In the first quarter of 2024, almost two-thirds percent of the total wealth in the United States was owned by the top 10 percent of earners. In comparison, the lowest 50 percent of earners only owned 2.5 percent of the total wealth. Income inequality in the U.S. Despite the idea that the United States is a country where hard work and pulling yourself up by your bootstraps will inevitably lead to success, this is often not the case. In 2023, 7.4 percent of U.S. households had an annual income under 15,000 U.S. dollars. With such a small percentage of people in the United States owning such a vast majority of the country’s wealth, the gap between the rich and poor in America remains stark. The top one percent The United States follows closely behind China as the country with the most billionaires in the world. Elon Musk alone held around 219 billion U.S. dollars in 2022. Over the past 50 years, the CEO-to-worker compensation ratio has exploded, causing the gap between rich and poor to grow, with some economists theorizing that this gap is the largest it has been since right before the Great Depression.

Graph and download economic data for Share of Net Worth Held by the Top 1% (99th to 100th Wealth Percentiles) (WFRBST01134) from Q3 1989 to Q1 2025 about net worth, wealth, percentile, Net, and USA.

As of 2024, 99 percent of young people aged 15-24 living in high-income countries used the internet. Meanwhile, the percentage of internet users among the rest of the population of the countries in the same category was 93 percent. Upper-middle-income economies ranked second by the share of young people using the internet, 97 percent. In markets with low income, the percentage of 15-24 year-olds using the internet was the lowest, 43 percent.

According to the Hurun Global Rich List 2025, the United States housed the highest number of billionaires worldwide in 2025. In detail, there were *** billionaires living in the United States as of January that year. By comparison, *** billionaires resided in China. India, the United Kingdom, and Germany were also the homes of a significant number of billionaires that year. United States has regained its first place As the founder and exporter of consumer capitalism, it is no surprise that the United States is home to a large number of billionaires. Although China had briefly overtaken the U.S. in recent years, the United States has reclaimed its position as the country with the most billionaires in the world. Moreover, North America leads the way in terms of the highest number of ultra high net worth individuals – those with a net worth of more than ***** million U.S. dollars. The prominence of Europe and North America is a reflection of the higher degree of economic development in those states. However, this may also change as China and other emerging economies continue developing. Female billionaires Moreover, the small proportion of female billionaires does little to counter critics claiming the global economy is dominated by an elite comprised mainly of men. On the list of the 20 richest people in the world, only one was a woman. Moreover, recent political discourse has put a great amount of attention on the wealth held by the super-rich with the wealth distribution of the global population being heavily unequal.

According to Cognitive Market Research, the global Family Offices market size will be USD 19251.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 7.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 7700.60 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 5775.45 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 4427.85 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 962.58 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 385.03 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031.
Financial Planning stands out as the dominant service type. This category has established its leadership due to the essential role it plays in helping families manage their wealth effectively over the long term

Market Dynamics of Family Offices Market

Key Drivers for Family Offices Market

Growing Wealth Among High-Net-Worth Individuals to Boost Market Growth

One of the most significant drivers of the Family Offices Market is the substantial increase in wealth among high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs). As global wealth distribution shifts, a growing number of individuals and families are accumulating assets that require specialized management. Family offices are increasingly being sought after to provide tailored financial, investment, and estate planning services to meet the complex needs of this demographic. This wealth surge is not only driving the establishment of new family offices but also expanding the scope of services offered by existing ones to include more personalized and innovative wealth strategies, such as alternative investments and global asset diversification. For instance, in March 2023, Cascade Partners acquired BlueWater Partners LLC, based in Grand Rapids, MI. This partnership brought together two firms dedicated to client service, increasing their capacity and offering a wide range of consulting services, including restructuring and performance improvements

Restraint Factor for the Family Offices Market

High Operational Costs and Management Complexity, will Limit Market Growth

A significant restraint for the Family Offices Market is the high operational costs and management complexity associated with running a family office. These entities often require a wide range of specialized services, including investment management, legal counsel, and tax planning, all of which come with substantial costs. For many families, especially those with more modest wealth, these expenses can outweigh the perceived benefits. Additionally, managing the intricate financial needs and maintaining a dedicated team of professionals increases the complexity, making family offices an impractical solution for some high-net-worth individuals.

