained from http://www.nasdaq.com.
13 Business cycle data obtained from the National Bureau of Economic Research at http://www.nber.org/cycles.html.
14 Yearly average close is defi ned as the sum of the daily closing values of the index for each trading day during the calendar year divided by the number of trading days.
15 Money amounts were converted to constant 2004 dollars using the Gross Domestic Product Chain-Type Price Index produced by the Bureau of Economic Analysis. See
http://research.stlouisfed.org/fred2/series/GDPCTPI.
16 See the OFHEO HPI Web site at http://www.ofheo.gov/hpi.aspx.
17 See http://www2.standardandpoors.com for data from the S&P/Case-Shiller Home Price Index. While this index has more limited geographic coverage than the OFHEO
Home Price Index, it may better account for the change in value of homes fi nanced with so-called “subprime” loans. For a detailed comparison of differences between the
two indices, see http://www.ofheo.gov/media/research/OFHEOSPCS12008.pdf.
11
292
1998 and 2004 paints a somewhat different picture.
The yearly average close for the S&P 500 index, in
constant 2004 dollars, was 2.7 percent higher for
2001 than for 1998, but 10.5 percent lower for 2004
than for 2001.14 For the Nasdaq Composite Index,
the yearly average close, in constant 2004 dollars,
increased 4.2 percent between 1998 and 2001 before
falling 7.0 percent between 2001 and 2004.15
Although the growth rates of GDP and equity
prices experienced considerable turbulence between
1998 and 2004, the value of residential real estate
increased steadily throughout this period. Data from
the Office of Federal Housing Enterprise Oversight
(OFHEO) Home Price Index show a consistent
monthly increase from January 1998 through December 2004, with an overall increase of 62.0 percent
over this period.16 Data from the S&P/Case-Shiller
10-City Composite Index, which tracks changes in
the value of the residential real estate market in 10
major metropolitan regions across the United States,
show a similar, steady monthly increase during this
period, with an overall increase of 131.5 percent.17
As shown in Figure M, the number of individuals
with net worth of $1.5 million or more, in constant
2004 dollars, increased from just over 1.8 million in
1998 to nearly 2.2 million in 2004. Nearly all of this
21.5-percent increase occurred between 1998 and
2001, as the number stayed nearly constant between
2001 and 2004. This is likely due, in part, to the
relatively stronger performance of the equity markets
in the earlier 3-year period. As will be shown below,
stock was a dominant portfolio component of top
wealth holders throughout this period. Therefore, the
relatively stronger performance of the stock market
between 1998 and 2001 than in the later three-year
period is likely to have impacted the number of individuals with net worth of $1.5 million or more.
Figure M also shows that the growth in the number of individuals with net worth of $1.5 million or
more between 1998 and 2004 varied by net worth
category. The growth in the number of these top
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
Figure M
Number of Top Wealth Holders with Net Worth
of $1.5 Million or More, by Size of Net Worth,
1998-2004
[Numbers are in thousands]
Size of net worth, in constant
2004 dollars [1]
1998
2001
(1)
(2)
(3)
(4)
1,807
2,193
2,196
21.5
$1.5 million under $2.0 million
651
754
745
14.4
$2.0 million under $3.5 million
685
789
845
23.4
$3.5 million under $5.0 million
188
259
248
31.9
$5.0 million under $10.0 million
189
260
232
22.8
$10.0 million or more
94
140
125
33.0
Total
2004
Percentage
growth,
1998-2004
[1] Net worth was converted to constant 2004 dollars using the Gross Domestic Product
Chain-type Price Index produced by the Bureau of Economic Analysis.
See http://research.stlouisfed.org/fred2/series/GDPCTPI.
wealth holders between 1998 and 2001 was most
pronounced for those with net worth of $3.5 million
or more, with more modest gains in the number of
individuals with net worth between $1.5 million and
$3.5 million. In contrast, between 2001 and 2004,
the number of individuals with net worth of $3.5
million or more declined, while the number of those
with net worth between $1.5 million and $3.5 mil-
lion increased. This pattern may reflect, in part, the
movement of some top wealth holders from the higher net worth categories into lower net worth categories as their portfolio values declined in real terms.
Changes in the asset portfolio of top wealth
holders between 1998 and 2004 are shown in Figure
N. For individuals with net worth of $1.5 million or
more, in constant 2004 dollars, the amount held in
stock was nearly $3.4 trillion in 1998, $4.1 trillion in
2001, but only $3.3 trillion in 2004. In contrast, the
value of real estate assets held by individuals with
this level of wealth increased from almost $1.4 trillion in 1998 to $1.9 trillion in 2001 and $2.3 trillion
in 2004.
It is important to note that asset portfolio
changes can be arise both from the appreciation or
depreciation of asset types, as well as the reallocation of assets within the portfolio. Research suggests that individuals “chase returns” by reallocating
their portfolios to shift more resources into assets
that have performed well in the recent past, or, conversely, shifting assets away from assets that have
performed poorly.18 Shifts in the portfolio composition of top wealth holders between 1998 and 2004
suggest that some “return chasing” may have taken
place, although these changes may not be statistically
significant.
Figure N
Top Wealth Holders with Net Worth of $1.5 Million or More, Selected Assets as a Percentage of Total
Assets, 1998-2004
[Numbers are in thousands]
1998
Selected asset
Amount
2001
Percentage of
total assets
Amount
(1)
All stock [2]
3,382,551
2004
Percentage of
total assets
Amount
Percentage of
total assets
(2)
(3)
(4)
42.9
4,109,947
36.9
3,267,301
31.6
All real estate
1,368,076
17.3
1,866,500
16.8
2,276,462
22.0
Other financial assets [3]
1,247,031
15.8
1,583,538
14.2
1,477,658
14.3
Cash assets [4]
633,152
8.0
927,083
8.3
938,019
9.1
Retirement assets [5]
549,942
7.0
1,026,137
9.2
937,625
9.1
[1] Money amounts converted to constant 2004 dollars using the Gross Domestic Product Chain-type Price Index produced by the Bureau of Economic Analysis.
See http://research.stlouisfed.org/fred2/series/GDPCTPI.
[2] Includes publicly traded and closely held stock.
[3] Includes all government bonds, bonds issued by corporations and foreign governments, mortgages and notes, cash value life insurance, and diversified mutual funds.
[4] Includes cash and cash management accounts.
[5] Includes individual retirement accounts, annuities, and self-employed or Keogh plans.
