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Are You One of the 8.3 Million Millionaire Households?
By JLP | April 21, 2006
A recent survey released by the Spectrem Group found that there are 8.3 million U. S. households with a net worth of $1 million or more (excluding primary residence). That represents an increase of 800,000 households over 2004.
What do you think was the cause of this growth? I think it was probably linked to the stock market and I’m sure a lot of people are socking a lot of money away for retirement. At least this survey excluded overvalued housing values. However, I wonder if they also left out home equity loans or mortgages?
If this little tidbit of information has inspired you to look at your own net worth statement, you might find this series helpful:
Topics: Housing Market, Net Worth Statement | 4 Comments »
April 21st, 2006 at 11:37 am
I wander what the flipside is … didn’t they recently report that our overall savings rate was slightly negative for 2005?
April 21st, 2006 at 1:44 pm
When I came across this statistic, I was shocked. 8.3 million millionaires is way too high considering there are close to 280 million people in USA.
April 21st, 2006 at 3:19 pm
when you consider that a large number of the 8.3 million households worth $1 million or more probably have most of that money in retirement accounts, not day to day expense accounts, it’s not so hard to fathom.
April 22nd, 2006 at 1:25 pm
Mrs. THC and I broke the million-dollar barrier (not including our house) back in 1999 and never looked back. I’m sure that most of our friends don’t know and/or don’t care. I thought is was a big deal for awhile, but it really isn’t.
About half of our investable assets are in retirement accounts, the other half in taxable accounts. We max out our 401(k)s and contribute to non-deductible IRAs. I try to put some into our joint brokerage account each month too. We invest mostly in stocks and stock mutual funds.
I drive a nine year-old BMW and my wife has a ‘97 VW Passat, both were paid off years ago. We buy most of our groceries at Sam’s and my suits come from Mens’ Wearhouse. But we’re not frugal. We enjoy nice things, travel and dining out. What fun is life if you are so fixated on saving that you don’t enjoy the moment?