Impact of Covid-19 on the Family Offices Market

The COVID-19 pandemic had a notable impact on the Family Offices Market, accelerating the shift toward more agile and diversified investment strategies. During the pandemic, many family offices were forced to rethink their traditional investment approaches as global economic uncertainty and market volatility posed significant risks. As a result, there was a heightened focus on alternative assets, including private equity, real estate, and digital assets, to mitigate risk and maintain financial stability. Furthermore, the pandemic underscored the need for enhanced digital infrastructure, prompting family offices to adopt more advanced technology solutions for remote asset management, leading to a long-term transformation in how these entities operate.

Opportunity for Family Offices Market

Demand for Comprehensive Wealth Management Solutions will further Drive Market Growth

The rising demand for comprehensive wealth management solutions is one of the major trends in the ...

Graph and download economic data for Net Worth Held by the Bottom 50% (1st to 50th Wealth Percentiles) (WFRBLB50107) from Q3 1989 to Q1 2025 about net worth, wealth, percentile, Net, and USA.

About this dataset

Context

The dataset presents the the household distribution across 16 income brackets among four distinct age groups in International Falls: Under 25 years, 25-44 years, 45-64 years, and over 65 years. The dataset highlights the variation in household income, offering valuable insights into economic trends and disparities within different age categories, aiding in data analysis and decision-making..

Key observations

• Upon closer examination of the distribution of households among age brackets, it reveals that there are 197(6.95%) households where the householder is under 25 years old, 595(20.99%) households with a householder aged between 25 and 44 years, 1,060(37.39%) households with a householder aged between 45 and 64 years, and 983(34.67%) households where the householder is over 65 years old.
• The age group of under 25 years exhibits the highest median household income, while the largest number of households falls within the 45 to 64 years bracket. This distribution hints at economic disparities within the city of International Falls, showcasing varying income levels among different age demographics.

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2018-2022 5-Year Estimates.

Income brackets:

• Less than $10,000
• $10,000 to $14,999
• $15,000 to $19,999
• $20,000 to $24,999
• $25,000 to $29,999
• $30,000 to $34,999
• $35,000 to $39,999
• $40,000 to $44,999
• $45,000 to $49,999
• $50,000 to $59,999
• $60,000 to $74,999
• $75,000 to $99,999
• $100,000 to $124,999
• $125,000 to $149,999
• $150,000 to $199,999
• $200,000 or more

Variables / Data Columns

• Household Income: This column showcases 16 income brackets ranging from Under $10,000 to $200,000+ ( As mentioned above).
• Under 25 years: The count of households led by a head of household under 25 years old with income within a specified income bracket.
• 25 to 44 years: The count of households led by a head of household 25 to 44 years old with income within a specified income bracket.
• 45 to 64 years: The count of households led by a head of household 45 to 64 years old with income within a specified income bracket.
• 65 years and over: The count of households led by a head of household 65 years and over old with income within a specified income bracket.

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for International Falls median household income by age. You can refer the same here

China Banks' WMP: Balance of Investment Asset: Total data was reported at 31,170.000 RMB bn in Mar 2025. This records a decrease from the previous number of 32,130.000 RMB bn for Dec 2024. China Banks' WMP: Balance of Investment Asset: Total data is updated quarterly, averaging 28,660.000 RMB bn from Dec 2014 (Median) to Mar 2025, with 13 observations. The data reached an all-time high of 32,130.000 RMB bn in Dec 2024 and a record low of 15,768.270 RMB bn in Dec 2014. China Banks' WMP: Balance of Investment Asset: Total data remains active status in CEIC and is reported by China Central Depository & Clearing Co., Ltd. The data is categorized under China Premium Database’s Financial Market – Table CN.ZAM: Banks' Wealth Management Product: Asset Allocation Distribution.

China Banks' WMP: Balance of Investment Asset: Non-standardized Creditor's Right data was reported at 1,745.520 RMB bn in Mar 2025. This records an increase from the previous number of 1,740.000 RMB bn for Dec 2024. China Banks' WMP: Balance of Investment Asset: Non-standardized Creditor's Right data is updated quarterly, averaging 2,445.000 RMB bn from Dec 2014 (Median) to Mar 2025, with 14 observations. The data reached an all-time high of 4,364.910 RMB bn in Jun 2016 and a record low of 1,740.000 RMB bn in Dec 2024. China Banks' WMP: Balance of Investment Asset: Non-standardized Creditor's Right data remains active status in CEIC and is reported by China Central Depository & Clearing Co., Ltd. The data is categorized under China Premium Database’s Financial Market – Table CN.ZAM: Banks' Wealth Management Product: Asset Allocation Distribution.

