Nearly 12 million U.S. households have a net worth over $1 million.
The number of wealthy households increased at all levels, but more slowly than in past years.
One thousand households joined the ranks of the super rich with a net worth over $25 million.
If you’re feeling a little more wealthy these days, you’re not alone. There are more wealthy households in the United States than ever before, according to Spectrem Group’s 2019 market insights report, released on March 12. The number of U.S. households that have net worth over $1 million, excluding their primary residence, is 11.8 million. The increase marks the 10th year in a row that the number of wealthy Americans has increased.
Number of Households in Upper Wealth Segments Has Doubled Since 2008
The report measures the wealth of American households in several categories, from the mass affluent, who have a net worth of $100,000 or more, up to the super rich, whose net worth is above $25 million. The 2019 study found that the number of Americans rose in each category, although at a slower rate than in past years.
The number of Americans with a net worth between $1 million and $5 million rose by 250,000 to 10.23 million. That’s an increase of 2.5 percent over last year.
The group with a net worth between $5 million and $25 million increased by 47,000 households to 1.397 million.
There are now 173,000 U.S. households with a net worth of more than $25 million. This number increased by 1,000 from last year, a far slower pace than the increase of 16,000 households that the 2018 market insights report indicated.
“In 2018, the increase in the number of U.S. wealthy households slowed as a result of weakening global economic growth and a contentious U.S. political environment,” said Spectrem Group President George H. Walper Jr. “While net household wealth among affluent investors continued to increase last year, it did not match the pace it had experienced in prior years. Despite this, the total number of households in the upper wealth segments in the United States has nearly doubled since the onset of the global financial crisis in 2008.”
At 11.8 million, the population of millionaires in the United States is greater than the entire populations of Belgium, Greece, Cuba or the Czech Republic as of July 2018.
The rich are getting richer, but see the recent data that shows household debt at $13.51 trillion and rising.
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This article originally appeared on GOBankingRates.com: For the 10th Year in a Row, the Number of Wealthy Americans Has Increased Significantly