Personal Wealth, 2007
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Personal Wealth, 2007
by Brian Raub and Joseph Newcomb
I
n 2007, there were an estimated 2.3 million adults
with gross assets of $2 million or more, a level of
wealth that qualified them for the top 1 percent of
the United States adult population.1 Together, these
top wealth holders owned $13.2 trillion in assets and
held $1.2 trillion in debt, making their combined net
worth $12 trillion.
Background: The Estate Multiplier Technique
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, because 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 an 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. This 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. 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.
Brian Raub and Joseph Newcomb are economists with the
Special Studies Special Projects Section. This article was
prepared under the direction of Melissa R. Ludlum, Chief.
1
156
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 s ignificantly 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. 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 unadjusted for wealth level will be 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 sample.
There have been numerous attempts to quantify
differences between the mortality of the general
population and that of the very wealthy, looking at
factors such 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 using the National
Longitudinal Mortality Study (NLMS) sponsored
by the National Institutes of Health. Beginning with
the 2001 estimate, 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
Estimate of the adult population of the United States was obtained from the U.S. Bureau of the Census. See http://www.census.gov.
Personal Wealth, 2007
Statistics of Income Bulletin | Winter 2012
differentials, which are updated on a biennial cycle.
Second, use of this source is consistent with other recent academic research within and outside the IRS.
Valuation Measures
The level of wealth to which these estimates apply is
$2 million or more in gross estate, the Federal estate
tax filing threshold in effect for 2007 U.S. decedents.
“Gross estate” is a Federal estate tax concept of
wealth that does not conform to typical definitions
of wealth, primarily because it includes the face
value of life insurance in the wealth of the decedent.
Therefore, three measures of wealth are used in this
article: “gross assets” (or “gross estate”), “total assets,” and “net worth.” “Gross assets” reflects 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. This measure defines the individuals included in the top wealth holder group. “Total assets”
provides a lower wealth value, but is still essentially
a gross measure. Total assets differs 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.2 “Net worth”
equals “total assets” minus debts.
Demographic Profile
In 2007, there were an estimated 1.3 million male
and almost 1 million female top wealth holders with
assets of $2 million or more, as shown in Figure A.
This figure also reveals that the age distribution of
male top wealth holders differed considerably from
that of their female cohorts. Only 23.8 percent of
male top wealth holders were age 70 or older, while
31.4 percent of female top wealth holders were
included in this age group. In contrast, male top
wealth holders were more likely than their female
counterparts to be under age 50—only 21.3 percent
of female top wealth holders were under age 50, and
30.2 percent of male top wealth holders were under
age 50. The percentages of male and female top
wealth holders who were between ages 50 and 70
were fairly similar, at 46 percent and 47.2 percent,
respectively.
Male wealthholders in 2007 were more likely
to be married, and women were far more likely to
be widowed. Figure B shows that, of the estimated
1.3 million men with assets of $2 million or more,
70.7 percent were married, while only 6.4 percent
were widowed. For females with the same level
of wealth, the distribution of marital status differed
considerably—only 50.4 percent were married,
while 26.7 percent were widowed. An identical
Figure A
Top Wealth Holders [1], by Age and Sex, 2007
[Numbers are in thousands]
Age
Males
Percent
of total
Females
Percent
of total
(1)
(2)
(3)
(4)
Total
1,320
100.0
970
100.0
Under 50
398
30.2
207
21.3
50 under 60
300
22.7
226
23.3
60 under 70
308
23.3
232
23.9
70 under 80
179
13.6
165
17.0
80 under 90
111
8.4
110
11.3
90 and older
24
1.8
30
3.1
[1] Top wealth holders are defined as individuals with gross assets of at least $2
million.
NOTE: Detail may not add to totals because of rounding.
Figure B
Top Wealth Holders [1], by Marital Status and
Sex, 2007
[Numbers are in thousands]
Marital status
Males
Percent
of total
Females
Percent
of total
(1)
(2)
(3)
(4)
Total
1,320
100.0
970
Married
933
70.7
489
100.0
50.4
Widowed
85
6.4
259
26.7
Single
185
14.0
118
12.2
Other [2]
117
8.9
104
10.7
[1] Top wealth holders are defined as individuals with gross assets of at least
$2.0 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.
2 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.
157
Personal Wealth, 2007
Statistics of Income Bulletin | Winter 2012
p ercentage, 22.9 percent, of both male and female
top wealth holders were classified as single or “other,” a category that includes those who were separated or divorced or for whom a marital status could
not be determined.
Taken together, Figures A and B show that, in
2007, female top wealth holders tended to be older
than their male counterparts and were more often
widowed. This finding is consistent with the increased likelihood of a male being the first to die
in a traditional marriage—a function of the greater
average longevity of women relative to men and the
fact that U.S. males are, on average, older at the time
of first marriage than U.S. females.3
Assets, Debts, and Net Worth by Age and Sex
Figure C shows that the mean and median values
of total assets and net worth of top wealth holders
varied by sex and age. For males, median total assets were higher for older age groups into the 70-under-80 category, where asset values peaked at more
than $3 million before declining slightly for men
in their 80s and 90s. Median net worth followed a
similar pattern, with the gap between median total
assets and median net worth closing for older top
wealth holders. Mean values followed a similar
trend, though with significantly higher values, indicating a significant influence of the largest values on
the mean.
The pattern for female top wealth holders was
somewhat similar to that for males, although mean
assets and net worth were actually higher for women
age 80 and older than for younger women. Although female top wealth holders had lower mean
and median net worth than their male counterparts,
women under age 60 had higher median net worth
than men with the same level of wealth, suggesting
males carried higher levels of debt than their female
counterparts.
The differences in the debt levels of top wealth
holders by sex and age is shown directly in Figure
D. Men under age 50 reported the highest debt ratio,
26.2 percent, a level more than twice the 12.1 percent
debt ratio for women in the same age group. Among
older top wealth holders, the ratio for men and
women was far less disproportionate. Overall, the
158
debt-to-assets ratio declined with age, for both sexes.
For those age 80 and older, for the ratio was under 2
percent for both men and women.
Another way of looking at the data is to examine
the share of wealth held by fixed percentages of the
population, as shown in Figure E. For both men and
women, more than 75 percent of top wealth holders had net worth of less than 3 million. For points
below the 75th percentile, females held slightly more
wealth than their male counterparts; greater levels
of debt were held by men, as shown in Figure D.
Above the 75th percentile, however, men held more
wealth than their female counterparts, with a widening gap above the 95th percentile. At the 95th percentile, male top wealth holders had a net worth of
$14.2 million, just above the $13.4 million net worth
for females. At the 99th percentile, however, the net
worth for males was almost $47.3 million compared
to $36.4 million for women.
Components of Wealth
As shown in Figures F, G, H, and I, the asset portfolio allocation of top wealth holders in 2007 differed
significantly by level of net worth and age. Figure F
shows that, broadly speaking, male top wealth holders in the net worth categories less than $5 million
held greater shares of their assets in real estate and
retirement assets than their more wealthy cohorts.
