Luxury Institute Analysis of Census Data Shows Top 10% of U.S. Households Earn at Least $150,000 With the Highest Concentration in Eastern States but the Biggest Numbers in California

NEW YORK, NY--(Marketwired - May 05, 2015) - A custom tabulation of data from the 2013 American Community Survey, by the New York-based Luxury Institute, shows record of 11.5 million households with at least $150,000 in annual income. Households meeting this definition grew 8.5% from 2012, and are 25% higher than in 2009. After reaching a peak of 9.8 million in 2008, the number of high-income households dropped in the next two years before hitting a new high of 10 million in 2011. Income levels are not adjusted for inflation.

By state, California is home to the largest number of families earning more than $150,000 with nearly 1.8 million affluent households, followed by New York (976,000) and Texas (907,000). With regard to metropolitan areas, affluent households are most numerous in New York City (1.25 million), Los Angeles (593,000) and Washington, D.C. (533,000).

In terms of proportion of high-income households, New Jersey (17.9%), Maryland (17.2%), Connecticut (16.8%) and Massachusetts (16.1%) are the states with the highest concentrations. By metropolitan area, the influences of Silicon Valley and the federal government are apparent as San Jose (28.5%), Washington, D.C. (25.0%) and San Francisco (23.7%) are the three areas with the highest percentage of households earning at least $150,000 a year.

Demographically, high-income households tend to be headed by someone between the ages of 45 and 64, and 80% of them are married or in a committed relationship. White, non-Hispanic families account for four out of five high-income households, but Asian households enjoy the highest incidence (17%) of earning at least $150,000, compared to 11% of whites, 5% of Hispanics, and 4% of households led by African Americans.

"The surge in high-income households is certainly a tailwind for luxury firms," says Luxury Institute CEO, Milton Pedraza. "Nonetheless, turning these wealthy shoppers into loyal customers still requires superior products, services and experiences delivered by the right mix of personnel and technology."

The American Community Survey is an ongoing effort by the U.S. Census Bureau to provide demographic and financial data on the U.S. population. The Luxury Institute mines the data for emerging trends and insights that can impact companies serving wealthy customers.

For more information and additional insights, visit www.LuxuryInstitute.com or contact us directly with any questions.