Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

U.S. minted more millionaires in 2009

By Chavon Sutton, staff reporter


NEW YORK (CNNMoney.com) -- America's millionaires are on the rise again, according to a report issued Tuesday, after their ranks thinned out during the 2008 market meltdown.

U.S. households worth $1 million or more grew to 7.8 million in 2009, up 16% from 2008, according to a survey from Spectrem Group, a Chicago-based market research and consulting firm.

The firm's report also found that the number of ultra high-net-worth households, worth $5 million or more, jumped 17% to 980,000.

"This is largely attributed to the stock market rebound, since other assets including real estate and private businesses have not rebounded as dramatically," said George H. Walper, Jr., president of Spectrem Group.

The report comes one year to the day after the Dow and the S&P 500 closed at 12 year lows in the thick of the financial crisis.

The market drop sent the number of millionaires plummeting 27% in 2008, according to Spectrem. Even now, the number of millionaires is still well below an all-time high of 9.2 million in 2007.

The Dow is up 61% in the past 12 months. But despite the market's rebound Walper said that the influential millionaires group, which controls about 70% of total U.S. assets and includes key corporate executives and small business owners, is still concerned about a prolonged economic downturn.

"They'd like to see unemployment in the 6% to 7% range before they feel confident that the economy is fully rebounding," said Walper.

The "Affluent Market Insights 2010" report is a compilation of monthly research conducted in 2009. Spectrem surveyed over 6,100 affluent households throughout the year. To top of page

Index Last Change % Change
Dow 21,454.61 143.95 0.68%
Nasdaq 6,234.41 87.79 1.43%
S&P 500 2,440.69 21.31 0.88%
Treasuries 2.22 0.02 1.05%
Data as of 5:05am ET
Company Price Change % Change
Bank of America Corp... 23.88 0.61 2.62%
Advanced Micro Devic... 13.23 -0.17 -1.27%
Ford Motor Co 11.09 0.02 0.18%
General Electric Co 27.08 -0.15 -0.55%
Micron Technology In... 32.24 0.56 1.77%
Data as of Jun 28
Sponsors

Sections

A federal prosecutor called former pharmaceutical CEO Martin Shkreli a fraudster in the opening statements of his criminal fraud trial, but his defense attorney said his client might be strange, but he's not guilty. More

The Federal Reserve on Wednesday will disclose if 34 of the country's banks will be cleared to buy back stock or pay dividends to shareholders. More

A new lawsuit claims Uber is violating the Americans with Disabilities Act and D.C.'s Human Rights Act. More

It's tough being a first-time buyer in today's housing market. Don't make it even harder (or more expensive) for yourself by making these common mistakes. More