Fewer new American millionaires

Report says the number of U.S. millionaires grew at its slowest rate since 2003 last year.

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NEW YORK (CNNMoney.com) -- The number of American households worth $1 million or more - not including the house itself - grew at the lowest rate in five years, according to a report released Wednesday.

The report from Spectrem Group said the number of U.S. millionaires increased just 2% in 2007 to a record 9.2 million, up from 9 million in 2006. The country's millionaire growth rate has not fallen below 8% since 2003, when growth was zero.

The number of households worth $5 million or more also grew 2% to a record 1.16 million, its slowest rate since zero growth in 2002, and a significant decline from 23% in 2006.

"We had already tracked a steady decline in millionaires' investment optimism since mid-2007 on a variety of concerns including a slowing economy, rising energy costs and poor stock market conditions," said George Walper Jr., Spectrem Group president. "It now appears those concerns have become a reality for the wealthiest tiers of the U.S. population." To top of page

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