18 See, for example, Friesen, G. and T. Sapp, “Mutual Fund Flows and Investor Returns: An Empirical Examination of Fund Investor Timing Ability,” Journal of Banking
and Finance, September 2007, pp. 2796-2816.
293
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
Figure O
1998
2001
2004
Under
50
507,699
Percentage
of 420,479
Top Wealth625,277
Holders with
$1.5 Million or More in Net Worth, by Age, 1998-2004 [1]
50
under 65
592,699 724,409 761,268
Percentage
65 under 75
412,935 416,357 449,759
40
75 under 85
269,119 298,601 332,028
85 and older
111,504 128,688 144,434
35
30
Under 50
50 under 65
25
65
under 75
75 under 85
20 and older
85
1998
23.3
32.8
22.9
14.9
6.2
2001
28.5
33.0
19.0
13.6
5.9
1998
2004
23.1
34.7
20.5
15.1
6.6
2001
2004
15
10
5
0
Under 50
50 under 65
65 under 75
75 under 85
85 and older
Age
[1] In constant 2004 dollars using the Gross Domestic Product Chain-type Price Index produced by the Bureau of Economic Analysis. See http://research.stlouisfed.org/
fred2/series/GDPCTPI.
In 1998, over 91 percent of top wealth holders held stock in their portfolios. In 2001, after the
significant decline in the stock market beginning in
March 2000, a slightly smaller portion of the top
wealth holder population, 89 percent, held stock. In
2004, after 3 more years of relatively weak performance in the stock market, less than 87 percent of
top wealth holders held stock in their portfolios.
Another way to look at changes in the top wealth
holder population between 1998 and 2004 is to look
at changes in the age distribution. Figure O shows
the percentage of individuals with net worth of $1.5
million or more in each of three age groups—under
50, 50 under 65, and 65 or older. Overall, the figure
shows that the age distribution of these wealthy individuals was relatively stable over time, with the exception being an increase in those under 50 for 2001.19
294
Concentration Estimates
The share of total U.S. wealth held by the Nation’s
top wealth holders has long been a topic of interest
for researchers and the general public. One way of
looking at year-to-year changes in the distribution of
wealth is to examine the share of total U.S. wealth
held by a constant percentage of the population. Figure P shows the percentages of total U.S. wealth held
by the top 1.0 percent and the top 0.5 percent of the
population between 1989 and 2004.20
In 2004, 1.0 percent of the U.S. adult population
was approximately 2.2 million individuals. These individuals owned approximately 19.4 percent of total
U.S. individual wealth, a 2.9-percent decrease since
2001, although this difference may not be statistically significant. A similar pattern was evident in the
share of wealth held by the over 1.1 million individu-
19 At least a portion of this increase can be attributed to sampling variance; in particular, on the unusually large number of relatively young, wealthy individuals who died as
a result of the terrorist attacks of September 11, 2001. The estate multipliers, or sample weights, used to produce these wealth estimates are computed using mortality rates
that are smoothed to minimize normal year-to-year variations in the U.S. decedent population. These rates cannot easily be adjusted to accurately reflect the mortality rate
actually experienced by this subpopulation due to these tragic events, meaning that the resulting estimates of wealth for young, wealthy individuals in the living population
based on data reported for these decedents may be biased slightly upward.
20 U.S. Census Bureau, 2004.
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
Figure P
Percentage of Total U.S. Net Worth Held by Top 1 Percent and 0.5 Percent of the U.S. Population, 1989-2004
Percentage
25
Top 1%
20
Top 0.5 %
15
10
5
0
1989
1992
1995
als who made up the top 0.5 percent of the U.S. adult
population in 2004. They held about 15.3 percent
of the Nation’s net worth in 2004, down from 17.9
percent in 2001, although, as noted above, this difference may be within the sampling error of these estimates. Overall, these results suggest that the share
of wealth held by the very wealthiest Americans has
stayed within a relatively narrow range over the 15year period.21
Summary
An estimated 2.7 million U.S. adults in 2004 had
gross assets of $1.5 million or more. These top
wealth holders combined to hold over $10.2 trillion in net worth. A little less than 1.6 million, or
57.0 percent, of top wealth holders were men, while
just under 1.2 million were women. Most wealthy
individuals of both genders were married, although
a significantly higher proportion of wealthy females were widowed compared to widowed wealthy
males. Although the median net worth of male and
female top wealth holders was similar, men had a
significantly higher average net worth, reflecting the
21
1998
2001
2004
impact of a relatively small number of extremely
wealthy men.
The asset portfolio of top wealth holders varied
considerably by gender, age, and relative wealth.
Women’s portfolios contained a greater proportion
held in personal residences and publicly traded stock
than those of men. Conversely, men’s portfolios
were made up of proportionately more closely held
stock and business assets. For top wealth holders
of both genders, the wealthiest individuals held proportionately more of their assets in stock and less in
real estate than their less wealthy counterparts. Additionally, the value of the personal residence made
up a smaller percentage of the portfolios held by
older top wealth holders than in the portfolios held
by younger individuals. Men in each age and wealth
class had a higher ratio of debts to assets than their
female counterparts.
In 2004, California had the largest number of
individuals with net worth of $1.5 million or more,
while Connecticut had the highest per capita population of these very wealthy residents. States with a relatively high concentration of residents with net worth
These results are similar to with those derived from the Federal Reserve Board’s Survey of Consumer Finances (Kennickell, 2006).
295
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
of $1.5 million or more were distributed relatively
evenly across the major regions of the United States.
Between 1998 and 2004, there was a significant
increase in the number of individuals with net worth
of $1.5 million or more. Most of this increase occurred between 1998 and 2001, as the number of individuals with net worth of $1.5 million was nearly
identical in 2001 and 2004. The value of stock held
by very wealthy individuals increased substantially
between 1998 and 2001, before falling in the 2001
through 2004 period. In contrast, the value of real
estate held by individuals with net worth of $1.5
million or more increased steadily between 1998
and 2004.
Data Sources and Limitations
Statistics of Income collects data from an annual
sample of Federal estate tax returns that are used primarily for policy and budget purposes. The sample
follows a 3-year cycle that is designed mainly to accommodate year-of-death estimates, with each study
concentrating on decedents who died in the first year
(the focus year) of the 3-year cycle. The annual
samples are also adequate for producing filing-year
estimates.
Year-of-death estimates are desirable, because
filing extensions and other filing delays mean that returns filed in any given calendar year may represent
decedents who died in many different years. Thus,
estate tax return data for a single filing year may reflect different economic and tax law conditions. By
concentrating on a single year of death, these limitations can be overcome, making it possible to study
the data in the context of a single time period.
