Most wealth segments have reached record highs thanks to the record stock market prices.
Total Households - 1997-2013
The recession in 2008 caused the number of Millionaires in the United States to fall to 6.7 million, a decrease of more than a quarter of the Millionaire population compared to the 2008 total of 9.2 million. But the population of Millionaires has been growing ever since. In 2013 the number of Millionaires reached a new record high of 9.63 million, according to Spectrem Group’s Affluent Market Insights Report
for 2014 (AMI). Millionaires are defined as households with over $1 million of net worth, not including their primary residence (NIPR).
The number of Millionaires increased by more than 600,000 from 2012, the largest increase since the first year of the recovery in 2009. According to AMI, the number of Millionaires had steadily increased from 6.2 million in 2003 to 9.7 million in 2007 before the crash.
The number of wealthy households in other wealth segments also increased in 2013. The number of households with $5 million of net worth, the UHNW, increased to 1.24 million. Households with more than $100,000 of net worth increased to 38.6 million and households with more than $25 Million of net worth increased to 132,000. Households with more than $500,000 of net worth increased to 15.3 million, but have not yet reached the 2007 all-time high of 15.7 million.
The AMI report also indicates that almost two-thirds of all Millionaires are concerned about maintaining their current financial situation (62 percent) as well as the financial situation of their children and grandchildren (62 percent).
A majority of Millionaire investors (52 percent) plan to invest in equities, including individual stocks and stock mutual funds, in 2014. More than one-third (36 percent) plan to invest in money market funds.
Eighty-one percent of Millionaires use a professional advisor of some type for financial decisions, and 35 percent use a full-service broker for financial advice.
AMI also indicates that Millionaires have significantly increased their use of social media since 2010. Fifty-five percent of Millionaires are on Facebook, compared to just 26 percent in 2010, and 15 percent consider themselves active users. Thirty-four percent have LinkedIn accounts, compared to just 17 percent in 2010, and 23 percent actively go to YouTube as a social media outlet.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.