While revelations just a week ago showed that the U.S. was making billionaires at a slower rate than the rest of the world—where 10 years ago we were home to almost one of every two billionaires, now we’re home to only one in every three—the news is not all bad.
Market woes notwithstanding, millionaires in the U.S. are on the rise, and in a new report they give seven reasons how they got there. In 2010, the number of those households with a net worth of more than $1 million, not including their primary residence, increased by 8% to 8.4 million, adding 600,000 newbies to the ranks of the wealthy. And the wealthy have definite ideas about how they got there, citing seven top causes for their prosperity.
According to data from the report, “Affluent Market Insights 2011,” released Wednesday by Spectrem Group, the rate of millionaire growth may have slowed a bit (it was 16% in 2009), but it certainly hasn’t stopped. In 2008, it actually fell by 27%, reflecting tough market conditions.
The ultra-high-net-worth are on the rise, too. Those with $5 million or more in assets, not including their principal residence, increased by 8% to 1.06 million. In 2009 there were only 980,000 UHNW in the U.S.