Returns are selected using a stratified random
sample with three stratifying variables. The stratifying variables are: year of death (focus year versus
nonfocus years), total gross estate plus certain adjusted taxable gifts made during a decedent’s lifetime, and age at death. The gross estate plus gifts
variable is divided into four categories: $1.5 million
under $2.5 million, $2.5 million under $5 million, $5
million under $10 million, and $10 million or more.
Age at death is also divided into five categories: under 40, 40 under 50, 50 under 65, 65 under 75, and
22
296
75 and older. Sample rates vary from 3 percent to
100 percent, with over half the strata selected with
certainty, i.e., at the 100-percent rate.
SOI has combined Federal estate tax returns
filed in 2004, 2005, and 2006 to produce the estimates of wealth for 2004 presented here. One of the
strengths of estimates derived from SOI samples of
estate tax returns is the large sample on which the
estimates are based. The 2004 sample includes more
than 25,800 returns.22
While the sample size and richness of available
data make the estimation techniques used in this
study attractive, there are limitations to be noted.
First, and most important, estate tax returns provide
a presumably random sample, stratified by age, not
of the total population, but of living persons with
gross estates at or above the estate tax filing threshold. Sample rates are approximated by appropriate
mortality rates. However, determining appropriate
mortality rates for use in calculating sample weights
is by no means a straightforward exercise. The Appendix to this article discusses the estate multiplier
technique and recent innovations in calculating sample weights for SOI’s personal wealth estimates.
Second, while estate tax returns are generally
prepared by professionals and are, therefore, likely
to be more accurate in detail than survey responses,
the values reported are used to compute tax liability,
so that there is a natural tendency for the values to be
somewhat conservative. This is especially true for
hard-to-value assets, such as businesses and certain
types of real estate.
It should also be noted that the estate tax data
used for these estimates are preaudit figures. A Statistics of Income (SOI) study, based on the results
of IRS audits of estate tax returns, estimated that
detected undervaluation of assets was about 1.2 percent of total asset holdings.23 In addition, it is common to claim substantial discounts when valuing
ownership interests of less than 50 percent in small
companies, partnerships, and other nonliquid assets.
Increasingly, estate planning techniques are used
to fracture ownership interests in a variety of business and financial assets to take advantage of these
discounts.
Although the overall sample of estate tax returns is large, the number of decedents who were young (less than 40) or extremely wealthy (gross assets of $5 million or
more) in any given year varies considerably and is small in comparison to their numbers in the living population. Because of this, the resulting estimates of wealth for these
two categories of living individuals would be subject to significant fluctuations from period to period. To reduce this variance, the sample is “smoothed” by including all
returns for young or wealthy decedents filed during the 3-year sample period without regard to their years of death. These segments of the sample are then poststratified
and reweighted to represent the true decedent population for the year of interest. This technique reduces the effect of outliers on estimates of personal wealth.
23 Eller, Martha Britton (2001), “Audit Revaluation of Federal Estate Tax Returns,” Internal Revenue Service Statistics of Income Bulletin, Winter 2000-2001, Washington, DC.
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
Third, while estate tax returns report assets that
are owned outright, total wealth might ideally include wealth to which a person has an income interest but not necessarily actual title. Examples of the
latter include defined-benefit pension plans and Social Security benefits.
Finally, the wealth of some individuals near
death may differ somewhat from that of the general
population in the same age cohort. For some, portfolios may have been altered or simplified to ensure the
uninterrupted continuation of an ongoing business or
to simplify the task of executing the estate. For others, wealth will have been reduced through expenses
related to a final illness. In many cases, effective estate planning may also have reduced the value of the
estate reportable for tax purposes.
Appendix: The Estate Multiplier Technique
The estate multiplier technique assumes that estate
tax returns, taken as a whole, represent a random
sample of the living wealthy population and thus
provide a means of producing reasonable estimates
of personal wealth.24 Estimates of the wealth holdings of the living population are derived by applying
a multiplier, based on appropriate mortality rates,
to this sample. The multiplier is equivalent to a
sampling weight where the probabilities of selection
include the probability of being a decedent and also
that of being included in the Statistics of Income
sample of estate tax returns.
Mathematically, this is represented as
MULT= 1 / (p · r ) where:
p = probability of selection to the estate tax sample,
r = mortality rate appropriate to wealthy individuals.
Some smoothing of the multipliers was employed to
constrain both tails of the net worth distribution.
The more difficult computation is determining the
probability of being a decedent. Mortality rates for
the general population, by age and sex, are available
from the National Center for Health Statistics. However, there is much evidence that the wealthy have
mortality rates significantly lower than those of the
entire population. Research has demonstrated that individuals who are economically or socially better off
also live longer, on average, and are healthier.25
Factors such as access to better health services,
better diet and nutrition, and fewer work-related risks
seem to contribute to this phenomenon. If mortality and wealth are inversely related, then mortality rates for the general population, unadjusted for
wealth level, will result in multipliers that are too
low and, thus, undervalue wealth. Therefore, it is
important to determine a mortality rate appropriate
to the wealthy decedents in the estate tax return filing population.
There have been a considerable number of attempts to quantify differences between the mortality of the general population and that of the very
wealthy, looking at such factors as education, income, and occupation. In years prior to 2001, SOI
calculated mortality rates for its Personal Wealth
estimates by adjusting mortality rates for the entire
population using mortality differentials derived from
the National Longitudinal Mortality Study (NLMS)
sponsored by the National Institutes of Health.
Starting with the 2001 estimates, however, estate multipliers have been calculated using mortality
rates for holders of large dollar value annuity policies obtained from the Society of Actuaries (SOA).
This data source has several advantages relative to
using the NLMS mortality differentials. First, the
annuitant mortality rates are available for every year,
in contrast to the NLMS differentials, which are updated on a biennial cycle. Second, use of this source
is consistent with other academic research within
and outside the IRS.26 For consistency, estimates for
1998 used in this article were recalculated using the
annuitant mortality rates.
24
See Atkinson, A.B. and A.J. Harrison (1978), Distribution of Personal Wealth in Britain, Cambridge University Press, London, for a thorough discussion of the estate
multiplier technique.
25 See, for example, Attanasio, O. and C. Emmerson (2003), “Mortality, Health Status, and Wealth,” Journal of the European Economic Association, June 2003, Volume 1,
Number 4, pp. 821-850.
