November 2, 2023
NSB’s Private Bank Report Shows Five-Year Growth Trend in Nevada's High Net Worth Households and Correlation to Remote Work
LAS VEGAS – The Private Bank by Nevada State Bank released the latest edition of the High Net Worth Report series today. Issue 3 of 2023 provides a demographic overview of the 87,000 high net worth households in Nevada. Using data from the U.S. Census Bureau, the report summarizes key demographics, in-migration trends and the relationship between high net worth households and remote work.
Highlights from the current issue include:
- From 2016 to 2021, the number of high net worth households in Nevada increased nearly 40,000, accounting for about one third of overall household growth in the state. About 20 percent of new high net worth households migrated in from out of state.
- One in eight high net worth households earned income from running their own businesses or professional practices – double the rate of all other households.
- Almost a quarter of workers in high net worth households worked from home in 2021, twice the rate of all other households. Since the pandemic, half of new workers in high net worth households moving into Nevada were remote workers.
- High net worth households have higher levels of educational attainment compared to all other households. Four out of 10 residents of high net worth households earned at least a bachelor’s degree, double the rate of all other households.
“Nevada continues to be an attractive destination for households to settle down and plant roots,” said James Rensvold, executive vice president and director of Private Banking. “The makeup of such households may change, but the inflow of new high net worth households reinforces the appeal of Nevada’s economy and way of life.”
The Private Bank’s High Net Worth Report is available on Nevada State Bank’s website at www.nsbank.com/HNWreport or by contacting The Private Bank directly at 702.855.4596.
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.
A division of Zions Bancorporation, N.A. Member FDIC