400,000 new millionaire households created in 2016

Thank the improving economy or the housing market or both. We’ve set a new record for millionaire households over the last year.

CNBC:

The number of millionaire households in America increased by 400,000 in 2016, reaching a new record of 10.8 million, according to a new study.

Since the 2008 financial crisis, the number of millionaire households has grown every year, adding a total of 4 million millionaire households, according to Spectrem Group, the wealth research firm. The stats mean that more than one out of every 10 households in America is worth $1 million or more.

Spectrem defines millionaire households as those households with $1 million or more in investible assets, not including a primary residence.

Additionally, the studied mentions that “There are now 1.4 million households worth $5 million or more and 156,000 households worth $25 million or more.”

To characterize the current period as being “an economic malaise” or “a total disaster” is in direct contradiction of the actual facts. Hardworking families are being rewarded for the money they’re saving and investing. Not all of them – which is a different topic – but most of them.

Source:

Record number of millionaire households in US (CNBC)