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Portrait™ of U.S. Household Wealth 2022: Sizing Opportunities from Retirement to High Net Worth and Exploring the Role of Real Estate

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Report Overview

Today, 129M households make decisions $68.6T in investable assets, with 2 of 3 dollars in taxable accounts and the remainder in retirement.
The 2022 Portrait™ of U.S. Household Wealth reports on the current breakdown of household wealth in America. This report is updated annually. Learn who controls the wealth by age and asset ranges through the Portrait Grid™. This research is the foundation of all market sizing at Hearts & Wallets. Use this report to size and refine your target markets using the TAM, SAM SOM methodology.


Key Findings

  • 129M households in the U.S. make decisions about $68.6T in investable assets with 2 of 3 dollars in taxable accounts and the remainder in retirement.
  • Households age 45+ with $500K+ make decisions about $57.1T or 83% of investable assets.
  • After the “wealth” market, the next biggest age-asset group in asset terms is ages 45-64 with $500K-<$2M: 8.4M households who make decisions about $13.5T.
  • The taxable-retirement split, 2 to 1 at the national level, varies significantly within groups. Most households (111M) have taxable accounts. $9.8T in DC is spread across 62M households, and 50M have $12.5M in IRAs.
  • Net equity in real estate is $29T, currently a bigger portion (23%) of U.S. household wealth than retirement assets (19%).


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Sample Report Pages


Methodology 1-2

Key Findings & Implications 3

Favorite Statistics 4

Related Research 5

Key Findings 6-48

1: 129M households in the U.S. make decisions about $68.6T in investable assets with 2 of 3 dollars in taxable accounts and the remainder in retirement.

1.1: Exhibit 1.1 — U.S. Households (M): By Year

6

1.2: Exhibit 1.2 — U.S. Household Total Investable Assets* ($T): by Year

7

1.3: Exhibit 1.3 — Total Investable Assets by Taxable and Consumer-Controlled Retirement ($T): by Year

8

1.4: Exhibit 1.4 — Consumer-Controlled Retirement, By Account Type ($T): by Year

9

1.5: Exhibit 1.5 — Taxable Assets vs. Retirement and Retirement Components, 2022

10

1.6: Exhibit 1.6 — Components of Household Wealth ($T): 2022

11

1.7: Exhibit 1.7 — Pension Plans ($T) by Funding Status and Sponsoring Entity Type: 2022

12

1.8: Exhibit 1.8 — Components of Household Wealth ($T): by Year

13

2: Households age 45+ with $500K+ make decisions about $57.1T or 83% of investable assets.

2.1: Exhibit 2.1 — The Portrait Grid™ 2022

14

2.2: Exhibit 2.2 — The Portrait Grid™ Visualization of U.S. Household Investable Assets ($B): by Age and Investable Assets, 2022

15

2.3: Exhibit 2.3 — Asset Class Allocation by Age-Investable Asset Segments, 2022

16

2.4: Exhibit 2.4 — Incidence of Any Equity in Asset Class Allocation by Age-Investable Asset Segments, 2022

17

2.5: Exhibit 2.5 — Saving Rate by Age-Investable Asset Segments, 2022

18

2.6: Exhibit 2.6 — 10%+ Saving Rate by Age-Investable Asset Segments, 2022

19

3: After the “wealth” market, the next biggest age-asset group in asset terms is ages 45-64 with $500K-<$2M: 8.4M households who make decisions about $13.5T.

3.1: Exhibit 3.1 – U.S. Households and Investable Assets by 10 Age-Investable Asset Segments: 2022

20

3.2: Exhibit 3.2 – The Portrait Grid™ 2022, Highlighting Age 45-64, Investable Assets $500K-<$5M

21

3.3: Exhibit 3.3 – Example of TAM-SAM-SOM Market Sizing: Offering for Mass Affluent <55 $10K+ Savers, 2022

22

3.4: Exhibit 3.4 – Example of Design Target Sizing & Segmentation: Offering for Mass Affluent <55 $10K+ Savers, 2022

23

3.5: Exhibit 3.5 – Example of TAM-SAM-SOM Market Sizing: Households With $5M-<$10M Less Than Delighted With Primary Relationship, 2022

24

4: The taxable-retirement split, 2 to 1 at the national level, varies significantly within groups. Most households (111M) have taxable accounts. $9.8T in DC is spread across 62M households, and 50M have $12.5M in IRAs.

