If America’s millionaires had their own state – one populated exclusively by people with a seven-figure net worth – that gold-plated state would be the 7th most populous in the nation with about 11.6 million residents. That’s more folks than Georgia (10.5 million) but fewer than Illinois (12.7 million).
That 11.6 million figure is a record high and is based on 2018 data compiled by the Spectrem Group. More than 10.2 million US households had a net worth of $1 million to $5 million, not including the value of their primary residence. That’s an increase of 2.5% from 2017.
The number of ultra-high net worth households — those boasting assets of $5 million to $25 million — jumped 3.7% to about 1.4 million in 2018, while those with assets in excess of $25 million grew by 0.6% to 173,000, according to Spectrem’s data.
And this isn’t a one-year blip. The number of Americans in the wealthiest category has more than doubled since the Great Recession, the survey found.
But we do seem to be minting millionaires at a slower pace. That circumstance is likely because of “weakening global economic growth and a contentious U.S. political environment,” according to Spectrem.
Despite this slowdown, the growth rate of wealthy households is still outpacing middle-class growth rates.
Curious about where America’s millionaires live? Wondering how many of your neighbors have assets of $5 million-plus? Check out this interactive database, which is a rabbit hole packed with surprises. Who knew that Naples, Florida and Anchorage, Alaska have about the same number of rich folks?