finance
Households With $10 Million in Investable Assets Rank Near Top 1 Percent
A report from Cerulli Associates estimates that roughly 1.6 million U.S. households hold at least $10 million in investable assets. The figure excludes primary residences and measures liquid holdings such as stocks, bonds, and retirement accounts.
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U.S. households by portfolio wealth. The firm defines investable assets as liquid holdings that can be deployed or reallocated, including stocks, bonds, retirement accounts, mutual funds, private investments, and cash equivalents. Primary residences are excluded from the calculation.
U.S. financial wealth. U.S. financial assets while representing a small fraction of households.
A $10 million portfolio produces different outcomes depending on location. In high-cost areas such as New York City, San Francisco, or Los Angeles, expenses including real estate costs, state taxes, and insurance can reduce net resources. In lower-tax states, the same portfolio faces reduced carrying costs and no state income tax, which can allow assets to compound with lower annual drawdowns.
Some households relocate to adjust these variables.
Households that reach the $10 million threshold often do so through concentrated equity in businesses, real estate holdings, or private investments rather than salary income alone. Alternative investments such as private equity funds, venture capital exposure, real estate syndications, and tax-advantaged energy investments are also used to diversify holdings.
