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After taking a dive in 2008, the number of U.S. households with a net worth of at least $1 million (not including the primary residence) grew 16 percent last year to 7.8 million, according to Spectrem Group. That number peaked in 2007 at 9.2 million, then fell to 6.7 million the next year as stock prices and real estate values tumbled.
The super-rich got richer last year too. The number of households worth $5 million or more increased 17 percent to 980,000.
Spectrem Group President George H. Walper Jr. called the growth in America's population of millionaires "welcome news for an economy still working to recover."
Wall Street's rebound was a key to driving the ranks of millionaires higher, said Tom Taulli on Blogging Stocks. He predicted that wealthy investors will eventually get more aggressive and spur greater economic growth.
However, a rising tide might not lift all boats equally. In his analysis of the Spectrem report, The Atlantic's Daniel Indiviglio noted that "the recovery thus far has been better for wealthier than poorer Americans."
Spectrem, a Chicago-based financial consulting firm, bases its report on its annual survey of 3,000 households, which has a margin of error of plus or minus 4.4 percentage points.
Source: Spectrem Group
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