The $95 Trillion Map
Where America's private wealth actually sits — tier by tier, state by state, industry by industry — and, more usefully, how much of it can actually move into venture, private equity, and family-office deals each year.
Sources: UBS, Henley & Partners, Forbes, Knight Frank, Altrata, Federal Reserve Z.1/DFA, IRS SOI, Deloitte. Geographic (state/metro/county/ZIP) figures are an allocation model, not official person-level wealth data. Tier and national figures are sourced; modeled values flagged.
The shape of it
A few numbers that reset your priors
Money in motion
The $3 trillion that can actually move each year
Net worth is a stock; what matters for deals is the flow. Roughly $3T/year of millionaire+ wealth is realistically deployable into new investments — and a slice is addressable by venture and private markets. This is the number most wealth maps never show.
How private wealth flows into deals
The annual deployable pool, splitting into its biggest channels.
Where the deployable capital goes
Estimated annual capacity by channel, $B/year.
Deployable capital by wealth tier
Annual deployable capital ($B) per tier. The base of the pyramid holds the most movable money in aggregate.
Annual risk-capital by industry of wealth
10% of each industry's annual cashflow redirected to VC / PE / direct deals ($B/year), summed across all tiers. Real estate and finance fortunes throw off the most recyclable capital.
Family offices & dynasties
Where dynasties park & deploy their money
Family offices are the quiet engine of private markets: ~8,000 globally managing $3.1T, a third of it in alternatives and $300B/year in direct deals that never touch a fund. The 10 largest US family offices alone run about $1 trillion.
America's largest single family offices
Illustrative — among the biggest US single family offices by reported AUM. Together the top 10 manage ~$1T.
The family-business backbone
Where most of these fortunes actually originate.
- US family-owned businesses
- 32M
- Share of US GDP
- $14.5T (~54%)
- Share of US employment
- 60%
- Avg generations in control
- 2.3
The wealth pyramid
Seven tiers, from $1M to $100B
Each step up the pyramid is ~10–80× narrower than the one below it. The counts collapse fast; the average net worth explodes.
Width ∝ relative population (not to scale; counts span 5 orders of magnitude).
- $1M → $10M: 26.3× fewer people
- $10M → $100M: 83.5× fewer
- $100M → $1B: 11.8× fewer
| Tier | People | Avg net worth | Total wealth | Deployable/yr | Self-made | Conf. |
|---|---|---|---|---|---|---|
| $1M+ total net worth | 24M | $5.0M | $119T | $2975B | 88% | HIGH |
| $1M+ liquid/investable | 6.0M | $7.5M | $45T | $1800B | 82% | HIGH |
| $10M+ HNW | 905K | $35M | $31.7T | $1584B | 78% | HIGH |
| $30M+ UHNW | 178K | $110M | $19.6T | $1175B | 72% | HIGH |
| $100M+ centi-millionaire | 11K | $1.0B | $11.1T | $833B | 70% | HIGH |
| $500M+ | 3K | $3.4B | $9.4T | $797B | 69% | MEDIUM |
| $1B+ billionaire | 915 | $8.8B | $8.1T | $810B | 70% | HIGH |
Geography
Where the money lives
Wealth is wildly concentrated: four states hold 62% of US billionaires. Color the map by any metric. Geographic figures are MODELED an allocation model — directional, not person-level.
Tap or hover a state to see its wealth profile. Color = millionaire density.
Top metros by millionaires
Henley & Partners 2025 metro counts.
Fastest-growing wealth metros
10-year growth in millionaire population (%). Tax migration is reshaping the map.