Top wealth holders with net worth of less than $2
million held the largest share of their portfolio in
personal residences, at 21.9 percent, with other real
estate holdings accounting for another 18.1 percent
of the portfolio. The share of the portfolio held in
real estate declined considerably for each progressive
wealth class, with the wealthiest individuals holding
just 5.8 percent in the personal residence and 10.1
percent in other real estate.
Conversely, publicly traded stock, closely held
stock, limited partnerships, other financial assets,
and business assets all made up larger portions of the
portfolio for the wealthiest of the male top wealth
holders. Together, publicly traded stock and closely
held stock accounted for 35.5 percent of the asset
portfolio for those with $10 million or more in net
worth but progressively smaller shares for those in
the lower net worth categories. For male top wealth
3 According to the U.S. Census Bureau, in 2009 U.S. males were an average of 28.4 years old at the time of first marriage, while U.S. females averaged 26.5 years old. See
www.census.gov.
Personal Wealth, 2007
Statistics of Income Bulletin | Winter 2012
Figure C
Average Total
Average Net
Median Total
Median Net
Age
Assets
Worth
Assets
Worth
Top Wealth Holders [1], Mean and Median Total Assets and Net Worth,
by Sex and Age, 2007
Under 50
4,849,769
3,829,555
2,082,915
2,463,506
50Value
under
60
6,186,312
5,486,903
3,075,567
2,771,354
Males
(in millions of dollars)
60 under 70
6,723,666
6,162,552
3,232,170
2,987,513
708under 80
6,979,915
6,671,325
3,408,749
3,291,170
Mean Total Assets
80 under 90
6,955,161
6,749,540
3,237,546
3,155,093
7
90 and older
6,861,573
6,705,634
3,248,444
3,208,171
Mean Net Worth
6
5
4
Median Total Assets
3
Median Net Worth
2
1
0
Under 50
50 under 60
60 under 70
70 under 80
80 under 90
90 and older
Median Total Assets
Average Total
Average Net
Median Total
Median Net
Assets
Worth
Assets
Worth
Median Net Worth
Under 50
4,744,213
4,408,370
2,682,209
2,910,203
2
50 under 60
5,001,022
4,646,720
2,848,452
3,065,576
60 under 70
5,548,003
5,296,545
3,097,341
2,921,950
1
70 under 80
5,089,318
4,932,731
3,073,753
3,012,351
80
under
90
6,614,274
6,484,266
3,152,751
3,087,072
0
90 and older
5,958,287
5,849,411
3,238,597
3,203,034
Under 50
50 under 60
60 under 70
70 under 80
80 under 90
90 and older
Age
Value (in millions of dollars)
Females
8
7
6
Mean Total Assets
5
Mean Net Worth
4
3
Age
Age
[1] Top wealth holders are defined as individuals with gross assets of at least $2 million.
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Personal Wealth, 2007
Statistics of Income Bulletin | Winter 2012
Figure D
Top Wealth Holders [1], Debts and Mortgages as a Percentage of Total Assets, by Sex and Age, 2007
Percentage
28
26
24
22
20
18
16
14
12
10
8
6
4
2
0
Under 50
50 under 60
60 under 70
70 under 80
80 under 90
90 and older
Age
Males
Females
[1] Top wealth holders are defined as individuals with gross assets of at least $2 million.
holders with less than $2 million in net worth, stock
accounted for only 14 percent of the portfolio. The
pattern was similar for limited partnerships, a category which includes hedge funds and private equity
funds. While this asset category made up 5.6 percent of the portfolio of the wealthiest men, it made
up only 0.8 percent of the portfolios for top wealth
holders in the lowest wealth category, those with less
than $2 million in net worth. This result was likely
due in part to the fact that hedge funds and private
equity funds often restrict access to only the wealthiest investors.
Figure G shows the asset portfolio of female top
wealth holders by size of net worth. The pattern of
portfolio allocation by size of net worth is broadly
similar to that for male top wealth holders. Com160
pared to their male cohorts, however, female top
wealth holders had smaller portions of their portfolio
dedicated to closely held stock and business assets
and larger portions allocated to publicly traded stock
and other financial assets (including bonds).
Figure H shows the portfolio allocation of male
top wealth holders by age. Men under 50 held a relatively diversified portfolio, with personal residences,
other real estate, publicly traded stock, closely held
stock, cash, other financial assets, retirement assets,
and business assets each accounting for between 7.4
and 17.3 percent of the total. In contrast, men 70 or
older, those above traditional retirement age, held
asset portfolios increasingly concentrated in publicly traded stock, cash, and other financial assets.
For men 90 or older, these three asset c ategories
Personal Wealth, 2007
Statistics of Income Bulletin | Winter 2012
Figure E Males
Females
1
0
654,502
Top Wealth Holders [1], Net Worth
Distribution, 1st-99th Percentiles, by Sex, 2007
5
644,749
1,496,515
Net worth
of dollars) 1,867,968
10(in millions
1,131,824
25
2,014,275
2,248,249
50
50
2,725,235
2,897,327
75
4,439,086
4,405,188
45
90
8,828,836
8,190,245
95
14,258,503
13,407,074
40
99
47,320,597
36,369,422
35
30
25
20
0
100
not included in chart
-118534166
-463237
6640087036 2759207902
Males
Females
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 $2 million.
c ombined for 66.9 percent of the asset portfolio.
This pattern suggests that male top wealth holders
transitioned to holding more of their portfolios in
safer, more liquid assets, which produce more current
income as they aged.
Figure I shows the asset portfolio allocation by
age for female top wealth holders. The pattern was
similar to the asset allocation pattern for male top
wealth holders, although female top wealth holders
held a smaller portion of their portfolio in closely
held stock, retirement assets, and business assets
than their male counterparts. Like male top wealth
holders, female top wealth holders over 90 had a significantly different portfolio allocation compared to
female top wealth holders between ages 70 and 90.
Top Wealth Holders by State
Figure J shows the States with the largest number of
individuals with net worth of $2 million or more.4
California, the nation’s most populous State in 2007,
also had the largest number of residents with net
worth of at least $2 million, 329,000.5 New York had
the second largest number of such residents, 160,000,
followed by Florida and Texas, with 155,000 and
100,000, respectively.
Another way to look at the concentration of residents with net worth of at least $2 million by State
is to focus on the number of such residents as a percentage of the adult population, shown in Figure K.
This approach eliminates distortions caused by the
widely varied population sizes of the States. Using
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.
5 See Footnote 1.
4
161
Personal Wealth, 2007
Statistics of Income Bulletin | Winter 2012
Figure F
Male Top Wealth Holders [1], Selected Assets as a Percentage of Total Assets, by Size of Net Worth,
2007
Percentage
25
20
15
10
5
0
Personal
residences
Other real
Publicly Closely held
estate
traded stock
stock
Cash
Limited
Other
partnerships financial
[2]
assets [3]
Retirement
assets [4]
Business
assets [5]
All other
assets
Size of net worth
Under $2 million
$2 million under $5 million
$5 million under $10 million
$10 million or more
[1] Top wealth holders are defined as individuals with gross assets of at least $2 million.
