Capgemini Announces New Metro Wealth Index for U.S. Cities
2008 Index Finds a 15.7% Decrease Among Populations of High Net Worth
Individuals in Top Ten Metropolitan Statistical Areas
NEW YORK--(Business Wire)--
Capgemini, one of the world`s foremost providers of consulting, technology and
outsourcing services today announced the availability of the Capgemini U.S.
Metro Wealth Index, a new customizable wealth management analysis tool which
monitors populations of High Net Worth Individuals (HNWIs) within United States
metropolitan statistical areas (MSAs).
A recent analysis using the Capgemini U.S. Metro Wealth Index focusing on HNWI
populations in the top 10 U.S. MSAs shows a decline among HNWI populations at
15.7%, or nearly 300,000 HNWIs, which is less than the total national U.S. HNWI
population decline at 18.5%. Cities in the top 10 MSAs have long been the
primary areas of wealth in the U.S. While these areas were affected by the
downturn, the impact was less as compared to other large cities where factors
such as the real estate market crash were heavily felt.
The Capgemini U.S. Metro Wealth Index leverages Capgemini`s custom market sizing
modeling capability and is designed to help wealth management firms understand
the scale and potential of different markets in order to identify new growth
opportunities or adjust an existing footprint in specific regions. Wealth
management firms can benefit from such analysis as it provides details on the
dynamics and growth of potential markets and client segments, as well as
insights on future trends.
"Despite a challenging year in 2008, significant growth opportunities still
exist within the wealth management market," said William Sullivan, Head of
Global Financial Services Market Intelligence, Capgemini Financial Services.
"With increasing client demands and cost pressures, firms need to be focused on
making targeted investments to determine markets with the greatest opportunity
for growth, and markets that may require reevaluation for entry or exit. The
Capgemini U.S. Metro Wealth Index provides firms with both historic data and
future projections to help evaluate these important decisions."
In addition to the top ten MSAs, the modeling capability behind the U.S. Metro
Wealth Index can size any specific geography within the United States - at the
county, city or state level - as well as the U.S. itself. For example, in 2008,
Orlando (#30 MSA) lost 42% of its HNWI population; Las Vegas (#29 MSA) lost 38%;
and Phoenix (#22 MSA) lost 34%. Interestingly, areas where the HNWI population
declined drastically in 2008 experienced strong HNWI population gains in the
preceding years. These above average declines were largely due to real estate
value declines and other economic factors such as a decrease in tourism in 2008.
The complete results for the top ten U.S. MSAs are included in the visual below.
Capgemini has more than a decade of market sizing experience through client
projects and on the industry leading World Wealth Report. For more information
on market sizing engagements, please contact wealth@capgemini.com.
Source: Capgemini Analysis, 2009
The 2008 Capgemini U.S. Metro Wealth Index - Top 10 Largest US MSAs
2008 Rank U.S. Metro Area Adult Population (k) 2007 HNWI Population (k) 2008 HNWI Population (k) 2007-2008 HNWI Population
(by number of HNWIs) Decrease (%)
1 New York 650.1 561.8 -13.6%
(15,189.6)
2 Los Angeles 253.3 208.2 -17.8%
(10,130.7)
3 Chicago 205.4 172.2 -16.2%
(7,542.4)
4 Washington D.C. 151.9 127.7 -15.9%
(4,298.6)
5 San Francisco 142.6 120.8 -15.3%
(3,449.5)
6 Boston 107.9 89.4 -17.1%
(3,672.5)
7 Philadelphia 106.3 86.7 -18.4%
(4,714.4)
8 Detroit 94.5 79.5 -15.9%
(3,562.4)
9 San Jose 80.7 69.5 -13.9%
(1,434.0)
10 Houston 86.7 68.4 -21.1%
(4,383.0)
Note: Numbers are rounded; By `Metro Area` we refer to an MSA - a Metropolitan
Statistical Area; HNWI is a High Net Worth Individual with investable assets of
$1m or more; We do not publish individual names of HNWIs by city
Source: Capgemini U.S. City Sizing Model and Analysis
About Capgemini
Capgemini, one of the world`s foremost providers of consulting, technology and
outsourcing services, enables its clients to transform and perform through
technologies. Capgemini provides its clients with insights and capabilities that
boost their freedom to achieve superior results through a unique way of working
- the Collaborative Business Experience - and through a global delivery model
called Rightshore, which aims to offer the right resources in the right location
at competitive cost. Present in more than 30 countries, Capgemini reported 2008
global revenues of EUR 8.7 billion and employs over 90,000 people worldwide.
More information is available at www.capgemini.com.
Capgemini`s Financial Services Global Business Unit (FS GBU) brings deep
industry experience, enhanced service offerings and next generation global
delivery to serve the financial services industry. With a network of 12,000
professionals serving over 900 clients worldwide, the FS GBU collaborates with
leading companies in banking, insurance, and capital markets to create tangible
value. For more information please visit www.capgemini.com/financialservices.
Weber Shandwick for Capgemini
North America
Jenny Grendel, +1 212 445 8187
jgrendel@webershandwick.com
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