The number of $25 Million Plus Americans has risen by 58,000 since 2008.
The growth of the affluent market in America has been consistent under the watchful eye of President Barack Obama and has now reached record levels, according to Spectrem’s Market Insights 2015 report.
The Market Insights report shows the number of affluent households in several wealth segments, starting with the Mass Affluent with a net worth between $100,000 and $1 million and topping off with the $25 Million Plus.
For 2014, there were 29.5 million Mass Affluent households, 8.79 million Millionaire households (with a net worth between $1 million and $5 million), 1.168 million Ultra High Net Worth households (with a net worth between $5 million and $25 million) and 142,000 $25 Million Plus households. All of those levels were record numbers.
In 1996, when Spectrem started modeling the size of the affluent market, Bill Clinton was president and there were 4.9 million Millionaire households, including the 250,000 Ultra High Net Worth households. Under Clinton, those numbers peaked in 1999 to 7.1 Millionaire households, including the 590,000 UHNW households, but fell in his final year in office, 2000, to 6.3 Millionaire households and 530,000 UHNW households.
The eight years George Bush was in office saw much financial turmoil and it was reflected in the market numbers determined by Spectrem. The high was in 2007, when there were 33.4 million Mass Affluent households, including the 9.2 million Millionaire households, which also included the 1.16 million UHNW households. There were 125,000 $25 Million Plus households that year.
Following the crash of 2008, the numbers dropped to 31.2 million Mass Affluent, 6.7 Millionaire, 840,000 UHNW, and 84,000 $25 Million Plus. Each of those numbers have increased every year after 2008.
Since Obama became president following the crash of 2008, the Mass Affluent total has increased by 8.4 million households, the Millionaire total has increased by 3.4 million, the UHNW total has increased by 470,000 and the $25 Million Plus has increased by 58,000.
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.