[2] Includes hedge funds and private equity.
[3] Includes all government bonds, bonds issued by corporations and foreign governments, mortgages and notes, cash value life insurance, and
di
diversified
ifi d mutual
t l ffunds.
d
[4] Includes Individual Retirement Accounts, annuities, and self-employed or Keogh plans.
[5] Includes noncorporate businesses and farms.
this measure, the smallest state in the U.S. by size of
population, Wyoming, led the nation with 1.5 percent
of residents having net worth of $2 million or more.
Three New England States—Connecticut, New
Hampshire, Vermont—ranked second through fourth
with 1.2 percent to 1.3 percent of residents with this
level of wealth. Five States—California, Florida,
Massachusetts, New Jersey, and New York—ranked
in the top 10 in both the number of residents with net
worth of at least $2 million and the per capita number of such residents. California, with the largest
population of all the States and the fifth highest concentration of residents with net worth of at least $2
million, was home to 17.9 percent of all top wealth
162
6
holders, despite accounting for only 11.9 percent of
the U.S. adult population.
The concentration of residents with at least $2
million in net worth, by State, is shown 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 $2 million.
States in the top third were concentrated primarily in
the West and Northeast regions of the nation.6
Top Wealth Holders, 2001–2007
Figure M shows the number of top wealth holders
by size of net worth from 2001 through 2007. The
overall number of top wealth holders with net worth
Regions and divisions 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.
Personal Wealth, 2007
Statistics of Income Bulletin | Winter 2012
Figure G
Female Top Wealth Holders [1], Selected Assets as a Percentage of Total Assets, by Size of Net
Worth, 2007
Percentage
30
25
20
15
10
5
0
Personal
residences
Other real
Publicly Closely held
estate
traded stock
stock
Cash
Other
Limited
partnerships financial
assets [3]
[2]
Retirement
assets [4]
Business
assets [5]
All other
assets
Size of net worth
Under $2 million
$2 million under $5 million
$5 million under $10.0 million
$10 million or more
[1] Top wealth holders are defined as individuals with gross assets of at least $2 million.
[2] Includes hedge funds and private equity.
[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 and farms.
greater than $2.0 million in constant 2007 (i.e., inflation-adjusted) dollars grew by a total of 12.1 percent
between 2001 and 2007, equivalent to an annual rate
of growth of 1.9 percent.7 Over the same period, the
population of the United States grew by a total of 7.3
percent.
Looking at the growth in the number of top
wealth holders by size of estate category, 52 percent
of the total increase in the number of top wealth
holders over this period came from top wealth holders with net worth between $2 million and $3.5
million. A little more than 4 percent of the increase
came from those who had a net worth of $20 million
or more. This category grew by 14.1 percent over 6
years, equivalent to an annual rate of 2.2 percent.
7
Annualized growth rate derived from the exponential formula for growth.
Figure N compares the total constant-dollar value
of assets held by top wealth holders with $2 million
or more in net worth in 2001, 2004, and 2007. The
total assets held by top wealth holders grew by 30.4
percent over this period, equivalent to an annual rate
of 4.5 percent per year. Over this period, average total assets increased from $5.8 million to $6.7 million.
The growth in assets per top wealth holder was 16.2
percent between 2001 and 2007, equivalent to 2.5
percent annual growth.
Between 2001 and 2007, the economy experienced significant changes. According to the National
Bureau of Economic Research and the Bureau of
Economic Analysis, the United States was in recession between March 2001 and November 2001,
163
Personal Wealth, 2007
Statistics of Income Bulletin | Winter 2012
Figure H
Male Top Wealth Holders [1], Selected Assets as a Percentage of Total Assets, by Age, 2007
Percentage
35
30
25
20
15
10
5
0
Personal
residences
Other real
Publicly Closely held
estate
traded stock
stock
Under 50
Cash
50 under 70
Limited
Other
partnerships financial
[2]
assets [3]
Age
70 under 90
Retirement
assets [4]
Business
assets [5]
All other
assets
90 and older
[1] Top wealth holders are defined as individuals with gross assets of at least $2 million.
[2] Includes hedge funds and private equity.
[3] Includes all government bonds, bonds issued by corporations and foreign governments, mortgages and notes, cash value life insurance, and
diversified mutual funds
funds.
[4] Includes Individual Retirement Accounts, annuities, and self-employed or Keogh plans.
[5] Includes noncorporate businesses and farms.
before experiencing consistent growth between
2002 and 2007.8, 9 The value of stocks, measured
broadly by the Dow Jones U.S. Total Stock Market
Index, increased 22.6 percent between January 2001
and December 2007.10 The value of residential real
estate, measured by the Standard and Poor’s/CaseShiller Home Price Index increased 73.8 percent between the first quarter of 2001 and the second quarter
of 2006 before falling 10.3 percent by the end of
2007.11 Despite these changes, the portfolio allocation of top wealth holders was relatively consistent in
2001, 2004, and 2007. One interesting trend appears
Summary
An estimated 2.3 million U.S. adults in 2007 had
gross assets of $2 million or more. These top wealth
holders combined to hold over $12 trillion in net
Business cycle data obtained from the National Bureau of Economic Research at http://www.nber.org/cycles.html.
Data on economic growth obtained from the Bureau of Economic Analysis. See http://www.bea.gov/national/index.htm#gdp.
10 See www.dowjones.com.
11 See www.standardandpoors.com.
8
9
164
to be a shift from publicly traded stock to closely
held stock and business assets. While the share of
the portfolio held in publicly traded stock dropped
from 27.3 percent in 2001 to 20.1 percent in 2007,
closely held stock increased from 10.8 percent of
assets to 12.3 percent of assets, and business assets
climbed from 6.6 percent to 10 percent.
Personal Wealth, 2007
Statistics of Income Bulletin | Winter 2012
Figure I
Female Top Wealth Holders [1], Selected Assets as a Percentage of Total Assets, by Age, 2007
Percentage
35
30
25
20
15
10
5
0
Personal
residences
Other real
Publicly Closely held
estate
traded stock
stock
Under 50
Cash
Limited
Other
partnerships financial
[2]
assets [3]
Age
50 under 70
70 under 90
Retirement
assets [4]
Business
assets [5]
All other
assets
90 and older
[1] Top wealth holders are defined as individuals with gross assets of at least $2 million.
[2] Includes hedge funds and private equity.
[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 and farms
farms.
worth. More than 1.3 million top wealth holders
were men, while just under 1 million were women.
Most wealthy individuals of both sexes 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 impact of a relatively small number of
extremely wealthy men.
The asset portfolios of top wealth holders varied considerably by sex, 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 sexes, the wealthiest individuals held propor-
tionately 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 did their female
counterparts.
In 2007, California had the largest number of individuals with net worth of $2 million or more, while
Wyoming had the highest per capita population of
these very wealthy residents.
