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  "presentationDate": "2023-01-01 00:00:00",
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  "notes": "The slide highlights a 62% concentration of HNW households in FRC's urban coastal markets, up from 46% in 2003.",
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      "text": "Increased concentration of wealth in our markets offers a growing opportunity. First Republic's urban, coastal markets contain 22% of all U.S. households but fully 62% of all high net worth households. This concentration has increased from 46% in 2003.",
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      "text": "HNW HHs Banked by FRC",
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      "text": "FRC Penetration of HNW HHs in Its Markets",
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      "text": "Source: FRC/Capgemini Consulting study, 2022 (study as of 2021). (1) Represents approximately 50% of First Republic's client households as of December 31, 2021. High net worth households (HNW HHs) defined by Capgemini as households with at least $1 million of investable assets. (2) As of December 31, 2021, FRC markets include San Francisco, Los Angeles, San Diego, Portland, New York, Boston, Newport Beach, Palm Beach, Jackson and Seattle. (3) Figures include Boston beginning in December 31, 2005; Portland in December 31, 2007; Palm Beach in December 31, 2011; Jackson in December 31, 2019; and Seattle in December 31, 2021. (4) As of December 31, 2021.",
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