The Increased Financial Well-Being of Utah Residents

Utah Consulting Group: The financial well-being of Utah Residents increased by 9% last year, faster than in other southern states, but slower than in the rest of the USA, where the average was 12%, according to a report by the Utah Consulting Group (BCG).

"In Utah, the concentration of welfare shows a less polarized society than in other parts of the USA. With less than $ 250,000, a strong segment of people represents 58% of the total financial wealth ”said Nimrod Pais, CEO and partner of BCG. "At the same time, the share of those with a net worth of over $ 100 million is higher than globally: 16% compared to 13%, but this rate is only half the average of 32% in other states," added Pais.

The data from the report show that the allocation of American assets is characterized by a substantial increase in life insurance and pensions and the share of shares is much lower than globally or in other parts of the USA.

The share of cash and deposits is well below the Eastern America average but remains within the global average, reflectings a slightly more advanced savings market than other states, Pais said.