Between 2001 and 2007, there was an increase
of 12.1 percent in the number of individuals with net
worth of $2 million or more in inflation-adjusted dollars. This increase outpaced the 7.3-percent increase
in the overall adult population of the United States.
Despite significant changes in the economy between
165
Personal Wealth, 2007
Statistics of Income Bulletin | Winter 2012
Figure J
States with the Largest Number of Residents
with Net Worth of $2 Million or More, 2007
[Numbers are in thousands]
State
Number of
residents
with net worth
of $2 million
or more
Total adult
population [1]
Percentage
of adult
population
(1)
(2)
(3)
California
329
27,169
1.2
New York
160
14,884
1.1
Florida
155
14,208
1.1
Texas
100
17,281
0.6
Illinois
83
9,653
0.9
New Jersey
71
6,622
1.1
Pennsylvania
57
9,646
0.6
Massachusetts
51
5,017
1.0
Ohio
50
8,715
0.6
Virginia
49
5,886
0.8
[1] Statistics on U.S. adult population (age 18 and older) in 2007, 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.
2001 and 2007, the portfolio allocation of top wealth
holders stayed relatively consistent.
Data Sources and Limitations
166
The Statistics of Income (SOI) Division collects data
from an annual sample of Federal estate tax returns
that is used primarily for policy and budget purposes.
The sample follows a 3-year cycle that is designed
mainly to enable year-of-death estimates, with each
cycle concentrating on decedents who died in the
first year, or focus year, of the cycle. While the annual samples are adequate for producing filing-year
estimates, year-of-death estimates are advantageous
because filing extensions and other filing delays
mean that returns filed in any given calendar year
typically 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. Year-of-death estimates, in contrast,
include decedents who died under identical estate tax
law and similar economic conditions.
Returns are selected using a stratified random
sample with three stratifying variables: year of death
(focus year verses non-focus 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 five categories: $2
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 75 and older. Sample rates vary from 3 percent
to 100 percent, with more than half the strata selected
with certainty, i.e., at the 100-percent rate.
SOI has combined Federal estate tax returns filed
in 2007, 2008, and 2009 to produce the estimates of
wealth for 2007 presented here. One of the strengths
of estimates derived from SOI samples of estate tax
returns is the large sample upon which the estimates
are based. The 2007 sample includes more than
17,821 returns.
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
Figure K
States with the Highest Concentration of
Residents with Net Worth of $2 Million or
More, 2007
[Numbers are in thousands]
State
Number of
residents
with net worth
of $2 million
or more
Total adult
population [1]
Percentage
of adult
population
(1)
(2)
(3)
Wyoming
6
397
1.5
Connecticut
36
2,682
1.3
1.3
New Hampshire
13
1,018
Vermont
6
490
1.2
California
329
27,169
1.2
South Dakota
7
599
1.2
Florida
155
14,208
1.1
New Jersey
71
6,622
1.1
New York
160
14,884
1.1
Massachusetts
51
5,017
1.0
[1] Statistics on U.S. adult population (age 18 and older) in 2007, 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.
Personal Wealth, 2007
Statistics of Income Bulletin | Winter 2012
Figure L
Figure L:ofConcentration
of Worth
Residents
with Net
Worth
$2.0
Million
Concentration
Residents with Net
of $2 Million
or More,
by of
State,
2007
or More, by State, 2007
WA
MT
VT
ND
OR
ID
SD
WY
UT
CA
WI
AZ
MI
PA
IL
CO
KS
MO
OK
NM
WV
KY
VA
NC
TN
AR
NJ
RI
CT
DE
MD
DC
SC
MS
TX
OH
IN
NH
MA
NY
IA
NE
NV
ME
MN
AL
GA
LA
FL
AK
HI
Top third (0.8 to 1.5 percent of the adult population)
Middle third (0.6 to 0.8 percent of the adult population)
Bottom third (0.4 to 0.6 percent of the adult population)
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
there is a natural tendency for the values to be somewhat conservative. This is especially true for hardto-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 pre-audit figures.
An SOI study based on the results of IRS audits of
estate tax returns filed in 1992 estimated that detected
under-valuation of assets was about 1.2 percent of
total asset holdings. In addition, it is common to
claim substantial discounts when valuing ownership
interests of less than 50 percent in small companies,
partnerships, and other, non-liquid 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.
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.
167
Personal Wealth, 2007
Statistics of Income Bulletin | Winter 2012
Figure M
Number of Top Wealth Holders with Net Worth of $2 Million or More, by Size of Net Worth, Selected
Years 2001–2007
[Numbers are in thousands]
Size of net worth, in constant
2007 dollars [1]
2001
2004
(1)
2007
(2)
Total
(3)
Percentage
growth,
2001–2007
Total increase,
2001–2007
Percentage of
total increase,
2001–2007
(4)
(5)
(6)
1,641
1,673
1,840
12.1
199
100.0
$2.0 million under $3.5 million
905
971
1,008
11.4
103
52.0
$3.5 million under $5.0 million
284
291
364
28.1
80
40.1
$5.0 million under $10.0 million
291
266
286
-1.9
-5
-2.7
$10.0 million under $20.0 million
103
90
116
12.7
13
6.6
$20.0 million or more
58
54
66
14.1
8
4.1
[1] Net worth was converted to constant 2007 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.
Figure N
Top Wealth Holders with Net Worth of $2 Million or More, Selected Assets as a Percentage of Total
Assets, Selected Years 2001–2007
[All money amounts are in millions of constant 2007 dollars [1]]
2001
Selected asset
Total assets
2004
2007
Amount
Percent of
total assets
Amount
Percent of
total assets
Amount
Percent of
total assets
(1)
(2)
(3)
(4)
(5)
(6)
9,455,161
100.0
9,395,778
100.0
12,329,724
Personal residences
700,528
7.4
845,930
9.0
1,064,322
8.6
Other real estate
818,280
8.7
1,121,223
11.9
1,448,345
11.7
Publicly traded stock
2,582,905
27.3
2,045,755
21.8
2,481,548
20.1
Closely held stock
1,018,267
10.8
1,040,649
11.1
1,512,642
12.3
767,599
8.1
844,553
9.0
983,008
8.0
1,360,087
14.4
1,350,246
14.4
1,636,273
13.3
Retirement assets [3]
802,912
8.5
796,989
8.5
1,082,106
8.8
Business assets [4]
622,915
6.6
753,957
8.0
1,226,819
10.0
All other assets
781,669
8.3
596,477
6.3
894,661
7.3
Cash
Other financial assets [2]
[1] Money amounts were converted to constant 2007 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 all government bonds, bonds issued by corporations and foreign governments, mortgages and notes, cash value life insurance, and diversified mutual funds.
[3] Includes Individual Retirement Accounts, annuities, and self-employed or Keogh plans.
[4] Includes noncorporate businesses and farms.
