U.S. Millionaire Population Grows by 600,000 in 2010 to 8.4 Million

The millionaire comeback continues.

The number of U.S households with a net worth of $1 million or more, not including primary residence (NIPR), grew 8% to 8.4 million in 2010 from 7.8 million the year before, according to “Affluent Market Insights 2011,” a new report released today by Spectrem Group. 

This increase follows a 16% rise in 2009, marking the second-consecutive year of growth for the millionaire population since 2008, when it fell by 27%.

Meanwhile, the number of Ultra High Net Worth households, those with a net worth of $5 million or more (NIPR), advanced 8% to 1.06 million from 980,000 in 2009.

“The millionaire comeback continues. After taking a big recession-driven hit in 2008, the U.S. millionaire population staged a second-straight year of growth in 2010, adding 600,000 new millionaires.  This brings the total U.S. millionaire population up to 7.8 million.  Households worth $5 million or more, the Ultra High Net Worth population, also demonstrated a second-consecutive year of growth in 2010, bringing their number up 12% to 1.1 million,” said George H. Walper, Jr., President of Spectrem Group.