What Crisis? U.S. Millionaire Count Hits All-Time High

Why The U.S. Has Millions Of Millionaires

By Robert Frank

The recovery is official -- at least for millionaires.

The number of millionaire households in the U.S. surged by 640,000, or 7 percent, to 9.63 million last year, according to a new study from Spectrem Group. That marks an all-time high for the number of millionaire households in America since Spectrem began tracking the data in 1997.

It's also the first time the millionaire population has exceeded the pre-crisis peak of 9.2 millionaire households in 2007, showing that last year's stock surge drove a corresponding growth in wealth for the rich.

The number of households worth $5 million or more also surpassed its pre-crisis peak for the first time, rising by 100,000 to 1.24 million households. The number of households worth $25 million or more surged by 15,000, to 132,000 households.

"In terms of the affluent investor, it is fair to say they have finally recovered from the economic downturn," said Spectrem Group President George H. Walper Jr.

However, the number of households worth $500,000 has yet to recover to its pre-crisis population peak. Those so-called "mass affluent" households grew by 1 million to 15.3 million in 2013 -- just below the 2007 top of 15.7 million.

Spectrem defines millionaire households as those with a net worth of $1 million or more, not including the value of their primary residence.

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The people who make insulting comments about Obama evidently get their news from FOX, which is like getting your groceries from a sewer. The Republicans and the rich don't care about anyone but the well off and are willing to sacrifice Democracy in their assault on the middle class and the poor. The right wing fanatics are guilty of killing thousands of young women whose health care has been compromised in the name of hate and basically throwing the elderly out on the street. If they didn't cheat, the Republicans could never win any elections, but unless the middle class wakes up to this truth, it will take decades before the US again becomes an honorable and morally responsible nation.

March 16 2014 at 11:14 PM Report abuse -1 rate up rate down Reply

The real story here is those millionaires use to be billionaires until Obozo ruined the economy with his "War On Business". Thanks to Obamacare, higher taxes and higher minimum wages and now higher overtime, more businesses will be shuttered and outsorced. Oboma said in his never-ending campaigning he would change America. He has and it is NOT for the better.

March 16 2014 at 9:26 PM Report abuse -1 rate up rate down Reply

what people fail to understand is there are millionaires who have started companies with a loan or using there homes a collateral, they have worked very hard and sacrificed to get were they are.
every person has that same opportunity, its up to them to make the decision to take the chance.
but why should I have to pay more and higher tax because I worked hard? why should I have to support the one that is lazy and wont get a job because he makes more on the government programs, nothing in life is free you must earn it, not receive it from others who have worked to become financially secure, when I hear people talk about taxes and how much they got back, makes me sick, I wrote a check to the IRS for over $400,000 this year, that sure puts a lot of welfare checks in the mail. my employees have to pass drug test to work, why don't you if you are on government substance? its not republicans that are the bad people its the entire corruption of our country.
the truth is with the unions they did it to themselves, a non union project can be completed 30% faster than a unions project, because they are lazy, not all people just in general. but the fact is I pay more tax per year then most will pay in a life time so please don't tell me about the rich getting richer, the rich is what supports this country and until it is realized they will continue to outsource, move manufacturing plants, move funds, move everything that keeps the wheel turning until one day it stops, because they have all pulled out.

March 16 2014 at 9:08 PM Report abuse +2 rate up rate down Reply

More millionaires than ever, more in poverty than ever before. Obama is 100% correct. The middle class is shrinking at an alarming rate. Yet the Repubs won't hear about minimum wage increase or a jobs bill that would have put up to 2 million people to work. They campaign on eliminating minimum wage, eliminating overtime pay, eliminating child labor laws, eliminating SNAP, eliminating SS, eliminating Medicare, and of course eliminating unions where people actually have a voice in their future. For these reasons, you will not see a Republican in the White House for decades.

March 16 2014 at 8:24 PM Report abuse -1 rate up rate down Reply

This report is the most stupid of all time. It fails to report on increased home and business values increases by the government's to increases the taxes on all.

March 16 2014 at 8:04 PM Report abuse rate up rate down Reply

All of our gvt servants and former servants are rich. All of our money manipulators are rich. Thats banksters and such.

March 16 2014 at 7:22 PM Report abuse +1 rate up rate down Reply

That's right all is well. Nothing to see here. Move on along. Don't worry, be happy.
Approximately 50,000,000 on food stamps and numbers growing.
Manufacturing still moving out side our country.
Middle class nearly destroyed.
Our poor just getting poorer.
Employers still cutting jobs.
More and more retailers cutting back or closing
Ben Berneke said we have a "jobless recovery" That statement could have come
right out of George Orwell's "1984". Classic "double speak". It's like the "eggless omlet"
It's no omlet and neither is the recovery.

March 16 2014 at 5:46 PM Report abuse +1 rate up rate down Reply

The moron who wrote this story titles it "WHAT CRISIS" ???? hey meathead...the crisis isnt how many millionaires we have here...or not many millionaires we dont have here...HT CRISIS IS THE DISPARITY between the haves and the have nots. Dont get me wrong....I'm all for a hard days work makes for a hard day's pay...BUT NOT AT THE EXPENSE OF THE LITTLE GUY such as corporations do paying people piss poor unlivable wages. If there was ever a time we needed UNIONS to fight for the little guy..its now. Seems none of you you "anti-unios" bigots missed the boat. As unions declined...so has the wages of the average American worker in comparasion to the rate of inflation. In fact is the minimum was had kept up with the rate of inflation...it would now be more like $12..00 an hour. So tell me....when a companies passes on the inflated cost of making a product to it's customers....and continually raises the costs of same products...yet keep wages down a pitianace to its employees....who rakes in the increased difference ?? RIGHT...THE OWNER OR SHAREHOLDER OF THE COMPANY. DUH

March 16 2014 at 4:07 PM Report abuse rate up rate down Reply
1 reply to leftydap52's comment

Obama and his lefty cronies OWN THE UNIONS!

March 16 2014 at 7:51 PM Report abuse +1 rate up rate down Reply

People in poverty, ha ha. They have housing, medical care, cell phones, cars , cable, food stamps, unearned tax credits and welfare. That not poverty.

March 16 2014 at 4:02 PM Report abuse +2 rate up rate down Reply
1 reply to bharrison777's comment

Correct! The ones in poverty are the middle class who are footing the bill for those supposedly poor! Funny how the poor have voted Democrat for over 50 years and they are still poor!

March 16 2014 at 7:53 PM Report abuse +2 rate up rate down Reply

Since a million dollars is only worth aboout $250,000 in 1970 currency no wonder. If you own a house and a car you are about there.

March 16 2014 at 4:00 PM Report abuse +2 rate up rate down Reply