4.1: Exhibit 4.1 – Estimated Defined Contribution (DC) Households & Assets by Age and Investable Asset Groups, 2022

25

4.2: Exhibit 4.2 – Estimated Defined Contribution (DC) Statistics, by Age and Investable Asset Groups, 2022

26

4.3: Exhibit 4.3 – Estimated IRA Households & Assets by Age and Investable Asset Groups, 2022

27

4.4: Exhibit 4.4 – Estimated IRA Statistics, by Age and Investable Asset Groups, 2022

28

4.5: Exhibit 4.5 – Estimated Taxable Households & Assets by Age and Investable Asset Groups, 2022

29

4.6: Exhibit 4.6 – Taxable vs. Retirement Asset Mix: by Detailed Investable Asset Groups, 2022

30

4.7: Exhibit 4.7 – Taxable vs. Retirement Assets, Mix & Dollars: by Investable Asset Groups, 2022

31

4.8: Exhibit 4.8 – Defined Contribution (DC) vs. IRA Asset Mix: by Detailed Investable Asset Groups, 2022

32

4.9: Exhibit 4.9 – Estimated Defined Contribution (DC) as Percentage of Total Investable Assets: by Detailed Investable Asset Groups, 2022

33

4.10: Exhibit 4.10 – Crosstab of Portfolio Allocation for Account Types: ESRPs NET (Current & Former Employer Plans) by Assets-to-Income Ratio: Age 45-64 with $250K-$2M Investable Assets, 2022

34

5: Net equity in real estate is $29T, currently a bigger portion (23%) of U.S. household wealth than retirement assets (19%).

5.1: Exhibit 5.1 – Ownership of Primary Residence & Additional Real Estate: National, by Year

35

5.2: Exhibit 5.2 – Value of Primary Residence: National, by Year

36

5.3: Exhibit 5.3 – Mortgage Incidence and Balance on Primary Residence: National, by Year

37

5.4: Exhibit 5.4 – Net Equity in Primary Residence: National, by Year

38

5.5: Exhibit 5.5 – Value of Additional Real Estate: National, by Year

39

5.6: Exhibit 5.6 – Net Equity in Additional Real Estate Among Owners: National, by Year

40

5.7: Exhibit 5.7 – Real Estate Net Equity as Percentage of Real Estate Net Equity + Investable Assets: National, by Year

41

5.8: Exhibit 5.8 – Real Estate Net Equity as Percentage of Real Estate Net Equity + Investable Assets: by Investable Asset Groups, 2022

42

5.9: Exhibit 5.9 – Real Estate Net Equity as Percentage of Real Estate Net Equity + Investable assets: $100K-<$500K Investable Assets, by Year

43

5.10: Exhibit 5.10 – Real Estate Net Equity as Percentage of Real Estate Net Equity + Investable assets: $500K-<$2M Investable Assets, by Year

44

5.11: Exhibit 5.11 – Crosstab of Real Estate Net Equity as Percentage of Real Estate Net Equity + Investable Assets by Concern: “Making Assets Last Throughout Retirement/Outliving Money,” 2022

45

5.12: Exhibit 5.12 – Crosstab of Real Estate Net Equity as Percentage of Real Estate Net Equity + Investable Assets by Attitude: “I would consider moving to a smaller, less expensive home in order to free up money to fund my retirement,” 2019

46

5.13: Exhibit 5.13 – Crosstab of Real Estate Net Equity as Percentage of Real Estate Net Equity + Investable Assets by Anticipated Sources of Income in Retirement: Real Estate Income, 2022

47

5.14: Exhibit 5.14– Crosstab of Real Estate Net Equity as Percentage of Real Estate Net Equity + Investable Assets by Spending Percentage on Housing & Utilities, 2022

48

Appendix 49-54

Glossary 55

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