US Millionaires Jump 16% as Market Rebounds

Ranks of rich, ultra-rich rising again
By Rob Quinn,  Newser Staff
Posted Mar 11, 2010 2:29 AM CST
A 69% stock market rally since March last year has helped the millionaire's club boost its ranks again, according to Spectrem.   (Shutter Stock)

(Newser) – They've had a rough couple of years but America's rich are now getting richer again, according to a report from the Spectrem Group. The number of households with over $1 million in assets—not including the primary residence—jumped 16% last year to 7.8 million. The 69% rally in the stock market since March 2009 was a major factor, the Los Angeles Times notes.

Despite the stock market surge, the number of millionaires is still well below the 9.2 million Spectrem recorded at the market's peak in 2007. The ultra-rich have bounced back even better. The number of households with a net worth of over $5 million jumped 17% to 980,000 last year, a rise reflected in healthier sales at high-end retailers.

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