Business - Markets Reports and Financial News

Number Of Millionaires in U.S. Reaches a New High

The number of U.S. households with a net price of $1 million or a lot of, excluding primary residence, rose to 9.63 million in 2013, in line with a brand new report from Spectrem Group, a consulting and analysis firm.

That’s over a 600,000 leap up from 2012, and therefore the highest variety on record. This is the primary year that the quantity has surpassed the pre-recession high of 9.2 million in a pair of 2007. Once the worldwide monetary meltdown hit and therefore the bottom fell out of the market, the quantity tanked to 6.7 million in 2008.

“The last few years, we have seen the quantity frequently increase, however this was the primary year that we’re finally on the far side the depression,” said George Walper, Jr., president of Spectrem Group. He said that the market reaching uncomparable highs last year, as well as associate degree up assets market, drove the made to urge even richer.

The ultra-wealthy weren’t insulating material behind. Walper aforementioned each the quantity of households with a net price of $5 million and on top of and $25 million or a lot of reached the very best numbers since Spectrem started pursuit the figure.

“Because of their levels of wealth, they inflated their exposure to equities throughout the downswing and were creating investments in assets once the market was at very cheap,” he said. “That’s why currently they’ve benefited the foremost from the come back within the economy.”

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