July 20, 2021
NSB’s Private Bank Report Profiles Growth of Nevada’s High Net Worth Households
LAS VEGAS – The Private Bank by Nevada State Bank released the latest edition of its High Net Worth Report series today. Issue 2 of 2021 provides an in-depth profile of high net worth households in Nevada. Since 2014, the number of high net worth households in the state nearly doubled, and there are more high-earning households in Nevada than ever before. Using data from the U.S. Census Bureau, this issue summarizes the growth of high net worth households in the state as well as their key demographic, housing and occupational trends.
Highlights from the report include:
- The number of high net worth households nearly doubled in the last five years, increasing from 36,700 to 70,700 statewide. High net worth households accounted for one in 16 households in Nevada in 2019.
- In 2019, about 3,400 high net worth households migrated into Nevada from another state or country the previous year. This represented over half of the total net gain in high net worth households over 2018.
- Compared with all other households, high net worth householders were more likely to be married (78.8 percent compared to 44.7 percent), more likely to have a larger household (2.9 people compared to 2.4 people), and more likely to have children living at home (45.6 percent compared to 36.2 percent).
- Over the last five years, the top growth industries for top earners in high net worth households were in medical hospitals (+3,500), real estate (+2,600) and arts and entertainment (+1,900).
“Nevada’s low-tax environment, sunny weather and economic opportunities make it an attractive place to relocate for all households, including high net worth households,” said James Rensvold, Executive Vice President and Director of Private Banking. “People vote with their feet, and the inflow of new high net worth households to Nevada are a testament to the state’s quality of life.”
The Private Bank’s High Net Worth Report is available on Nevada State Bank’s website at www.nsbank.com/HNWreport. The Private Bank by Nevada State Bank provides a full range of personalized financial services for high net worth and high-income clients.
About Nevada State Bank (@nevadastatebank)
Nevada State Bank is a full-service bank offering a complete range of consumer, private, and business banking services, as well as wealth management services, with a robust statewide branch network. Nevada State Bank’s colleagues regularly volunteer in their communities and have been dedicated to helping make Nevada a better place to live for the last 63 years. Zions Bancorporation, N.A. is included in the S&P 500 and NASDAQ Financial 100 indices (NASDAQ: ZION). For more information on Nevada State Bank, visit www.nsbank.com.
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