Which professional services America’s multimillionaires are spending their money on
Wealthy Americans love their pet carers and personal trainers — they’re less keen on their wealth and property managers.
While it might not feel like it for everyone, America has never been richer... at least on paper. Thanks to a surge in stock prices and home values over the past decade, total household net worth now sits at a record $167 trillion, with nearly a third of that wealth controlled by the top 1% — a group that has helped lift the country’s overall consumption this year.
Beyond boosting their wealth portfolios through various assets, where is all that spending actually going inside the most affluent households in the US? According to a new survey from Long Angle — a private community platform for high-net-worth individuals — less than a third (32%) of them use a wealth manager, while they outsource a large share of the tasks that keep their day-to-day lives running.
Indeed, a majority of households with over $2.2 million in net worth rely on financial and property services: 82% use CPA and tax services, 52% work with a trust and estate attorney, while housekeeping has become a “staple,” with two-thirds employing a home-cleaning service. Lawn care and gardening are also common, used by 52% of respondents.
Money can’t buy...
But that heavy spending doesn’t necessarily mean they’re happy with them: financial and home services score among the lowest in the survey’s satisfaction rankings, with respondents citing slow responses, low-quality work, and high costs as the main drivers of discontent.
On the other end of the spectrum, wealthy Americans seem most happy with services tied to personal and family well-being: personal trainers top the list with a satisfaction score of 9.3, while Golden Visa immigration attorneys (8.8), therapy (8.3), and a range of childcare and education services also sit among the highest-rated.