Japan JP: Gini Coefficient (GINI Index): World Bank Estimate data was reported at 32.100 % in 2008. Japan JP: Gini Coefficient (GINI Index): World Bank Estimate data is updated yearly, averaging 32.100 % from Dec 2008 (Median) to 2008, with 1 observations. Japan JP: Gini Coefficient (GINI Index): World Bank Estimate data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Japan – Table JP.World Bank.WDI: Poverty. Gini index measures the extent to which the distribution of income (or, in some cases, consumption expenditure) among individuals or households within an economy deviates from a perfectly equal distribution. A Lorenz curve plots the cumulative percentages of total income received against the cumulative number of recipients, starting with the poorest individual or household. The Gini index measures the area between the Lorenz curve and a hypothetical line of absolute equality, expressed as a percentage of the maximum area under the line. Thus a Gini index of 0 represents perfect equality, while an index of 100 implies perfect inequality.; ; World Bank, Development Research Group. Data are based on primary household survey data obtained from government statistical agencies and World Bank country departments. For more information and methodology, please see PovcalNet (http://iresearch.worldbank.org/PovcalNet/index.htm).; ; The World Bank’s internationally comparable poverty monitoring database now draws on income or detailed consumption data from more than one thousand six hundred household surveys across 164 countries in six regions and 25 other high income countries (industrialized economies). While income distribution data are published for all countries with data available, poverty data are published for low- and middle-income countries and countries eligible to receive loans from the World Bank (such as Chile) and recently graduated countries (such as Estonia) only. See PovcalNet (http://iresearch.worldbank.org/PovcalNet/WhatIsNew.aspx) for definitions of geographical regions and industrialized countries.

According to the Hurun Global Rich List 2024, China housed the highest number of billionaires worldwide in 2024. In detail, there were 814 billionaires living in China as of January that year. By comparison, 800 billionaires resided in the United States. India, the United Kingdom, and Germany were also the homes of a significant number of billionaires that year. United States lost its first place As the founder and exporter of consumer capitalism, it is no surprise that the United States is home to a large number of billionaires. However, the United States has lost their place as the country with the most billionaires in the world to China. This rise of billionaires in China has coincided with the liberalization of its economy and successive high growth rates. However, North America still leads the way in terms of the highest number of ultra high net worth individuals – those with a net worth of more than fifty million U.S. dollars. The prominence of Europe and North America is a reflection of the higher degree of economic development in those states. However, this may also change as China and other emerging economies continue developing. Female billionaires Moreover, the small proportion of female billionaires does little to counter critics claiming the global economy is dominated by an elite comprised mainly of men. On the list of the 20 richest people in the world, only one was a woman. Moreover, recent political discourse has put a great amount of attention on the wealth held by the super-rich with the wealth distribution of the global population being heavily unequal.

Insurance For High Net Worth Individual (HNWIs) Market size was valued at USD 102.18 Billion in 2023 and is projected to reach USD 140.35 Billion by 2031, growing at a CAGR of 4.06% during the forecast period 2024-2031.

Global Insurance For High Net Worth Individual (HNWIs) Market Drivers

The market drivers for the Insurance For High Net Worth Individual (HNWIs) Market can be influenced by various factors. These may include:

Increased Wealth Accumulation: The growth in global wealth, particularly among high-net-worth individuals (HNWIs), serves as a main driver for the HNWI insurance industry. Economic trends imply that persons with assets above $1 million are increasing in number, especially in emerging markets. This accumulation of wealth boosts the demand for specialized insurance solutions that can safeguard unique assets, such as luxury residences, fine art, and antique cars. Additionally, the surge in personal wealth has fueled rivalry among insurance businesses. To capitalize on this trend, companies are offering bespoke insurance suited to the specific demands of affluent clientele, further fueling market growth.

Growing Awareness of Risk Management: HNWIs are becoming increasingly aware of the need to handle varied risks linked with their wealth. This recognition is partially driven by high-profile episodes of asset theft and liability claims that threaten their assets. As these individuals seek comprehensive risk management solutions, they turn to specialized insurance products to reduce potential losses. Insurers are reacting with novel offers, including as tailored coverage that targets special risks faced by rich consumers. This expanding understanding not only lifts the demand for HNWI insurance but also promotes additional educational efforts from insurers, improving market penetration.

