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The rich are getting richer. And now more people are joining the ranks of the elite millionaires’ club.
Millionaire households have swelled to a record high 9.63 million, according to Chicago-based Spectrem Group in its Annual Market Insights Report for 2014.
This is a 58 percent surge since 2008, and the highest level since Spectrem started tracking millionaire status in 2004, Reuters said. Net worth does not include the value of a primary residence.
Spectrem found that all sectors of the rich are experiencing growth.
- From 2012 to 2013, households with a net worth of $100,000 to $1 million jumped by a half a million to 28.97 million.
- Households with a net worth of $1 million or more increased by 640,000 between 2012 and 2013.
- Those with $5 million to $25 million in net worth hit nearly 1.11 million in 2013, an increase of 85,000 from 2012.
- The elite ultra-rich, who have a net worth of $25 million or more, increased their ranks by 10 percent from 2012 to 2013, and now total 132,000. That’s a 57 percent increase over 2008.
The New York Daily News said the comeback is a sign of recovery from the recession, at least for the wealthy.
“Most of the financial damage done by the recession has been erased by recent record-high markets in 2013 as well as a continued rebound in the real estate markets,” said George Walper Jr., president of Spectrem Group.
“In terms of the affluent investor, it’s fair to say they have finally recovered from the economic downturn.”
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