In 2014, the population of US HNWIs grew by 8.6 per cent to reach 4.4 million while overall US HNWI wealth expanded by 9.4 per cent to $15.2 trillion, making it the largest HNWI market globally .

Twelve cities – Boston, Chicago, Dallas, Detroit, Houston, Los Angeles, New York, Philadelphia, San Francisco, San Jose, Seattle, and Washington, DC – represent two-thirds of the US HNWI population. HNWI investable wealth within those cities grew by $1 trillion to $11.4 trillion last year, according to the report.

While New York remains the city with the highest HNWI population overall, the top six cities for HNWI growth were in Texas and the West Coast, driven by strong real estate market, it said.

Houston’s HNWI population grew at the fastest pace in 2014, at 14 per cent. Seattle was second in US HNWI population growth, at 12 per cent, while cities in the Midwest and on the East Coast grew more slowly. Chicago - suffering from a subdued economy and higher unemployment rates - had the lowest level of HNWI growth, at 7 per cent.

In other findings, Capgemini said the wealthiest US HNWIs were twice as likely to work with multiple firms as HNWIs with between $1 million and $5 million in assets, influenced by their desire for “diverse specialties” to better manage their complex financial portfolios.

Meanwhile, female HNWIs were found to have a distinct set of top concerns, including fear of identity theft and personal financial crime, anxiety about the environment, and the threat of income not keeping up with inflation.

Aspects of asset allocation and social impact investing also distinguish female HNWIs from male HNWIs, Capgemini said. For example, female US HNWIs are more likely to hold cash than males , and are less likely to hold equities than their male counterparts . Female HNWIs also rated professional guidance in measuring social impact effectiveness as more important than males .

“Like the sub-sets of younger and wealthier HNWIs, female HNWIs represent a distinct market worthy of attention,” the report said. “For one, female HNWIs are increasingly creating wealth of their own. In addition, as spouses, they tend to be first in line in the event of wealth transfers from male HNWIs. These characteristics are creating new incentives for wealth management firms to begin catering specifically to female HNWIs.”

The report also looked at the behavior of younger US HNWIs, and found that 85 per cent of those under the age of 40 - nearly 10 percentage points more than HNWIs over the age of 40 - are more likely to leave their wealth managers or firm if their needs are not being met. See a related article on that here.

“The behaviors and demands specific to under-40 HNWIs are expected to become more widespread as younger HNWIs gain in prominence and over-40 HNWIs begin to adopt similar attitudes,” it said. “Younger HNWIs exhibited demand for sophisticated financial planning services, including global investing, as well as a preference for digital engagement. Established wealth management firms are well-positioned to tackle the challenge of delivering both high-end advice, as well as services through digital channels, and their success in doing so will raise their profile among all segments of HNWIs.”