Global Insurance For High Net Worth Individual (HNWIs) Market Restraints

Several factors can act as restraints or challenges for the Insurance For High Net Worth Individual (HNWIs) Market. These may include:

Regulatory Difficulties: The Insurance for High Net Worth Individuals (HNWIs) sector has substantial regulatory obstacles that might hamper expansion. Compliance with tight laws and reporting requirements needs tremendous resources and experience. Additionally, variances in rules across different jurisdictions can create challenges for insurers, as they must manage diverse legal systems. This might lead to greater operational costs and significant legal problems. Regulatory changes can also effect coverage options and price structures, forcing ongoing adaptation from insurers. As a result, the uncertainty regarding regulatory regimes can deter new competitors and constrain the ability of present businesses to innovate and expand their service offerings.

Market Rivalry: Intense rivalry in the Insurance for HNWIs market provides a substantial limitation, as various competitors strive for market share. Established insurers and specialized suppliers compete on cost, coverage alternatives, and customer service, producing in a price war that can erode profit margins. High-net-worth clients generally expect tailored services and unique coverage, which boosts competition to match their specific demands. Additionally, the influx of digital platforms and InsurTech startups adds another layer of competition, challenging established insurers to strengthen their service offering. This saturation can limit growth potential for current enterprises and make it difficult for new entrants to get a footing in the market.

Key information about Russia Household Income per Capita

• Russia Annual Household Income per Capita reached 8,179.123 USD in Dec 2024, compared with the previous value of 7,549.747 USD in Dec 2023.
• Russia Annual Household Income per Capita data is updated yearly, available from Dec 1992 to Dec 2024, with an averaged value of 5,882.623 USD.
• The data reached an all-time high of 9,660.697 USD in Dec 2013 and a record low of 183.584 USD in Dec 1992.
• In the latest reports, Retail Sales of Russia grew 5.200 % YoY in Dec 2024.

CEIC calculates Annual Household Income per Capita from Monthly Average Household Income per Capita multiplied by 12 and converts it into USD. Federal State Statistics Service provides Average Household Income per Capita in local currency. The Bank of Russia average market exchange rate is used for currency conversions.

International Distribution Services reported -25000000 in Net Income for its fiscal semester ending in September of 2024. Data for International Distribution Services | IDS - Net Income including historical, tables and charts were last updated by Trading Economics this last July in 2025.

Graph and download economic data for GINI Index for the United States (SIPOVGINIUSA) from 1963 to 2023 about gini, indexes, and USA.

South Korea HIES: AH: Distribution of Household data was reported at 100.000 % in 2024. This stayed constant from the previous number of 100.000 % for 2023. South Korea HIES: AH: Distribution of Household data is updated yearly, averaging 100.000 % from Dec 2019 (Median) to 2024, with 6 observations. The data reached an all-time high of 100.000 % in 2024 and a record low of 100.000 % in 2024. South Korea HIES: AH: Distribution of Household data remains active status in CEIC and is reported by Statistics Korea. The data is categorized under Global Database’s South Korea – Table KR.H053: 2019 Household Income and Expenditure Survey: 1 or more Members: All Households: Nominal.

International Distribution Services reported 28M in Interest Income for its fiscal semester ending in September of 2024. Data for International Distribution Services | IDS - Interest Income including historical, tables and charts were last updated by Trading Economics this last July in 2025.

Money Supply M2 in the United States increased to 21942 USD Billion in May from 21862.40 USD Billion in April of 2025. This dataset provides - United States Money Supply M2 - actual values, historical data, forecast, chart, statistics, economic calendar and news.

With a net worth of 342 billion U.S. dollars, Elon Musk, the cofounder of seven companies, such as electric car maker Tesla and the rocket producer SpaceX, was the wealthiest man in the world in March 2025. The wealthiest people in the world Marc Zuckerberg, the cofounder of Meta Platforms, came second with a wealth of 235.6 billion U.S. dollars. Amazon-founder Jeff Bezos followed in third. All the 10 richest people in the world were men. Wealth distribution worldwide As of 2022, one percent of people held nearly half of the world's combined wealth. Moreover, 2.8 billion of the world's population hold a combined wealth of less than 10,000 U.S. dollars, compared to 59 million people having a combined wealth of 1 billion dollars or more, underlining the vast inequalities around the world. Where do the most affluent people live? Most millionaires live in the United States, while Hong Konk was the city hosting the largest number of high net worth individuals worldwide. The country with the highest number of billionaires is China.

Historical chart and dataset showing World GDP per capita by year from 1960 to 2023.