What makes each state rich
Dominant wealth-creating industries by state, and the structural advantage behind them.
| State | #1 industry | #2 | #3 | Edge |
|---|---|---|---|---|
| CA | Technology 35% | Entertainment | Real Estate | Silicon Valley + Hollywood + Pacific RE |
| NY | Finance 45% | Real Estate | Media | Wall Street, PE/HF concentration |
| TX | Energy 32% | Tech | Real Estate | Oil + Austin tech surge + no state tax |
| FL | Finance 25% | Real Estate | Hospitality | Hedge fund migration + tax haven |
| IL | Finance 28% | Industrial | Consumer | Commodities + manufacturing legacy |
| MA | Biotech 25% | Finance | Education | World biotech hub + Fidelity/State Street |
| WA | Tech 55% | Aerospace | Biotech | Microsoft + Amazon + Boeing |
| CT | Hedge Funds 40% | Insurance | Finance | Greenwich concentration |
| NJ | Pharma 22% | Finance | Logistics | Big Pharma corridor |
| NV | Gaming 30% | Real Estate | Tech | Casinos + data centers + tax migration |
| WY | Energy 30% | Finance migration | Land/Ranch | #1 tax haven for trusts and LLCs |
| CO | Tech 25% | Energy | Real Estate | Ski towns + Front Range tech |
| GA | Logistics 20% | Consumer | Media | Coke, Home Depot, UPS, CNN |
| AR | Retail 55% | Logistics | Agriculture | Walton dynasty dominates |
| OK | Energy 55% | Agriculture | Aerospace | Oil and gas concentration |
| MI | Auto/Industrial 45% | Consumer | Tech | Ford, GM, Stellantis legacy |
| PA | Industrial 25% | Healthcare | Finance | Comcast, Heinz, US Steel |
| OH | Industrial 30% | Healthcare | Finance | Procter & Gamble, Kroger, Cardinal |
| MN | Healthcare 22% | Retail | Industrial | Target, Best Buy, UnitedHealth, Medtronic |
| TN | Healthcare 30% | Music | Logistics | HCA, FedEx, music industry |
| NC | Banking 25% | Tech | Tobacco/Consumer | Bank of America HQ, Research Triangle |
| VA | Defense 28% | Tech | Finance | Beltway contractors + Northern VA tech |
| MD | Government 25% | Biotech | Defense | NIH/FDA-adjacent biotech, defense |
| AZ | Real Estate 25% | Tech | Mining | Phoenix/Scottsdale boom |
| UT | Tech 30% | Outdoor Goods | Finance | Silicon Slopes |
| OR | Tech 25% | Outdoor/Apparel | Forestry | Nike, Intel, Columbia |
| IN | Manufacturing 30% | Pharma | Logistics | Eli Lilly, Cummins |
| WI | Manufacturing 25% | Insurance | Agriculture | Northwestern Mutual, Harley |
| MO | Finance 20% | Industrial | Agriculture | Edward Jones, Anheuser-Busch |
| KS | Aviation 25% | Agriculture | Energy | Wichita aviation + Koch HQ |
| AL | Aerospace 22% | Auto | Agriculture | Boeing, Mercedes, Hyundai plants |
| LA | Energy 40% | Maritime | Agriculture | Oil + Mississippi River trade |
| SC | Manufacturing 25% | Aerospace | Tourism | BMW, Boeing 787 |
| KY | Beverages 22% | Auto | Healthcare | Bourbon dynasties, Toyota, Humana |
| NE | Insurance 25% | Agriculture | Finance | Berkshire Hathaway, ConAgra |
| IA | Insurance 25% | Agriculture | Industrial | Principal, Casey's, Vermeer |
| NH | Tech 20% | Finance | Manufacturing | BAE, Fidelity ops |
| ME | Tourism 22% | Forestry | Healthcare | L.L. Bean, IDEXX |
| VT | Outdoor Goods 25% | Tourism | Tech | Ben & Jerry's legacy |
| RI | Healthcare 22% | Finance | Marine | CVS HQ in nearby RI/MA |
| DE | Finance 45% | Pharma | Chemicals | Corporate domicile capital |
| NM | Energy 25% | Defense | Tech | Permian, Sandia, Los Alamos |
| ID | Tech 22% | Agriculture | Outdoor | Micron, agribusiness |
| WV | Energy 45% | Healthcare | Industrial | Coal, gas |
| HI | Tourism 35% | Real Estate | Defense | Trophy real estate |
| MT | Energy 25% | Ranching | Tourism | Big sky ranching + ski destinations |
| SD | Finance 30% | Agriculture | Tourism | Trust law domicile |
| ND | Energy 45% | Agriculture | Tech | Bakken oil + farming |
| AK | Energy 45% | Fishing | Defense | North Slope oil |
| MS | Manufacturing 20% | Agriculture | Healthcare | Nissan, Toyota plants |
| AR | Retail/Logistics 55% | Trucking | Agriculture | Walmart, Tyson, JB Hunt |
| DC | Government 35% | Lobbying/Law | Tech contracting | Federal-adjacent wealth concentration |
Industry
Which industries mint the wealthy
Finance dominates the count; tech and inherited fortunes dominate the size. Share of UHNW ($30M+) population vs average net worth per person tell two different stories.