26 See, for example, Friedberg, Leora and Anthony Webb, “Life is Cheap: Using Mortality Bonds to Hedge Aggregate Mortality Risk,” January 2006, NBER Working Paper
Number W11984.
297
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
Table 1. Personal Wealth 2004: Top Wealth Holders with Gross Assets of $1.5 Million or More, Type
of Property by Size of Net Worth
[All figures are estimates based on samples—numbers are in thousands, money amounts are in millions of dollars]
Debts and mortgages
Total assets
Net worth
Personal residence
Size of net worth
Number
(1)
Total
Under $1.5 million [1]
$1.5 million under $2.0 million
$2.0 million under $3.5 million
$3.5 million under $5.0 million
$5.0 million under $10.0 million
$10.0 million under $20.0 million
$20.0 million or more
2,728
531
746
846
247
231
79
47
Amount
Number
Amount
Number
(2)
(3)
(4)
(5)
11,076,759
736,039
1,386,077
2,316,701
1,082,889
1,668,002
1,155,326
2,731,726
Other real estate
2,099
468
544
614
192
176
64
40
850,622
231,035
98,187
147,370
58,950
104,811
69,849
140,421
Closely held stock
2,728
531
746
846
247
231
79
47
Amount
Number
(6)
(7)
10,201,246
480,113
1,287,890
2,169,331
1,023,939
1,563,191
1,085,477
2,591,305
Publicly traded stock
Size of net worth
Total
Under $1.5 million [1]
$1.5 million under $2.0 million
$2.0 million under $3.5 million
$3.5 million under $5.0 million
$5.0 million under $10.0 million
$10.0 million under $20.0 million
$20.0 million or more
Amount
(8)
2,062
410
549
639
194
173
61
36
1,185,941
176,105
229,369
342,206
127,444
148,543
76,472
85,802
State and local government
bonds
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
1,531
255
406
475
153
149
58
35
1,402,029
134,674
206,626
329,893
152,634
230,146
137,770
210,286
682
119
140
187
86
82
35
32
1,127,194
42,431
69,066
141,272
95,958
165,781
136,144
476,542
2,100
339
567
670
209
202
69
43
2,247,269
63,062
219,818
415,249
209,459
373,575
246,824
719,282
Corporate and foreign bonds
994
73
264
336
123
122
47
29
700,114
8,255
61,720
110,990
71,715
121,735
104,650
221,051
Bond funds
Federal savings bonds
Other Federal bonds
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(19)
(20)
(17)
(18)
(21)
(22)
(23)
(24)
Size of net worth
Total
Under $1.5 million [1]
$1.5 million under $2.0 million
$2.0 million under $3.5 million
$3.5 million under $5.0 million
$5.0 million under $10.0 million
$10.0 million under $20.0 million
$20.0 million or more
Footnotes at end of table.
298
246
39
74
87
23
15
5
2
13,244
488
3,334
6,220
1,811
941
316
134
489
45
126
181
51
52
20
14
180,708
2829
20,084
32,518
12,762
24,323
18,589
69,605
630
52
174
222
76
66
26
14
109,159
2,039
16,096
25,279
10,876
16,170
11,411
27,288
222
26
63
81
20
20
8
4
22,678
885
3,854
6,339
2,289
2,794
4,555
1,961
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
Table 1. Personal Wealth 2004: Top Wealth Holders with Gross Assets of $1.5 Million or More, Type
of Property by Size of Net Worth—Continued
[All figures are estimates based on samples—numbers are in thousands, money amounts are in millions of dollars]
Diversified mutual funds [2]
Cash
Cash management accounts
Mortgages and notes
Size of net worth
Number
(25)
Total
Under $1.5 million [1]
$1.5 million under $2.0 million
$2.0 million under $3.5 million
$3.5 million under $5.0 million
$5.0 million under $10.0 million
$10.0 million under $20.0 million
$20.0 million or more
793
108
216
259
83
80
28
18
Amount
(26)
96,627
4,333
15,223
24,618
12,969
10,358
9,677
19,449
Number
(27)
2,563
495
705
785
235
221
77
46
Amount
(28)
574,681
35,184
92,092
128,397
66,514
70,890
48,881
132,723
Cash value life insurance
Noncorporate business
assets
Number
(33)
Number
(35)
Size of net worth
Total
Under $1.5 million [1]
$1.5 million under $2.0 million
$2.0 million under $3.5 million
$3.5 million under $5.0 million
$5.0 million under $10.0 million
$10.0 million under $20.0 million
$20.0 million or more
998
231
272
302
76
79
25
15
Amount
(34)
144,481
38,255
36,671
41,380
10,662
11,243
3,731
2,540
643
115
119
183
68
90
37
29
Amount
(36)
566,615
30,088
32,822
84,464
48,385
99,091
75,794
195,972
Number
(29)
Amount
(30)
1,880
284
500
610
193
184
67
42
414,165
15,451
41,807
89,745
43,687
70,232
62,226
91,016
Farm assets
Number
(37)
Retirement assets
Amount
(32)
650
89
151
184
80
81
38
27
283,451
15,339
35,321
43,906
28,700
47,846
40,314
72,025
Limited partnerships
Amount
(38)
277
39
72
95
22
29
11
8
Number
(31)
300,787
23,792
48,882
78,157
29,036
38,332
28,359
54,228
Number
(39)
Amount
(40)
394
35
79
111
52
57
32
27
362,713
7,580
10,399
30,335
19,649
50,368
53,605
190,777
Other assets
Art
Size of net worth
Number
(41)
Total
Under $1.5 million [1]
$1.5 million under $2.0 million
$2.0 million under $3.5 million
$3.5 million under $5.0 million
$5.0 million under $10.0 million
$10.0 million under $20.0 million
$20.0 million or more
2,063
423
556
639
185
170
58
33
Amount
(42)
1,048,730
111,516
212,106
337,328
115,965
148,559
64,313
58,942
Number
(43)
177
10
33
46
23
29
17
18
Amount
(44)
49,891
531
712
1,602
1,552
4,066
7,052
34,375
Number
(45)
2,460
481
669
750
226
212
76
46
Amount
(46)
246,286
23,202
30,076
46,804
20,821
33,010
24,643
67,730
[1] Includes individuals with zero or negative net worth.
[2] Mutual funds with a single investment objective are grouped with similar direct investments in this table.
[3] Includes individual retirement accounts, annuities, and self-employed retirement or Keogh plans.
