The population of US HNWIs jumped 17% to 4 million and their investable wealth by 18% to reach $13.9 trillion in 2014, according to the US Wealth Report 2014 by Capgemini and RBC Wealth Management.
Growth rates of both the HNWI population and HNWI wealth in the US exceed the global averages of 15% and 14% respectively, the report said.
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"Steady GDP growth, reduced unemployment, a falling deficit, and an energy renaissance boosted investor confidence and energized risk appetites in 2013," said John Taft, chief executive officer, RBC Wealth Management US.
He added: "These factors contributed to record wealth levels in the U.S. Over the last five years, some of the strongest growth in wealth occurred in the energy and technology-centric cities of Dallas, Houston and San Jose, indicating that a broader mix of geographies and industries is driving wealth creation in the U.S."
According to the report, while New York still reigns, holding almost three times more HNWIs (at 894,000) and wealth ($3.2 trillion) than second-ranked Los Angeles (at 330,000; $1.2 trillion), it recorded the second lowest growth rate (12%) in HNWI population of the top 12 MSAs, ranking only slightly higher than Detroit (11%).
In addition, US HNWIs showed greater risk-taking with portfolios. The report found that they invested one-third of their wealth beyond North American borders, up from 20% a year earlier.
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