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Tuesday, October 25, 2016

By Walter Hamilton, Los Angeles Times

There are more millionaires in the United States than ever before.

The number of households with net worth of $1 million or more, excluding their homes, is at a record 9.63 million, according to a new report.

That eclipses the old mark of 9.2 million in 2007 before the global financial crisis, according to the Spectrem Group research firm. The tally of millionaires slipped to 6.7 million in 2008 as the financial crisis struck.

The study reinforces other data showing that the wealthy are doing well compared to many other segments of society.

“Most of the financial damage done by the recession has been erased by recent record-high markets in 2013 as well as continued rebound in the real estate markets,” said George H. Walper Jr., Spectrem president. “In terms of the affluent investor, it is fair to say they have finally recovered from the economic downturn.”

Rich people have been helped by the rebound in the stock market and the recovery in home prices in more exclusive areas. They also got a boost from superior creditworthiness, which allowed them to take advantage of record low interest rates in recent years.

The number of households with $25 million or more also is at a new high of 132,000, surpassing 125,000 in 2007, according to Spectrem.

And the number of families with $100,000 or more continues to climb. It’s now at 38.6 million, up from 37.4 million last year and 31.2 million in 2008.

Photo: “kaje_yomama” via Flickr

  • Carol Dijkhuyzen

    Good for America…wonderful!

  • Elliot J. Stamler

    Yes, America has more millionaires than ever. And I’m one of the new ones! And do you know why? Because BARACK OBAMA saved the economy of this country and prevented us from plunging over the Bush recession cliff into a full-bore depression! I want there to be more millionaires! I want everyone to have more opportunity. That is what protects capitalism and makes it secure. Greed and selfishness and Koch-brothers obscurantism are what destroy capitalism. Anybody who seriously claims Barack Obama is a socialist is two things: an ignoramus and a mental case.

    • BillP

      I do miss the right wing trolls on this site. Anytime there was something positive about the economy especially the stock market they would claim he had nothing to do with it. Also they would write that there was,a big sell off coming even during last year’s record setting. My investments have rebounded extremely well during the Obama administration. Gee he is a really bad socialist.

      • Elliot J. Stamler

        You are so right Bill. They blame Obama for everything under the sun-if they could they would blame him for the heavy snow and for dandruff. It is a psychological problem with them-they have opinions and simply won’t accept facts. If they ever lived in a real socialist country they would know what socialism is.

    • DurdyDawg

      I don’t consider people like you as part of the 1% .. even the 1% looks down at mere millionaires.. Your rich.. The 1% are STINKING rich and they intend on keeping their wealth no matter how many poor they’ve got to crush to retain it.. I like your philosophy, it’s the way of progress for all of us.. The poor don’t want hand-outs (as the 1% claim) they just want to get back on their feet after being reamed by the sharks and manipulators and we don’t wanna be millionaires, we’ll leave that to the true creators.. all we want is a chance to live the American dream.. Thousands of millionaires can help to accomplish that.. ten billionaires will refuse. The only reason most common citizens believe Obama is a socialist liberal commie is because their asleep at the wheel, believe the lies their slave masters spew and are intent on destroying their own futures.

      • Elliot J. Stamler

        I certainly agree I am not in the 1% – maybe I will be some day. My philosophy is the same as any sane, smart, humane, compassionate, knowledgable person-and I might add as any person who is genuinely religious and not a crazy bible-thumping hater. This is why I am a Democrat; I know many Republicans whose entire outlook is this: I wanna pay less taxes, I want more for me and mine, screw everyone else. That IS the Republican Party of today.

  • charles king

    I believe you have succeeded in life When? all you really Want? is only What? you reall need. ( Vernon Howard ) Why? destroy your Democracy by not paying your fair share of the taxes that make your Democracy works. Who? are these people that want to rule us, All. Who? are the people that Vote these People into office regardlessof WHAT? I hardly hear anything about your Democracy. MONIES play such a big part in our future, and I do not know if the average (Jack and Jill) can handle What’s coming down the Pike. I believe that our Democracy can handle anything, all we have to do is some critical thinking and make Right choices When? we vote cause the Vote is still Supreme. Thank You are the magic words with me. I Love Ya All. MR. C. E. KING