SOURCE: Spectrem Group

March 16, 2011 08:00 ET

U.S. Millionaire Population Grows by 600,000 in 2010 to 8.4 Million

Second-Consecutive Year of Growth for Millionaires; Additional Insights on Millionaires Available on Spectrem's Millionaire Corner Website

CHICAGO, IL--(Marketwire - March 16, 2011) - The millionaire comeback continues.

The number of U.S. households with a net worth of $1 million or more, not including primary residence (NIPR), grew 8% to 8.4 million in 2010 from 7.8 million the year before, according to "Affluent Market Insights 2011," a new report released today by Spectrem Group. 

This increase follows a 16% rise in 2009, marking the second-consecutive year of growth for the millionaire population since 2008, when it fell by 27%.

Meanwhile, the number of Ultra High Net Worth households, those with a net worth of $5 million or more (NIPR), advanced 8% to 1.06 million from 980,000 in 2009.

"The millionaire comeback continues. After taking a big recession-driven hit in 2008, the U.S. millionaire population staged a second-straight year of growth in 2010, adding 600,000 new millionaires. This brings the total U.S. millionaire population up to 8.4 million. Households worth $5 million or more, the Ultra High Net Worth population, also demonstrated a second-consecutive year of growth in 2010, bringing their number up 8% to 1.06 million," said George H. Walper, Jr., President of Spectrem Group.

In addition to millionaires, the broader affluent population, households with a net worth of $500,000 or more (NIPR), grew by 6% to 13.5 million in 2010 from 12.7 million the year before.

Additional insights about millionaires can be found on Spectrem's newly launched Spectrem's Millionaire Corner website (www.millionairecorner.com). They include:

The report itself is available for purchase on Spectrem's company website (www.spectrem.com).

Spectrem's "Affluent Market Insights 2011" is based on Spectrem Investor Research surveys of over 3,000 affluent households conducted throughout 2010, an online survey of 1,521 households with a net worth (NIPR) of $100,000 to $1 million fielded in September 2010, an online survey of 997 households with a net worth (NIPR) of $1 million to $5 million fielded in November 2010, and an online survey of 523 households with a net worth (NIPR) of $5 million to $25 million conducted in November 2010. The margins of error for these surveys range from plus or minus 2.4 percentage points to plus or minus 4.3 percentage points.

About Spectrem's Millionaire Corner
Spectrem's Millionaire Corner website (www.millionairecorner.com) is a powerful source for up-to-the-minute news and information for investors, about investors designed to fuel financial growth. It incorporates Spectrem Group research as well as outside information. In the future, the site will offer financial advisor referrals.

About Spectrem Group
Spectrem Group (www.spectrem.com) is a strategic consulting firm specializing in the affluent and retirement markets, integrating proprietary research with expertise in building business, marketing and M&A strategies. Its professionals have held senior management positions at leading global companies.

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