Share of UHNW wealth by industry
Treemap — area ∝ share of $30M+ population.
Average wealth per person by industry
$M per wealthy individual. Inherited and tech fortunes run largest.
Generations
The $124 trillion handoff
The Great Wealth Transfer moves an estimated $124T from Boomers and the Silent Generation to their heirs through ~2048. Boomers alone hold over half of all US wealth today; Millennials and Gen Z inherit the most.
Wealth held vs inheritance inbound
Current share of US wealth (%) and share of the inbound transfer (%) by generation.
Asset allocation
How the portfolio shifts as you climb
As wealth rises, public stocks shrink and private markets — PE, VC, private credit, direct real estate — take over. That shift is exactly where the deployable capital story comes from.
Portfolio mix by wealth tier
Allocation (%) across 10 asset classes. Watch private equity, VC, and private credit grow toward the right.
Trajectory
Where the numbers are headed
Every tier of American wealth is projected to compound for decades. Pick a metric to see the path from today through 2030 and out to 2048.
Driver: Stock + RE appreciation + retirement savings
Methodology
How to drill from nation down to ZIP code
National and tier figures are sourced; sub-state geography is modeled. Here's the public-data ladder to refine it down to county and ZIP.
The drill-down ladder
Public and commercial datasets to localize wealth, with their limitations.
| Level | Source | How to use | Limitation |
|---|---|---|---|
| State | Phoenix Marketing Intl Wealth & Affluent Monitor | Use as base millionaire count by state; multiply by 1.20 for 2025 | Latest free is 2019/2020 data |
| State | Forbes 400 / Real-Time Billionaires | Direct billionaire-by-state count | Misses billionaires under $400 threshold (~500 not in 400) |
| Metro | Henley & Partners USA Wealth Report 2025 | Direct metro-level millionaire/centi/billionaire counts | Top 10-20 cities only; smaller metros estimated |
| County | IRS SOI - County-Level Tax Statistics | Proxy via filers with AGI $1M+, $10M+ buckets; calibrate to state millionaire share | AGI != net worth; IRS reports income filers, not wealth |
| ZIP | IRS SOI Individual Income Tax ZIP-Code Data | Filers by AGI bracket per zip; identify zips with high $1M+ AGI density | Excludes wealthy with low income (FAANG founders, family office heirs) |
| ZIP | ESRI Tapestry / Claritas PRIZM | Granular household wealth segmentation | Paid datasets, $5-50K licenses |
| ZIP | Zillow Premier Real Estate / Realtor.com | Median home value as wealth proxy; $5M+ home count by zip | Surfaces RE wealth, misses liquid |
| ZIP | Census ACS B19001 Household Income Distribution | High-income filer households by zip | Income != wealth; useful for HENRY (high earners not rich yet) |
| County | BEA Personal Income by County | Aggregate personal income per county; flow data | Income, not stock of wealth |
| Mansion | CoreLogic / Realtor.com Luxury Reports | $5M+ residential sales by zip = trophy property concentration | Real estate only |
| Founder | Crunchbase + PitchBook | Map exits/cap tables to estimate post-IPO/M&A wealth by metro | Best for tech wealth; misses inheritance/finance |
| SEC | 13F filings, Form D, beneficial owner filings | Identify UHNW individuals via SEC filings (5%+ ownership disclosures) | Only public co holdings |
| Property | County Recorder / Assessor data | Property ownership by name; chain UHNW to specific zips | Manual research; LLCs obscure |
| Yacht/Jet | FAA aircraft registry + USCG vessel registry | Map private jet/yacht tail numbers to owner zips | Only the visibly ultra-wealthy |