Eleven Million Millionaire Households – a new record

Some data of interest on the state of wealth in the United States…

CNBC.com:

The number of millionaire households in the U.S. jumped by more than 700,000 last year, thanks to surging stock prices and housing values, according to a new report.

The U.S. now has more than 11 million millionaire households, according to Spectrem Group, up more than 6 percent from 2016. The number of new millionaires and the total population of millionaires set records. Spectrem defines millionaire households as those with at least $1 million in investible assets, not including primary residence.

The stock market went up 25% last year and bonds didn’t lose much value. Thanks to the President’s year-end push for a corporate tax bonanza coupled with a steady, patient central banking environment where nobody pressed particularly hard on the trigger, anywhere in the world.

Since the financial crisis, the number of millionaire households has nearly doubled…

The number of households worth $5 million to $25 million grew by 84,000, to 1.35 million households. The number of households worth more than $25 million jumped by 10 percent, increasing by 16,000 to a total of 172,000.

Meanwhile, Boomers in the US are out of the doldrums emotionally and financially – they’re buying homes in retirement communities around the country at a rapid pace.

Here’s the Wall Street Journal:

The population of federally designated retirement destination counties rose 2% last year, almost three times the rate of national population growth, according to census county population estimates for the year that ended July 1.