NOTE: Detail may not add to total due to rounding.
299
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
Table 2. Personal Wealth 2004: Male Top Wealth Holders with Gross Assets of $1.5 Million or More,
Type of Property by Size of Net Worth
[All figures are estimates based on samples—numbers are in thousands, money amounts are in millions of dollars]
Total assets
Debts and mortgages
Net worth
Personal residence
Size of net worth
Number
(1)
Total
Under $1.5 million [1]
$1.5 million under $2.0 million
$2.0 million under $3.5 million
$3.5 million under $5.0 million
$5.0 million under $10.0 million
$10.0 million under $20.0 million
$20.0 million or more
Size of net worth
Amount
(2)
1,555
389
359
465
131
135
47
30
Other real estate
Number
(9)
Amount
(4)
1,208
339
258
346
102
100
38
25
583,805
184,673
54,149
96,654
37,496
74,003
41,466
95,364
Closely held stock
Amount
(10)
Number
(11)
Number
(5)
Amount
(6)
1,555
389
359
465
131
135
47
30
5,862,844
318,454
621,172
1,192,868
540,808
915,074
638,146
1,636,322
Publicly traded stock
Amount
(12)
Number
(13)
Amount
(14)
Number
(7)
Amount
(8)
1,144
298
257
339
100
95
33
22
597,971
117,554
97,605
163,984
60,123
68,653
38,710
51,342
State and local government
bonds
Number
(15)
Amount
(16)
Total
882
828,055
469
833,929
1,156
1,140,665
480
Under $1.5 million [1]
182
96,796
100
36,177
249
42,494
45
4,639
$1.5 million under $2.0 million
203
105,224
85
44,376
261
94,788
104
21,604
348,496
48,090
$2.0 million under $3.5 million
265
179,481
130
102,116
357
199,844
162
$3.5 million under $5.0 million
83
80,919
53
63,006
108
95,417
58
28,664
$5.0 million under $10.0 million
92
151,731
56
110,961
113
200,003
65
63,297
$10.0 million under $20.0 million
35
75,459
23
97,601
41
135,157
27
55,734
$20.0 million or more
23
138,446
21
379,692
27
372,962
18
126,469
Size of net worth
Federal savings bonds
Other Federal bonds
Number
(19)
Number
(17)
Amount
(20)
Amount
(18)
Corporate and foreign bonds
Number
(21)
Amount
(22)
Bond funds
Number
(23)
Amount
(24)
Total
147
6,469
225
82,702
305
62,350
109
Under $1.5 million [1]
30
302
25
1,364
32
1,418
18
521
$1.5 million under $2.0 million
40
1,360
50
6,402
71
6,638
23
1,347
10,768
2,948
$2.0 million under $3.5 million
50
3,378
83
17,057
107
13,323
41
$3.5 million under $5.0 million
12
717
23
5,938
35
5,306
9
1,240
$5.0 million under $10.0 million
9
445
25
10,925
36
8,152
11
1,619
$10.0 million under $20.0 million
3
162
11
10,983
14
7,138
4
1,628
$20.0 million or more
1
105
8
30,034
10
20,374
3
1,464
Footnotes at end of table.
300
6,471,540
528,017
675,321
1,289,522
578,304
989,077
679,613
1,731,686
Number
(3)
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
Table 2. Personal Wealth 2004: Male Top Wealth Holders with Gross Assets of $1.5 Million or More,
Type of Property by Size of Net Worth—Continued
[All figures are estimates based on samples—numbers are in thousands, money amounts are in millions of dollars]
Diversified mutual funds [2]
Cash
Cash management accounts
Mortgages and notes
Size of net worth
Number
(25)
Total
Under $1.5 million [1]
$1.5 million under $2.0 million
$2.0 million under $3.5 million
$3.5 million under $5.0 million
$5.0 million under $10.0 million
$10.0 million under $20.0 million
$20.0 million or more
Size of net worth
Amount
(26)
417
78
95
128
43
44
16
12
53,014
2,748
6,150
11,824
7,482
4,895
5,505
14,409
Number
(27)
Amount
(28)
1,461
361
339
436
122
129
45
29
351,407
24,123
40,470
73,508
35,249
44,827
27,624
105,608
Cash value life insurance
Noncorporate business
assets
Number
(33)
Number
(35)
Amount
(34)
Amount
(36)
Number
(29)
Amount
(30)
1,027
204
229
328
97
102
40
26
213,375
10,387
16,109
44,123
18,907
37,345
31,843
54,661
Farm assets
Number
(37)
Number
(31)
Amount
(32)
402
71
81
111
48
51
24
17
189,942
11,354
19,221
28,290
17,418
31,878
26,848
54,933
Limited partnerships
Amount
(38)
Number
(39)
Amount
(40)
Total
685
102,716
430
382,753
174
178,803
215
Under $1.5 million [1]
182
30,925
98
26,699
32
18,686
21
211,350
5,011
$1.5 million under $2.0 million
161
22,345
72
21,362
39
25,421
34
5,252
$2.0 million under $3.5 million
203
28,669
119
57,613
57
44,810
62
16,948
$3.5 million under $5.0 million
54
7,815
40
29,601
14
15,702
30
13,552
$5.0 million under $10.0 million
54
7,927
56
57,200
19
25,178
34
31,793
$10.0 million under $20.0 million
18
2,896
24
54,326
7
15,838
18
28,725
$20.0 million or more
12
2,138
19
135,951
5
33,167
17
110,069
Size of net worth
Retirement assets
Number
(41)
Total
Amount
(42)
Art
Number
(43)
Other assets
Amount
(44)
Number
(45)
Amount
(46)
1,223
717,051
80
24,970
1,401
Under $1.5 million [1]
311
79,471
8
480
352
134,757
16,868
$1.5 million under $2.0 million
277
122,427
11
364
321
16,855
$2.0 million under $3.5 million
368
226,969
22
1,012
414
25,535
$3.5 million under $5.0 million
102
79,458
9
603
119
11,187
$5.0 million under $10.0 million
104
111,775
13
2,805
122
17,669
$10.0 million under $20.0 million
38
48,923
8
2,330
44
12,184
$20.0 million or more
22
48,026
10
17,376
29
34,459
[1] Includes individuals with zero or negative net worth.
[2] Mutual funds with a single investment objective are grouped with similar direct investments in this table.
[3] Includes individual retirement accounts, annuities, and self-employed retirement or Keogh plans.
NOTE: Detail may not add to total due to rounding.
