A personal finance blog dedicated discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance.


Wednesday, May 25, 2005

Millionaires in the U.S.

According to a study released by the Spectrem Group, there are now 7.5 million households in the U. S. with a net worth of at least $1,000,000, which is a 21% increase over 2003. I'm not too familiar with surveying techniques, but I don't understand how they can come up with that number by surveying 450 qualified respondents.

Here's some interesting facts regarding millionaires:
  • Households worth $3 million or more earned 34% of their money from investment gains.
  • The affluent held 9% of their assets in cash.
  • 30% of the affluent make most of their financial decisions without the help of a professional.
  • 10% let their advisors make all the decisions.
  • The number of households with a net worth of at lest $5 million rose 38% last year to 740,000, up from 480,000 in 2001.
  • Millionaire households controlled $11 trillion in assets in 2004, up 8% from 2003.

Interesting stuff. I can't wait to join the ranks. So far, we are about 20% of the way there.

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