# 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

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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Airs%3A6fb4643e2e62e0bf. Public record. Not legal advice.