The confirmation of the economic recovery is real for more than 600,000 Americans.
In a research report from Spectrem Group, the amount of millionaire households in the U.S. increased by 640,000 to 9.63 million during the past year, which is a 7 percent rise. That represents a record high dating back to 1997 when the study began.
Additionally it is the new territory for the population of millionaire that has surpassed the pre-depression maximum in 2007 of 9.2 millionaires, indicating that the past 12-month's rise in the stock market helped make even deeper pockets for the wealthy.
In another segment, those with financial worth of $5 million or higher additionally moved beyond its pre-depression highs for the first time, going up by 100,000 to 1.24 million households. The number of households worth $25 million or greater increased 15,000, to 132,000 households.
However, for households who have a net work less than $500,000 did not set any records and has not recovered to their pre-depression peaks. So, everything is fine and well towards the top, just not the middle-class and under.
Millionaire households are considered those who have a net worth of $1 million plus, excluding the value of their primary residence. So, they may own rental properties along with equities and bonds.
It is worth noting that the career position of the largest number of millionaire households are those who are a manager, representing 17% of households with $1 million to $5 million in net assets taking out their primary residence. Not far behind is a surprise profession as an educator. They represent a 12% share of the millionaire sector. That is interesting indeed considering tuition has outpaced inflation by at least 2% for the past 30 years. Many of those years were by 3-4%.
What may skew the numbers is that educators tend to have dual-income households as opposed to other millionaire positions such as lawyers, physicians, or dental practitioners, which make up just 2% of the millionaire group. People in those long-hour professions tend to be the lone breadwinners in their families, with spouses taking care of the domestic duties at home. Plus when it comes time to stop working, their not any guaranteed pension from the city.
Expert economists claim, that if we want the share of millionaires to increase back to pre-recession levels, "real estate investments will have to get better and the economy, for the reason that it would help small businesses and entrepreneurs."
