Mass Affluent Demographic Profile
Among the mass affluent population of the US, 41% are currently aged between 55-75, 37% are currently aged between 40-54, and 9% are currently aged between 25-39.
DEMOGRAPHICS OF THE MASS AFFLUENT GROUP IN THE US
- While there was no publicly available report on the exact break-up of the sexes percentage-wise, according to Retail Dive, the mass affluent are more often married people that identify as men.
- According to financial industry experts, an individual included in the demographics of mass affluent is "defined as an individual or household who had $100,000 to $1,000,000 in liquid assets to invest."
- Specifically, a person must make at least 1.5 times the median household income of their region.
- At a national average, a person must make at least $93,000 a year, given that the median household income in the US is $62,000 as of 2019.
- MDG Advertising classified 'affluents' as those having at least $100,000 in annual income. Based on this definition, a poll by Ipsos Affluent Intelligence Group found that "90% of affluent seniors age 72+ identify as non-Hispanic white."
- In the same poll, "14% of affluent Millennials identify as Hispanic, 12% as Asian, and 7% as black."
- According to a study done by Nielsen, mass affluents work in finance, business and management careers, or own their own business.
- The majority of the mass affluent population was found to be "couples who own their own homes."
LEVEL OF EDUCATION
- 72% of this group was found to have a college degree. Nearly a quarter of respondents have "an advanced degree, such as an MA or PhD [sic]."
To find demographic information on the mass affluent group in the US, the research team consulted reports prepared by globally reputed agencies that prepare wide-scale surveys and consumer reports. We also looked into reports published by credible and reputable investment firms in the US. We also searched market research reports published on the mass affluent population published by credible research firms and financial periodicals. We sought out articles written by experts in the space, as well as academic studies on this segment that were published in both academic circles and financial or social outlets.
From all the sources combined above, we could find all the demographic information requested, aside from specific information on the gender identification of the mass affluent population. For example, in this case, we could only find qualitative information that suggests the mass affluent population predominantly identifies as men.
For other parameters such as employment and location, information was older than two years. However, since it was found that this information is still being quoted in recent sources as the most recent information available, this data was included.