What recession?
According to consulting and research firm, the Spectrem Group, the number of U.S. millionaires are on the rise. The number of U.S. households with a net worth of $1 million and more rose to 9.63 million in 2013, the highest on record. That’s a 600,000+ uptick from 2012′s numbers according to the company’s 2014 Affluent Market Insights Report.
“The last few years, we’ve seen the number continually increase, but this was the first year that we’re finally beyond the economic crisis,” said the firm’s president, George Walper, Jr.
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After the financial fall of 2008, only 6.7 U.S. millionaires were recorded. Thanks to a rapidly improving real estate market, more Americans are becoming millionaires each year. But it doesn’t stop there. The number of affluent households making more than $5 million and $25 million have also shattered records.
“Because of their levels of wealth, they increased their exposure to equities during the downturn and were making investments in real estate when the market was at the bottom,” notes Walper.
He continued, “That’s why now they benefited the most from the return of the economy.”
Graphic via Millionaire’s Corner/Spectrum