168
100.0
Personal Wealth, 2007
Statistics of Income Bulletin | Winter 2012
Table 1. Personal Wealth 2007: Top Wealth Holders with Gross Assets of $2 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]
Size of net worth
Total assets [1]
Net worth
Personal residence
Number
Amount
Number
Amount
Number
Amount
Number
(1)
(2)
(3)
(4)
(5)
(6)
(7)
2,290
Total
Debts and mortgages
13,221,799
1,792
1,124,478
2,290
Amount
(8)
12,097,321
1,745
1,247,026
449
860,731
403
390,799
449
469,932
353
181,133
$2.0 million under $3.5 million
1,008
2,810,250
744
196,440
1,008
2,613,810
754
413,215
$3.5 million under $5.0 million
364
1,607,665
275
96,621
364
1,511,044
275
193,726
$5.0 million under $10.0 million
286
2,091,670
222
141,875
286
1,949,794
220
195,830
$10.0 million under $20.0 million
$20.0 million or more
116
66
1,687,934
4,163,549
95
54
97,133
201,609
116
66
1,590,801
3,961,939
90
54
134,600
128,522
Under $2.0 million [2]
Size of net worth
Closely held stock
Other real estate
Publicly traded stock
State and local
government bonds
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
1,367
1,659,926
676
1,577,715
1,720
2,553,437
857
Under $2.0 million [2]
258
208,138
126
56,760
265
63,121
65
8,777
$2.0 million under $3.5 million
567
435,218
225
140,964
764
467,856
386
118,128
$3.5 million under $5.0 million
223
236,360
116
115,070
301
311,686
163
81,409
$5.0 million under $10.0 million
185
310,222
110
242,341
231
384,644
136
119,129
$10.0 million under $20.0 million
$20.0 million or more
82
52
195,331
274,657
57
42
203,913
818,667
99
59
361,193
964,936
66
40
134,899
333,526
Total
Size of net worth
Corporate and
foreign bonds
Federal bonds
Bond funds
795,869
Diversified mutual funds
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
537
199,619
560
119,639
268
25,575
920
Under $2.0 million [2]
50
1,461
52
3,472
34
1,734
145
8,255
$2.0 million under $3.5 million
257
40,894
265
31,168
127
8,525
405
38,639
$3.5 million under $5.0 million
99
22,496
100
18,301
52
4,309
147
19,322
$5.0 million under $10.0 million
80
37,824
86
25,614
32
3,346
129
25,374
$10.0 million under $20.0 million
$20.0 million or more
32
19
26,274
70,669
36
21
12,984
28,099
15
8
2,965
4,696
57
37
18,889
28,023
Total
Size of net worth
Cash assets
Mortgages and notes
Cash value life insurance
138,501
Noncorporate
business assets
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(25)
(26)
(27)
(28)
(29)
(30)
(31)
(32)
2,232
1,043,064
554
308,641
806
122,032
632
Under $2.0 million [2]
426
58,799
81
12,805
189
33,771
110
39,852
$2.0 million under $3.5 million
987
257,348
206
56,212
347
48,223
218
96,866
$3.5 million under $5.0 million
357
136,754
92
36,191
126
17,375
106
64,239
$5.0 million under $10.0 million
282
173,928
90
57,361
89
13,463
104
121,835
$10.0 million under $20.0 million
115
150,898
51
55,565
34
5,804
54
114,668
$20.0 million or more
66
265,338
34
90,506
20
3,396
40
465,974
Total
903,434
Footnotes at end of table.
169
Personal Wealth, 2007
Statistics of Income Bulletin | Winter 2012
Table 1. Personal Wealth 2007: Top Wealth Holders with Gross Assets of $2 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]
Farm assets
Size of net worth
Private equity and hedge funds
Number
Amount
(33)
(34)
Total
Other limited partnerships
Number
(35)
(36)
Amount
(37)
(38)
251
395,810
365
368,721
103
193,504
Under $2.0 million [2]
36
32,184
31
8,796
8
1,555
$2.0 million under $3.5 million
110
120,849
131
45,623
28
6,071
$3.5 million under $5.0 million
48
64,898
67
31,914
16
5,068
$5.0 million under $10.0 million
31
60,466
66
39,188
18
7,442
$10.0 million under $20.0 million
$20.0 million or more
15
11
40,439
76,973
38
32
50,988
192,212
16
16
20,856
152,512
Size of net worth
Total
Retirement assets
Art
Other assets
Number
Amount
Number
Amount
Number
Amount
(39)
(40)
(41)
(42)
(43)
(44)
1,736
1,197,148
191
103,943
2,044
Under $2.0 million [2]
351
114,505
27
1,612
396
268,196
24,000
$2.0 million under $3.5 million
756
417,949
49
2,750
888
63,753
$3.5 million under $5.0 million
277
213,195
32
3,081
329
32,272
$5.0 million under $10.0 million
218
227,687
36
4,573
258
41,402
$10.0 million under $20.0 million
$20.0 million or more
85
48
113,464
110,348
23
24
8,658
83,269
110
64
35,546
71,223
[1] Total assets is the sum of all assets owned by the individual before subtracting debts, mortgages, and liens owed to others. It differs from gross assets, which is a Federal estate tax
concept of wealth, in that it includes the cash value of life insurance instead of the full face value of life insurance minus indebtedness.
[2] Includes individuals with zero or negative net worth.
NOTE: Detail may not add to total due to rounding.
170
Personal Wealth, 2007
Statistics of Income Bulletin | Winter 2012
Table 2. Personal Wealth 2007: Male Top Wealth Holders with Gross Assets of $2 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]
Size of net worth
Total
Total assets [1]
Debts and mortgages
Net worth
Personal residence
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
1,320
8,062,977
1,038
872,850
1,320
7,190,127
985
Under $2.0 million [2]
324
613,092
284
325,369
324
287,723
252
117,898
$2.0 million under $3.5 million
526
1,502,230
385
134,813
526
1,367,417
377
192,820
$3.5 million under $5.0 million
190
846,527
146
62,021
190
784,506
140
91,968
$5.0 million under $10.0 million
169
1,257,007
131
107,010
169
1,149,997
131
114,668
$10.0 million under $20.0 million
$20.0 million or more
71
41
1,029,068
2,815,052
58
35
67,473
176,164
71
41
961,595
2,638,888
53
32
68,834
70,510
Size of net worth
Other real estate
Closely held stock
Publicly traded stock
656,699
State and local
government bonds
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
Total
801
978,024
455
1,142,747
964
1,445,410
417
Under $2.0 million [2]
184
144,801
98
46,276
193
42,054
37
405,784
4,154
$2.0 million under $3.5 million
307
232,863
142
95,870
388
215,697
170
53,118
$3.5 million under $5.0 million
118
121,207
70
77,869
154
143,539
74
30,589
$5.0 million under $10.0 million
110
175,414
78
193,956
133
205,132
77
59,125
$10.0 million under $20.0 million
$20.0 million or more
51
32
119,681
184,059
39
28
155,875
572,901
60
36
197,680
641,308
36
23
73,017
185,781
Size of net worth
Corporate and
foreign bonds
Federal bonds
Bond funds
Diversified mutual funds
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
Total
262
96,283
275
63,602
138
14,250
511
Under $2.0 million [2]
28
584
32
2,185
21
1,221
105
69,797
5,283
$2.0 million under $3.5 million
116
15,106
115
13,725
63
4,075
200
18,382
$3.5 million under $5.0 million
47
8,497
44
6,075
21
1,432
73
8,748
$5.0 million under $10.0 million
43
17,816
52
15,398
19
1,694
75
10,980
$10.0 million under $20.0 million
$20.0 million or more
18
11
14,721
39,559
20
13
6,647
19,572
9
5
1,927
3,900
35
22
9,766
16,638
Size of net worth
Cash assets
Mortgages and notes
Cash value life insurance
Noncorporate
business assets
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(25)
(26)
(27)
(28)
(29)
(30)
(31)
(32)
1,287
596,284
341
182,819
552
86,839
418
Under $2.0 million [2]
309
39,756
61
9,843
144
26,332
88
32,012
$2.0 million under $3.5 million
514
123,808
117
37,438
222
31,695
131
62,757
$3.5 million under $5.0 million
187
69,182
52
20,630
80
11,376
64
44,615
$5.0 million under $10.0 million
166
93,431
59
33,311
66
10,434
72
83,268
$10.0 million under $20.0 million
70
90,941
30
24,525
25
4,282
36
82,229
$20.0 million or more
41
179,166
22
57,072
15
2,719
27
346,048
Total
650,929
Footnotes at end of table.
