Do you dream of becoming a millionaire? If you’re living in the United States, chances of achieving that goal are growing each year. It is projected that over the next five years, the US will dominate with the highest growth of millionaires in the country reaching 18 million households with $1 million in net worth.
Just last year, in 2017, the US saw an increase in the number of households with a net worth of $1 million or more (not including the primary residence). 2017 brought a 6.34% increase, bringing the number of millionaire households up to 11.5 million, the biggest percentage jump since 2009. And that’s just in the $1 million – $5 million bracket.
When it comes to examining millionaire households, I have always known that you must look at income and separate them into groups in this format. Households making $1 million – $5 million make up one group, those making $5 million to $25 million make up another, and then there is the group making over $25 million. The wealthiest, those making $25 million plus, are the households getting the richest because they are the ones with the most investments in the market. Larger risks, larger rewards.
Globally, the US makes up about 51% of the millionaires of the world, keeping it the country of the ultra-wealthy, while other nations around the world make up the remaining 49%. Brexit had a big impact on global wealth, affecting other leading nations and the UK who lost around $1.5 trillion in household wealth. Meanwhile, US wealth segments have not only caught up to pre-2008 great recession levels but now exceed well beyond what they were.
Before the financial crisis, there were 9 million millionaire households. After the crisis hit, in 2009, there were just under 6 million millionaire households, meaning that in less than ten years, the US number has doubled, and continues growing each year. It is safe to say that the US is not just recovering, but soaring and dominating the world’s millionaire market.