Number of US millionaires jumps

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MILLIONAIRES: The number of US millionaires rose sharply last year after slumping during the financial crisis.

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The number of US households with a net worth of at least US$1 million ($1.4m) jumped 16 per cent last year after dipping sharply during the financial crisis, an industry consulting group says.

US households with a net worth of US$1 million or more, excluding their primary residence, totaled 7.8 million in 2009, up from 6.7 million in 2008, according to Spectrem Group.

The number of millionaire households shrank by 27 per cent in 2008, it said.

The current total is still well below the record 9.2 million millionaire households reported in 2007, Spectrem said.

Last year's spike came as US stock markets rallied. The S&P 500 Index rose 28 per cent, and the largest wealth management firms reported strong earnings as their clients' accounts recovered from the 2008 meltdown.

The study also found ultra high net worth families - those with at least US$5 million - grew 17 per cent last year to 980,000, Spectrem said.

Households with US$500,000 or more topped 12.7 million, up 12 per cent.

Spectrem said its study was based on surveys of 3000 affluent households and online surveys of roughly 2600 families.

- Reuters