With the 2024 U.S. general election behind us, inflation and economic factors remain in the spotlight as influential drivers of the national landscape.
Despite some signs of slowing, consumer prices in the U.S. and globally continue to trend upward in key areas such as groceries, clothing, and car insurance. According to recent data from the Bureau of Labor Statistics, inflation eased to 2.4% in September. Yet many Americans, especially those in working and middle-income brackets, still face financial pressures. Nonetheless, the U.S. remains a premier destination for millionaires globally, with around 22 million residing in the nation, representing 38% of the world’s millionaire population, according to UBS’s Global Wealth Report 2024.
A recent study by property management firm Evernest highlights the wealth distribution in major U.S. metropolitan areas, noting that the country’s richest cities are spread across diverse regions—not just in traditionally affluent hubs. Evernest analyzed key indicators across 45 metropolitan areas, including income levels, cost of living, homeownership rates, and the percentage of households with $1 million or more in investable assets.
In the insurance industry, individuals with $1 million+ in investable assets are often referred to as “high-net-worth” clients. These clients require a more personalized and consultative approach in their insurance needs, which extends beyond standard policies to protect unique assets and lifestyle choices. Diane Delaney, executive director of the Private Risk Management Association, recently emphasized this in an episode of Insurance Speak, underscoring the importance of a human touch and deep understanding in catering to these clients.
For insurance professionals, these top cities present an invaluable opportunity to meet the needs of high-net-worth clients with customized, expert solutions.
