New Study Shows There Are More Millionaires Than Ever
Achieving millionaire status seems like a dream, but for many U.S. households, it’s a reality.
Spectrem’s Market Insights Report discovered that 2016 marked the highest number of households in the U.S. to have a net worth of $1 million or more. With an increase of more than 400,000, 10.8 million people reportedly reached millionaire status in 2016.
Households making anywhere from $1 million to $5 million saw a 238,000 household increase, reaching a record 9.38 million. The ultra rich -- those bringing in more than $25 million a year -- also saw an increase by 7.5 percent, to a height of 156,000 households.
Overall, there has been a boost in wealth. There were 30.5 million households bringing in anywhere from $100,000 to $1 million in 2016, a 700,000 increase from 2015.
It looks like things have finally recovered from the 2008 recession. Today, there are 1.6 million more American millionaires than there were in 2007.
“The record levels of households reflect the significantly higher values of all asset classes post-recession," Spectrem Group president George Walper, Jr., said in a press release, "and the recent record level of the United States markets following the presidential election has added demonstrably to the asset level of most affluent investors."