Despite the recent focus on Millennials, Baby Boomer households (born between 1946 and 1964) represent both the largest portion of the nation’s household population (37.5%) and investable assets (45.5%). In total, they hold $14.5 trillion (yes, trillion!) in investable assets.
This month, we decided to take a look at estimated average investable assets for Baby Boomer households by CBSA (Core Based Statistical Area) market:
Source: MarketMix™
Wealthiest Baby Boomer Markets
Which CBSA markets have Baby Boomer households with the highest estimated average investable assets?
- Jackson, WY/ID: $1.5M
- Bridgeport/Stamford/Norwalk, CT: $1.4M
- San Jose/Sunnyvale/Santa Clara, CA: $1.1M
- Naples/Marco Island, FL: $1M
- San Francisco/Oakland/Fremont, CA: $900K
It is no surprise to see some of the above cities on the list of where you might find rich Baby Boomers. As Baby Boomers approach retirement, some are likely staying put in their hometowns, while others are happy in the sunshine (California and Florida) or the mountains (Wyoming). Financial institutions targeting wealthy households in other generations – Millennials, Gen X, or the Silent Generation – can undergo a similar analysis to find out where these high-potential groups are concentrated as well as discover which of your current customers hold the most potential for growth.
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