Only 3 per cent of high net worth individuals in the US attribute their wealth to inheritance, while 67 per cent claim to be “self-made” millionaires, according to a new survey by BMO Private Bank.   

The firm’s inaugural report, which is the first in a series of studies looking at trends among HNW Americans, also revealed that a quarter of HNW individuals in the US are under the age of 40.

In other interesting findings, a third of the respondents were either born outside of the US or are first generation Americans, with at least one parent born elsewhere. Within this segment - which BMO describes as the “new Americans” - an overwhelming 80 per cent said their wealth was self-made.

Meanwhile, according to the survey, women represent a third of HNW individuals in the US. Half of these respondents said they generated their own wealth, compared with 29 per cent who said their wealth comes “primarily as a result of their spouse.”

“As an industry, we need to learn to cater to an increasingly diverse client base and provide them with the products and services they require and to strive to have an employee base that reflects the communities in which we do business,” said Terry Jenkins, president and chief executive, BMO Private Bank.  

BMO Private Bank defines HNW individuals as those with at least $1 million in investable assets.