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U.S. has close to 10 million millionaires

While many polls show that middle- and lower-class Americans believe the recession has not ended, the number of millionaires in the U.S. climbed close to record levels in 2013.
By Ananth Baliga   |   March 14, 2014 at 11:20 AM  |  Updated March 14, 2014 at 11:21 AM   |   Comments

LAKE FOREST, Ill., March 14 (UPI) -- The number of households with a net worth of $1 million or more is at a record 9.63 million, higher than before the financial crisis hit.

This number surpasses the previous high of 9.2 million in 2007, just before the global financial crisis struck, according to a report released by research firm Spectrum Group. Their research shows that households in all wealth segments showed large increases from 2012 to 2013.

The number of households with a net worth of $100,000 to $1 million, not including their homes, grew to 28.97 million. This is a rise of 500,000 households over 2012, and 3.77 million over the post-recession low of 25.2 million.

The study reinforces other data showing that the wealthy are doing well compared to many other segments of society.

"Most of the financial damage done by the recession has been erased by recent record-high markets in 2013 as well as continued rebound in the real estate markets," said George Walper Jr., Spectrem president. "In terms of the affluent investor, it is fair to say they have finally recovered from the economic downturn."

Wealthy Americans have been helped by the sharp rise in the stock market and rising housing prices.

Growth in the ultra-high net worth segment -- those worth between $5 million and $25 million -- was significant, rising by 85,000 to 1.108 million households. The wealthiest Americans, worth $25 million or more, saw an increase of 15,000 households, to 132,000 in 2013.


[Spectrum Group]
[LATimes]

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