301
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
Table 3. Personal Wealth 2004: Female Top Wealth Holders with Gross Assets of $1.5 Million or More,
Type of Property by Size of Net Worth
[All figures are estimates based on samples—numbers are in thousands, money amounts are in millions of dollars]
Total assets
Debts and mortgages
Personal residence
Net worth
Size of net worth
Number
(1)
Total
Under $1.5 million [1]
$1.5 million under $2.0 million
$2.0 million under $3.5 million
$3.5 million under $5.0 million
$5.0 million under $10.0 million
$10.0 million under $20.0 million
$20.0 million or more
Size of net worth
Amount
(2)
1,173
143
387
380
116
96
33
18
4,605,219
208,021
710,757
1,027,179
504,585
678,924
475,713
1,000,040
Amount
(4)
891
129
286
268
89
77
27
15
266,817
46,362
44,038
50,716
21,454
30,808
28,382
45,057
Closely held stock
Other real estate
Number
(9)
Amount
(10)
Number
(11)
Number
(5)
Amount
(6)
1,173
143
387
380
116
96
33
18
4,338,402
161,659
666,719
976,463
483,131
648,116
447,331
954,983
Number
(13)
Amount
(8)
918
113
291
300
94
79
28
14
587,970
58,550
131,764
178,222
67,321
79,890
37,762
34,461
State and local government
bonds
Publicly traded stock
Amount
(12)
Number
(7)
Amount
(14)
Number
(15)
Amount
(16)
Total
649
573,974
213
293,264
944
1,106,604
514
Under $1.5 million [1]
72
37,879
19
6,255
90
20,568
27
3,616
$1.5 million under $2.0 million
203
101,402
55
24,690
307
125,030
160
40,116
351,618
$2.0 million under $3.5 million
209
150,412
57
39,155
314
215,405
174
62,900
$3.5 million under $5.0 million
70
71,714
33
32,953
101
114,042
64
43,051
$5.0 million under $10.0 million
58
78,416
27
54,820
88
173,572
58
58,437
$10.0 million under $20.0 million
24
62,312
12
38,543
28
111,667
20
48,916
$20.0 million or more
12
71,840
11
96,849
16
346,320
12
94,581
Size of net worth
Federal savings bonds
Other Federal bonds
Number
(19)
Number
(17)
Amount
(20)
Amount
(18)
Corporate and foreign bonds
Number
(21)
Amount
(22)
Bond funds
Number
(23)
Amount
(24)
Total
99
6,775
264
98,007
324
46,809
113
Under $1.5 million [1]
9
185
21
1,465
19
621
9
365
$1.5 million under $2.0 million
34
1,974
76
13,682
103
9,457
40
2,507
11,910
$2.0 million under $3.5 million
37
2,843
97
15,461
115
11,956
39
3,391
$3.5 million under $5.0 million
11
1,095
28
6,824
41
5,570
12
1,049
$5.0 million under $10.0 million
6
496
27
13,398
30
8,018
9
1,175
$10.0 million under $20.0 million
2
154
9
7,606
11
4,272
4
2,926
$20.0 million or more
1
29
6
39,571
5
6,913
1
497
Footnotes at end of table.
302
Number
(3)
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
Table 3. Personal Wealth 2004: Female Top Wealth Holders with Gross Assets of $1.5 Million or More,
Type of Property by Size of Net Worth—Continued
[All figures are estimates based on samples—numbers are in thousands, money amounts are in millions of dollars]
Diversified mutual funds [2]
Cash
Cash management accounts
Mortgages and notes
Size of net worth
Number
(25)
Total
Under $1.5 million [1]
$1.5 million under $2.0 million
$2.0 million under $3.5 million
$3.5 million under $5.0 million
$5.0 million under $10.0 million
$10.0 million under $20.0 million
$20.0 million or more
Size of net worth
Amount
(26)
376
30
121
131
40
36
12
6
43,613
1,584
9,073
12,793
5,487
5,463
4,172
5,040
Number
(27)
Amount
(28)
1,102
133
366
348
113
92
32
17
223,274
11,061
51,623
54,890
31,266
26,063
21,257
27,115
Cash value life insurance
Noncorporate business
assets
Number
(33)
Number
(35)
Amount
(34)
Number
(29)
Amount
(36)
Amount
(30)
853
80
271
282
96
82
27
15
Number
(31)
200,790
5,064
25,698
45,623
24,781
32,887
30,383
36,355
Farm assets
Number
(37)
Amount
(32)
247
18
71
73
32
30
14
10
93,509
3,986
16,099
15,615
11,283
15,968
13,466
17,092
Limited partnerships
Amount
(38)
Number
(39)
Amount
(40)
Total
314
41,766
213
183,863
103
121,984
179
Under $1.5 million [1]
49
7,329
17
3,389
7
5,106
14
2,568
$1.5 million under $2.0 million
111
14,326
47
11,460
33
23,461
46
5,146
$2.0 million under $3.5 million
98
12,712
64
26,851
38
33,347
50
13,387
$3.5 million under $5.0 million
22
2,846
28
18,783
8
13,333
23
6,097
$5.0 million under $10.0 million
25
3,316
34
41,891
10
13,154
23
18,575
$10.0 million under $20.0 million
6
835
13
21,468
4
12,521
14
24,881
$20.0 million or more
3
402
10
60,021
3
21,061
10
80,708
Size of net worth
Retirement assets
Number
(41)
Amount
(42)
Art
Number
(43)
151,363
Other assets
Amount
(44)
Number
(45)
Amount
(46)
Total
840
331,679
96
24,920
1,059
Under $1.5 million [1]
112
32,045
3
51
130
111,530
6,334
$1.5 million under $2.0 million
279
89,679
22
348
348
13,221
$2.0 million under $3.5 million
270
110,359
24
590
336
21,269
$3.5 million under $5.0 million
82
36,507
15
949
107
9,635
$5.0 million under $10.0 million
66
36,784
15
1,261
90
15,341
$10.0 million under $20.0 million
20
15,390
9
4,723
32
12,459
$20.0 million or more
10
10,916
8
16,999
17
33,271
[1] Includes individuals with zero or negative net worth.
[2] Mutual funds with a single investment objective are grouped with similar direct investments in this table.
[3] Includes individual retirement accounts, annuities, and self-employed retirement or Keogh plans.
NOTE: Detail may not add to total due to rounding.