171
Personal Wealth, 2007
Statistics of Income Bulletin | Winter 2012
Table 2. Personal Wealth 2007: Male Top Wealth Holders with Gross Assets of $2 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]
Farm assets
Size of net worth
Private equity and hedge funds
Number
Amount
(33)
(34)
Total
Other limited partnerships
Number
(35)
(36)
Amount
(37)
(38)
165
267,923
61
139,586
208
Under $2.0 million [2]
30
26,622
6
1,186
20
220,582
5,322
$2.0 million under $3.5 million
69
80,214
15
2,177
70
29,271
$3.5 million under $5.0 million
29
42,992
9
2,873
34
12,514
$5.0 million under $10.0 million
20
37,164
12
5,682
42
21,952
$10.0 million under $20.0 million
$20.0 million or more
10
7
27,022
53,908
8
10
14,806
112,862
22
20
28,233
123,290
Size of net worth
Total
Retirement assets
Art
Other assets
Number
Amount
Number
Amount
Number
Amount
(39)
(40)
(41)
(42)
(43)
(44)
1,033
806,245
92
74,511
1,184
Under $2.0 million [2]
260
88,513
17
939
287
164,665
18,111
$2.0 million under $3.5 million
402
253,772
18
1,033
468
38,409
$3.5 million under $5.0 million
148
132,069
13
1,375
172
18,976
$5.0 million under $10.0 million
134
151,743
18
2,897
151
22,943
$10.0 million under $20.0 million
$20.0 million or more
56
32
85,157
94,991
11
15
4,027
64,239
66
39
19,696
46,529
[1] Total assets is the sum of all assets owned by the individual before subtracting debts, mortgages, and liens owed to others. It differs from gross assets, which is a Federal estate tax
concept of wealth, in that it includes the cash value of life insurance instead of the full face value of life insurance minus indebtedness.
[2] Includes individuals with zero or negative net worth.
NOTE: Detail may not add to total due to rounding.
172
Personal Wealth, 2007
Statistics of Income Bulletin | Winter 2012
Table 3. Personal Wealth 2007: Female Top Wealth Holders with Gross Assets of $2 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]
Size of net worth
Total assets [1]
Debts and mortgages
Net worth
Personal residence
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
970
5,158,822
754
251,629
970
4,907,194
760
Under $2.0 million [2]
125
247,639
119
65,430
125
182,209
102
63,235
$2.0 million under $3.5 million
482
1,308,020
359
61,627
482
1,246,393
377
220,395
$3.5 million under $5.0 million
175
761,139
129
34,600
175
726,538
135
101,757
$5.0 million under $10.0 million
117
834,663
91
34,866
117
799,797
89
81,162
$10.0 million under $20.0 million
$20.0 million or more
46
26
658,866
1,348,496
37
20
29,660
25,445
46
26
629,206
1,323,051
36
22
65,765
58,012
Total
Size of net worth
Other real estate
Closely held stock
Publicly traded stock
590,327
State and local
government bonds
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
Total
566
681,902
221
434,968
755
1,108,027
440
Under $2.0 million [2]
74
63,337
28
10,484
72
21,068
28
4,623
$2.0 million under $3.5 million
260
202,355
83
45,094
377
252,159
216
65,011
$3.5 million under $5.0 million
105
115,153
46
37,201
146
168,148
90
50,820
$5.0 million under $10.0 million
75
134,808
31
48,385
98
179,512
59
60,004
$10.0 million under $20.0 million
$20.0 million or more
31
20
75,650
90,599
19
14
48,038
245,766
39
23
163,513
323,628
29
18
61,882
147,745
Size of net worth
Corporate and
foreign bonds
Federal bonds
Bond funds
390,085
Diversified mutual funds
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
Total
276
103,336
285
56,037
130
11,326
409
Under $2.0 million [2]
22
878
20
1,287
12
513
39
68,704
2,971
$2.0 million under $3.5 million
141
25,789
151
17,443
65
4,450
205
20,257
$3.5 million under $5.0 million
53
14,000
56
12,227
31
2,877
74
10,573
$5.0 million under $10.0 million
37
20,007
35
10,216
13
1,652
54
14,395
$10.0 million under $20.0 million
$20.0 million or more
14
8
11,553
31,110
16
8
6,336
8,527
7
3
1,038
796
22
14
9,123
11,385
Size of net worth
Total
Cash assets
Mortgages and notes
Cash value life insurance
Noncorporate
business assets
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(25)
(26)
(27)
(28)
(29)
(30)
(31)
(32)
944
446,781
213
125,822
254
35,193
213
Under $2.0 million [2]
117
19,043
20
2,963
46
7,439
22
252,505
7,839
$2.0 million under $3.5 million
473
133,540
89
18,774
125
16,528
86
34,109
$3.5 million under $5.0 million
169
67,572
40
15,561
46
5,999
41
19,624
$5.0 million under $10.0 million
115
80,497
31
24,051
22
3,029
32
38,567
$10.0 million under $20.0 million
45
59,957
20
31,040
9
1,522
18
32,440
$20.0 million or more
26
86,172
12
33,435
5
677
13
119,926
Footnotes at end of table.
