Business

Why The U.S. Has Millions Of Millionaires

The millionaire club is booming with a record number of households in the U.S. with a net worth of more than $1 million.

Why The U.S. Has Millions Of Millionaires
Flickr / Tracy O
SMS

The millionaire club is booming with a record number of households in the U.S. with a net worth more than $1 million.

Spectrem Group published a new report Thursday that shows 9.63 million U.S. households had a net worth of at least $1 million in 2013 — breaking the pre-recession record set back in 2007.

WTVT points out the number jumped by more than half a million households compared to 2012.

Time notes the number of millionaire households has skyrocketed by nearly 60 percent since 2008. The number sharply dropped that year as the global financial crisis began.

So why the new record? The Los Angeles Times cites the stock market boom and rebounding home prices as having helped many gain their millionaire status. 

And those with a net worth of more than $100,000 is up to more than 38 million households. That's an increase of 7 million since the beginning of the recession. (Via ThinkAdvisor)

As for the ultra-rich, the number of households with a net worth of more than $25 million hit 132,000 — up nearly 50,000 from 2008. Time to enjoy those champagne wishes and caviar dreams.