303
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
Table 4. Personal Wealth 2004: Male Top Wealth Holders with Gross Assets
[All figures are estimates based on samples—numbers are in thousands, money amounts are in millions of dollars]
Number
(1)
Total
Under 50
50 under 65
65 under 75
75 under 85
85 and older
Age
Amount
(2)
1,555
504
541
269
174
66
6,471,540
1,574,213
2,352,406
1,243,488
950,436
350,996
Other real estate
Number
(3)
Amount
(4)
1,208
436
420
189
118
45
583,805
278,616
192,499
71,684
32,371
8,635
Closely held stock
Net worth
Number
(5)
Personal residence
Amount
(6)
1,555
504
541
269
174
66
5,862,844
1,270,706
2,159,907
1,171,804
918,065
342,361
Publicly traded stock
Number
(7)
Amount
(8)
1,144
369
412
200
124
40
597,971
195,305
214,106
97,363
68,479
22,718
State and local government
bonds
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
Total
882
828,055
469
833,929
1,156
1,140,665
480
Under 50
248
208,018
173
247,875
341
248,653
83
53,864
50 under 65
342
318,486
185
341,601
403
313,589
162
100,564
348,496
65 under 75
167
175,539
71
140,477
208
199,448
94
66,442
75 under 85
97
97,472
33
86,064
147
248,770
97
82,849
85 and older
28
28,540
8
17,912
57
130,206
44
44,776
Age
Total
Federal savings bonds
Other Federal bonds
Corporate and foreign bonds
Bond funds
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
147
6,469
225
82,702
305
62,350
109
Under 50
31
1,153
49
15,417
66
12,487
30
3,506
50 under 65
50
1,350
69
24,165
98
17,106
36
3,462
10,768
65 under 75
36
1,360
41
13,637
64
11,269
23
1,726
75 under 85
23
1,946
45
21,333
53
15,422
14
1,516
85 and older
7
660
21
8,149
25
6,066
7
558
Footnotes at end of table.
304
Debts and mortgages
Total assets
Age
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
Table 4. Personal Wealth 2004: Male Top Wealth Holders with Gross Assets—Continued
[All figures are estimates based on samples—numbers are in thousands, money amounts are in millions of dollars]
Diversified mutual funds [1]
Age
Number
(25)
Total
Under 50
50 under 65
65 under 75
75 under 85
85 and older
Amount
(26)
417
105
150
82
58
21
53,014
10,914
17,444
12,660
8,798
3,197
Cash value life insurance
Age
Total
Cash
Number
(27)
Cash management accounts
Amount
(28)
1,461
462
512
256
167
64
351,407
75,796
151,599
57,050
46,686
20,277
Noncorporate business assets
Number
(29)
Amount
(30)
1,027
301
353
192
132
50
Mortgages and notes
Number
(31)
213,375
48,221
75,925
41,967
34,248
13,014
Farm assets
Amount
(32)
402
121
140
79
48
14
189,942
53,587
66,884
36,536
26,301
6,634
Limited partnerships
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
685
102,716
430
382,753
174
178,803
215
211,350
Under 50
205
33,404
158
121,152
40
27,897
46
41,037
50 under 65
254
39,224
164
150,551
70
81,170
83
69,063
65 under 75
116
15,862
61
64,146
31
36,405
43
55,057
75 under 85
80
10,468
37
39,511
26
24,224
34
35,262
85 and older
30
3,758
10
7,393
8
9,107
10
10,931
Age
Total
Retirement assets [2]
Art
Other assets
Number
Amount
Number
Amount
Number
Amount
(41)
(42)
(43)
(44)
(45)
(46)
1,223
717,051
80
24,970
1,401
134,757
Under 50
383
139,964
21
1,900
445
34,062
50 under 65
457
299,280
29
9,114
493
57,724
65 under 75
221
187,465
16
6,349
250
22,732
75 under 85
131
81,427
11
4,529
157
15,131
85 and older
31
8,915
4
3,078
56
5,108
[1] Mutual funds with a single investment objective are grouped with similar direct investments in this table.
[2] Includes individual retirement accounts, annuities, and self-employed retirement or Keogh plans.
NOTE: Detail may not add to total due to rounding.
305
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
Table 5. Personal Wealth 2004: Female Top Wealth Holders with Gross Assets of $1.5 Million or More,
Type of Property by Age
[All figures are estimates based on samples—numbers are in thousands, money amounts are in millions of dollars]
Age
Total assets
Number
(1)
Total
Under 50
50 under 65
65 under 75
75 under 85
85 and older
Age
Amount
(2)
1,173
303
410
210
169
81
Age
Total
Under 50
50 under 65
65 under 75
75 under 85
85 and older
Footnotes at end of table.