173
Personal Wealth, 2007
Statistics of Income Bulletin | Winter 2012
Table 3. Personal Wealth 2007: Female Top Wealth Holders with Gross Assets of $2 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]
Farm assets
Size of net worth
Private equity and hedge funds
Number
Amount
(33)
(34)
(35)
(36)
Other limited partnerships
Number
Amount
(37)
(38)
86
127,887
42
53,918
156
Under $2.0 million [2]
6
5,563
3
370
11
3,474
$2.0 million under $3.5 million
41
40,635
13
3,894
61
16,352
$3.5 million under $5.0 million
19
21,906
7
2,195
33
19,399
$5.0 million under $10.0 million
11
23,302
5
1,760
24
17,236
$10.0 million under $20.0 million
$20.0 million or more
6
4
13,416
23,065
8
6
6,050
39,650
15
12
22,755
68,922
Total
Size of net worth
Retirement assets
Art
148,139
Other assets
Number
Amount
Number
Amount
Number
Amount
(39)
(40)
(41)
(42)
(43)
(44)
703
390,903
99
29,432
860
Under $2.0 million [2]
91
25,992
10
673
108
5,889
$2.0 million under $3.5 million
354
164,177
31
1,717
420
25,343
$3.5 million under $5.0 million
129
81,126
18
1,705
156
13,296
$5.0 million under $10.0 million
84
75,944
18
1,676
106
18,459
$10.0 million under $20.0 million
$20.0 million or more
29
16
28,307
15,356
12
9
4,631
19,030
44
25
15,850
24,694
Total
103,531
[1] Total assets is the sum of all assets owned by the individual before subtracting debts, mortgages, and liens owed to others. It differs from gross assets, which is a Federal estate tax
concept of wealth, in that it includes the cash value of life insurance instead of the full face value of life insurance minus indebtedness.
[2] Includes individuals with zero or negative net worth.
NOTE: Detail may not add to total due to rounding.
174
Personal Wealth, 2007
Statistics of Income Bulletin | Winter 2012
Table 4. Personal Wealth 2007: Male Top Wealth Holders with Gross Assets of $2 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
Total assets [1]
Debts and mortgages
Net worth
Personal residence
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
1,320
8,062,977
1,038
872,850
1,320
7,190,127
985
656,699
Under 50
398
1,935,223
345
407,818
398
1,527,405
292
185,841
50 under 60
300
1,863,368
248
210,287
300
1,653,081
234
162,691
60 under 70
308
2,071,358
232
172,736
308
1,898,622
241
162,922
70 under 80
179
1,249,365
121
55,202
179
1,194,163
130
88,538
80 under 90
90 and older
111
24
775,736
167,927
74
18
22,986
3,821
111
24
752,750
164,106
74
14
47,280
9,427
Age
Other real estate
Closely held stock
Publicly traded stock
State and local
government bonds
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
801
978,024
455
1,142,747
964
1,445,410
417
405,784
Under 50
213
244,935
144
368,329
257
304,924
72
60,463
50 under 60
189
233,310
126
266,083
213
285,036
86
76,914
60 under 70
215
255,087
107
318,794
236
333,508
103
98,372
70 under 80
110
156,650
52
123,648
144
237,684
78
74,932
80 under 90
90 and older
64
11
74,852
13,190
23
4
56,066
9,826
93
20
226,662
57,597
62
16
75,943
19,160
Total
Age
Federal bonds
Corporate and
foreign bonds
Bond funds
Diversified mutual funds
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
262
96,283
275
63,602
138
14,250
511
Under 50
57
20,825
63
15,955
33
4,275
134
11,065
50 under 60
52
12,706
50
11,348
28
3,666
116
15,298
Total
69,797
60 under 70
61
23,643
68
15,293
34
2,216
125
16,968
70 under 80
46
18,333
49
10,199
25
2,131
75
12,806
80 under 90
90 and older
36
9
15,661
5,115
37
9
8,567
2,241
15
4
1,542
419
49
11
10,114
3,547
Age
Total
Cash assets
Mortgages and notes
Cash value life insurance
Noncorporate
business assets
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(25)
(26)
(27)
(28)
(29)
(30)
(31)
(32)
1,287
596,284
341
182,819
552
86,839
418
650,929
Under 50
385
122,494
97
37,768
148
26,487
131
190,143
50 under 60
290
131,440
74
41,503
133
21,991
113
180,058
60 under 70
301
156,334
87
49,195
130
19,629
97
171,962
70 under 80
177
101,547
49
34,505
78
10,664
52
70,165
80 under 90
110
67,346
29
16,992
51
6,585
23
34,315
90 and older
24
17,123
5
2,855
12
1,483
3
4,286
Footnotes at end of table.
175
Personal Wealth, 2007
Statistics of Income Bulletin | Winter 2012
Table 4. Personal Wealth 2007: Male Top Wealth Holders with Gross Assets of $2 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]
Farm assets
Age
Private equity and hedge funds
Number
Amount
(33)
(34)
(35)
(36)
Other limited partnerships
Number
Amount
(37)
(38)
165
267,923
61
139,586
208
220,582
Under 50
40
63,038
16
40,121
49
38,662
50 under 60
38
58,193
13
59,591
45
52,882
60 under 70
42
62,635
19
16,513
51
60,149
70 under 80
26
49,025
9
12,909
37
42,223
80 under 90
90 and older
15
3
30,100
4,932
3
1
9,302
1,150
23
4
19,700
6,966
Total
Age
Retirement assets
Art
Other assets
Number
Amount
Number
Amount
Number
Amount
(39)
(40)
(41)
(42)
(43)
(44)
1,033
806,245
92
74,511
1,184
Under 50
293
136,369
19
17,313
343
46,217
50 under 60
254
200,316
23
14,877
275
35,466
Total
164,665
60 under 70
258
252,574
24
9,597
285
45,967
70 under 80
139
158,059
14
23,483
162
21,865
80 under 90
90 and older
78
10
53,716
5,211
10
2
7,929
1,313
98
21
13,064
2,086
[1] Total assets is the sum of all assets owned by the individual before subtracting debts, mortgages, and liens owed to others. It differs from gross assets, which is a Federal estate tax
concept of wealth, in that it includes the cash value of life insurance instead of the full face value of life insurance minus indebtedness.
NOTE: Detail may not add to total due to rounding.