306
4,605,219
1,053,317
1,622,172
825,374
741,763
362,594
Other real estate
Number
(9)
Total
Under 50
50 under 65
65 under 75
75 under 85
85 and older
Debts and mortgages
891
245
319
145
117
65
Amount
(4)
266,817
106,773
105,709
31,890
16,653
5,792
Closely held stock
Amount
(10)
649
132
253
141
91
31
Number
(3)
573,974
94,367
251,171
126,587
71,720
30,130
Number
(11)
213
59
86
41
21
6
Amount
(12)
293,264
90,678
105,724
46,905
38,909
11,048
Federal savings bonds
Other Federal bonds
Number
(17)
Number
(19)
Amount
(18)
99
17
32
19
20
11
6,775
196
1,089
2,250
1,993
1,246
264
57
73
62
44
28
Amount
(20)
98,007
14,150
32,704
11,070
28,835
11,248
Net worth
Number
(5)
1,173
303
410
210
169
81
Personal residence
Amount
(6)
4,338,402
946,543
1,516,463
793,484
725,110
356,802
Publicly traded stock
Number
(13)
944
235
321
174
143
70
Amount
(14)
1,106,604
263,205
298,652
200,890
205,107
138,750
Corporate and foreign bonds
Number
(21)
324
68
97
75
55
30
Amount
(22)
46,809
7,846
15,388
9,247
8,480
5,849
Number
(7)
Amount
(8)
918
240
341
171
118
48
587,970
160,882
229,420
99,494
70,226
27,948
State and local government
bonds
Number
(15)
Amount
(16)
514
95
154
108
104
53
351,618
48,019
99,834
71,347
88,059
44,358
Bond funds
Number
(23)
113
25
43
20
17
8
Amount
(24)
11,910
2,420
5,773
1,343
1,294
1,080
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
Table 5. Personal Wealth 2004: Female Top Wealth Holders with Gross Assets of $1.5 Million or More,
Type of Property by Age—Continued
[All figures are estimates based on samples—numbers are in thousands, money amounts are in millions of dollars]
Age
Diversified mutual funds [1]
Number
(25)
Total
Under 50
50 under 65
65 under 75
75 under 85
85 and older
Age
376
87
133
74
55
27
Age
43,613
8,440
16,158
6,914
8,977
3,124
Cash value life insurance
Number
(33)
Total
Under 50
50 under 65
65 under 75
75 under 85
85 and older
Amount
(26)
314
75
127
53
43
15
Amount
(34)
41,766
10,654
16,926
6,907
5,348
1,931
Cash
Number
(27)
1,102
269
387
202
165
79
Amount
(28)
223,274
45,727
63,868
35,707
53,459
24,513
Noncorporate business assets
Number
(35)
213
62
78
45
21
7
Amount
(36)
183,863
59,753
62,657
24,239
30,188
7,026
Number
(29)
840
220
330
156
106
28
Amount
(42)
331,679
79,313
144,566
62,698
37,538
7,564
Amount
(30)
853
211
297
149
134
61
200,790
59,997
61,975
36,062
28,644
14,113
Number
(37)
Amount
(38)
103
11
38
30
16
7
121,984
14,440
53,246
30,252
17,526
6,519
Art
Number
(43)
Number
(31)
Amount
(32)
247
62
85
46
40
14
93,509
21,884
34,143
17,318
14,374
5,790
Number
(39)
Amount
(40)
179
43
61
42
23
10
151,363
30,229
81,151
18,829
13,722
7,431
Other assets
Amount
(44)
96
17
36
25
12
6
Mortgages and notes
Limited partnerships
Farm assets
Retirement assets [2]
Number
(41)
Total
Under 50
50 under 65
65 under 75
75 under 85
85 and older
Cash management accounts
24,920
1,847
8,515
2,662
5,081
6,815
Number
(45)
1,059
271
376
190
155
68
Amount
(46)
111,530
39,267
39,213
14,655
12,283
6,111
[1] Mutual funds with a single investment objective are grouped with similar direct investments in this table.
[2] Includes individual retirement accounts, annuities, and self-employed retirement or Keogh plans.
NOTE: Detail may not add to total due to rounding.
307
Personal Wealth, 2004
Statistics of Income Bulletin | Fall 2008
Table 6. Top Wealth Holders with Net Worth of $1.5 Million or More, Net Worth and Selected Assets, by
State of Residence, 2004 [1]
[All figures are estimates based on samples—numbers are in thousands, money amounts are in millions of dollars]
State of residence
Net worth
Number
(1)
Total
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Other areas [3]
308
2,196
18
1
36
11
428
32
47
8
7
199
56
7
5
101
32
18
21
18
22
8
50
83
47
33
8
33
7
13
15
7
79
9
168
59
1
61
17
15
86
8
14
6
25
108
8
4
59
50
12
26
5
5
Financial assets [2]
Amount
(2)
9,721,133
79,123
4,776
139,861
94,704
1,793,642
163,324
197,801
30,923
27,850
904,014
270,677
22,552
23,982
476,354
112,272
55,332
65,084
65,404
92,315
35,173
191,279
335,482
261,085
135,682
61,786
115,716
23,966
83,265
80,768
27,342
324,712
28,107
942,812
223,408
3,988
228,532
58,554
61,328
399,312
30,782
67,856
18,850
100,778
492,663
52,674
20,584
223,984
180,008
28,415
127,515
106,698
28,042
Number
(3)
2,194
18
1
36
11
427
32
47
8
7
198
56
6
5
101
32
18
21
18
22
8
50
83
47
33
8
33
7
13
15
7
79
9
168
59
1
61
17
15
85
8
14
6
25
108
8
4
59
50
12
26
5
5
Amount
(4)
6,622,433
53,629
3,384
96,570
79,760
996,853
98,430
129,299
19,418
16,495
612,124
211,199
11,903
17,509
349,822
87,147
34,395
45,121
48,258
72,653
28,677
134,922
237,389
192,736
92,618
33,608
91,254
16,515
68,620
54,894
18,563
219,677
18,230
636,244
171,845
2,944
182,596
45,444
42,631
293,609
20,882
43,678
14,181
75,826
330,457
43,204
12,864
150,855
120,362
21,937
103,720
97,214
20,270
All real estate
Number
(5)
1,974
17
1
33
10
404
29
41
6
7
177
51
7
5
83
26
14
18
17
22
7
47
75
39
31
8
26
6
11
14
6
72
8
147
53
1
50
14
14
73
8
13
5
24
102
7
4
55
46
10
23
4
5
Amount
(6)
2,277,191
17,512
897
34,175
8,075
691,416
51,571
63,737
8,121
8,416
221,033
60,494
10,647
4,055
77,028
13,344
5,635
8,376
8,018
15,543
5,950
37,892
82,248
34,803
25,875
5,238
17,673
4,420
6,396
22,132
7,245
79,200
4,957
218,876
41,138
777
30,049
6,217
13,685
70,258
8,124
17,713
1,433
17,670
59,259
5,128
3,944
51,348
50,261
5,839
22,016
3,109
8,227
All other assets
Number
(7)
2,042
18
1
34
11
405
31
45
7
7
188
54
5
5
90
29
18
21
18
22
7
45
75
40
32
8
32
6
13
15
5
67
9
141
54
1
55
17
14
74
7
14
5
24
107
8
4
55
49
12
24
5
5
Amount
(8)
1,441,099
12,646
682
16,737
14,051
247,481
27,349
20,351
5,007
4,231
138,936
41,528
1,825
4,187
68,659
14,939
18,996
13,388
11,347
10,383
1,928
27,589
34,079
50,592
23,032
23,790
13,429
3,490
11,969
12,959
2,677
40,264
6,422
143,601
25,721
413
23,694
9,117
8,515
47,388
3,533
10,988
3,949
12,433
134,159
8,218
4,173
33,420
21,468
3,853
10,230
9,987
1,294
[1] While the size of the underlying sample of estate tax returns makes estimates of wealth derived using the estate multiplier technique fairly robust, estimates of wealth by State can be
subject to significant year-to-year fluctuations. This is especially true for individuals at the extreme tail of the net worth distribution and for States with relatively small decedent
populations.
[2] Includes all stocks, bonds, mutual funds, cash, and cash management accounts.
[3] Includes U.S. territories and possessions.
NOTE: Detail may not add to total due to rounding.
This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.