176
Personal Wealth, 2007
Statistics of Income Bulletin | Winter 2012
Table 5. Personal Wealth 2007: Female Top Wealth Holders with Gross Assets of $2 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 [1]
Debts and mortgages
Net worth
Personal residence
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Total
970
5,158,822
754
251,629
970
4,907,194
760
590,327
Under 50
207
987,658
172
69,782
207
917,876
157
121,485
50 under 60
226
1,131,380
183
80,078
226
1,051,301
197
163,183
60 under 70
232
1,289,846
176
58,311
232
1,231,535
191
151,039
70 under 80
165
840,010
116
25,856
165
814,155
128
92,084
80 under 90
90 and older
110
30
730,545
179,383
84
24
14,327
3,274
110
30
716,217
176,109
72
16
49,517
13,019
Age
Other real estate
Closely held stock
Publicly traded stock
State and local
government bonds
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
566
681,902
221
434,968
755
1,108,027
440
390,085
Under 50
93
90,664
55
49,135
155
218,404
68
68,024
50 under 60
148
176,833
64
93,194
171
201,691
90
55,894
60 under 70
163
219,009
57
151,505
179
240,612
99
73,825
70 under 80
95
116,156
28
39,798
131
195,890
88
78,192
80 under 90
90 and older
54
12
65,137
14,104
14
3
95,589
5,747
94
26
188,166
63,265
74
21
90,419
23,731
Total
Age
Federal bonds
Corporate and
foreign bonds
Diversified mutual funds
Bond funds
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
276
103,336
285
56,037
130
11,326
409
Under 50
57
22,615
51
13,619
31
3,058
79
12,230
50 under 60
53
12,656
62
8,725
21
1,592
90
16,005
Total
68,704
60 under 70
62
21,665
63
13,564
29
2,421
108
17,778
70 under 80
52
21,822
59
9,260
29
1,991
70
12,497
80 under 90
90 and older
40
13
18,839
5,739
39
11
8,259
2,609
16
5
1,567
697
50
12
8,201
1,993
Age
Cash assets
Mortgages and notes
Cash value life insurance
Noncorporate
business assets
Number
Amount
Number
Amount
Number
Amount
Number
Amount
(25)
(26)
(27)
(28)
(29)
(30)
(31)
(32)
944
446,781
213
125,822
254
35,193
213
252,505
Under 50
201
104,502
46
37,983
49
7,602
48
53,003
50 under 60
218
77,585
48
27,356
72
10,263
65
73,192
60 under 70
224
100,115
52
20,168
65
8,636
50
60,800
70 under 80
163
77,074
39
21,531
38
4,984
33
29,113
80 under 90
108
67,522
22
15,149
23
2,962
14
33,674
90 and older
30
19,983
6
3,636
6
746
3
2,723
Total
Footnotes at the end of table.
177
Personal Wealth, 2007
Statistics of Income Bulletin | Winter 2012
Table 5. Personal Wealth 2007: Female Top Wealth Holders with Gross Assets of $2 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]
Farm assets
Age
Private equity and hedge funds
Number
Amount
(33)
(34)
Total
Other limited partnerships
Number
(35)
(36)
Amount
(37)
(38)
86
127,887
42
53,918
156
148,139
Under 50
12
20,259
14
18,913
31
30,556
50 under 60
19
31,485
11
18,058
38
35,438
60 under 70
23
29,849
9
6,445
35
30,650
70 under 80
17
23,397
5
4,726
30
28,465
80 under 90
90 and older
12
3
17,532
5,364
3
1
5,036
741
18
5
19,460
3,569
Age
Retirement assets
Art
Other assets
Number
Amount
Number
Amount
Number
Amount
(39)
(40)
(41)
(42)
(43)
(44)
703
390,903
99
29,432
860
Under 50
149
82,253
14
6,210
175
27,142
50 under 60
185
97,372
23
3,471
204
27,386
Total
103,531
60 under 70
179
113,528
30
6,705
210
21,534
70 under 80
119
65,118
16
3,183
148
14,728
80 under 90
90 and older
62
10
29,232
3,400
12
3
4,534
5,328
97
25
9,751
2,991
[1] Total assets is the sum of all assets owned by the individual before subtracting debts, mortgages, and liens owed to others. It differs from gross assets, which is a Federal estate tax
concept of wealth, in that it includes the cash value of life insurance instead of the full face value of life insurance minus indebtedness.
NOTE: Detail may not add to total due to rounding.
178
Personal Wealth, 2007
Statistics of Income Bulletin | Winter 2012
Table 6. Personal Wealth 2007: Top Wealth Holders with Net Worth of $2 Million or More, Net Worth
and Selected Assets, by State of Residence [1]
[All figures are estimates based on samples—numbers are in thousands, money amounts are in millions of dollars]
State of residence
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]
Net worth
Number
(1)
1,841
17
3
34
8
329
32
36
5
3
155
41
7
8
83
25
14
11
15
16
8
43
51
39
24
9
26
7
6
16
13
71
10
159
45
4
50
17
24
57
6
25
7
26
100
9
6
49
41
5
32
6
8
Financial assets [2]
Amount
(2)
11,627,389
94,464
11,579
196,438
91,058
1,941,513
243,210
286,124
23,788
30,140
1,105,649
213,487
75,601
52,888
493,809
115,056
56,740
58,061
76,777
129,584
39,673
331,467
394,752
217,591
158,224
37,101
145,218
34,794
36,643
226,904
68,492
332,456
40,482
1,201,654
240,370
13,673
237,826
76,728
90,338
323,679
29,640
189,396
78,126
116,288
662,518
49,879
23,205
269,648
359,004
27,085
165,770
45,258
67,541
Number
(3)
1,838
17
3
34
8
329
32
36
5
3
154
41
6
8
82
25
14
11
15
16
8
43
51
39
24
9
26
7
6
16
13
70
10
159
45
4
49
17
24
57
6
25
7
26
100
9
6
48
41
5
32
6
8
Amount
(4)
7,717,780
64,325
5,771
133,345
74,872
1,065,188
157,834
161,460
13,901
19,368
794,189
136,792
59,625
29,276
341,867
78,994
33,933
41,217
59,639
72,946
29,178
258,916
224,853
172,217
122,584
23,631
108,147
12,293
27,189
182,611
55,387
226,036
27,870
745,976
163,984
8,242
183,944
55,465
55,558
258,500
17,799
131,276
63,034
75,553
433,598
29,225
16,859
179,718
255,554
23,048
125,819
25,710
53,467
All real estate
Number
(5)
1,654
15
3
31
7
309
28
33
5
3
141
38
7
8
71
23
12
9
13
16
7
39
47
36
21
7
21
6
4
16
13
66
9
140
39
2
42
14
21
49
6
22
7
23
85
9
6
43
39
4
29
5
7
Amount
(6)
2,517,681
15,528
5,106
44,913
7,759
695,097
55,906
59,829
7,220
7,872
220,374
51,713
14,136
13,079
96,546
19,293
7,180
5,117
12,692
12,462
6,208
52,855
91,625
35,426
21,208
8,049
21,486
7,721
2,779
27,701
11,563
82,963
8,703
282,891
45,844
1,419
32,159
8,039
25,820
47,157
11,282
25,411
6,967
26,225
81,725
9,857
4,793
49,129
73,910
4,026
27,188
13,995
9,733
All other assets
Number
(7)
1,717
17
3
33
7
313
32
35
5
3
142
40
6
8
74
25
14
10
14
16
7
38
47
36
24
8
24
7
6
16
12
64
10
137
43
4
43
16
24
50
6
24
7
25
97
9
6
44
41
5
31
6
7
Amount
(8)
2,125,608
18,471
1,990
27,809
11,299
373,498
42,854
79,002
3,868
4,550
165,857
39,947
5,193
13,759
79,853
20,825
17,932
18,979
11,828
50,582
5,388
47,311
94,228
26,174
23,054
7,735
24,687
16,212
8,862
27,983
7,426
41,877
5,642
232,301
41,824
5,602
29,850
16,296
13,254
30,045
2,550
44,296
10,938
21,083
186,430
13,138
2,163
54,210
56,829
1,457
22,696
10,560
5,410
[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.
179
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.