Millions of Millionaires
Millions of Millionaires
By PAUL B. BROWN
Published: October 20, 2007
HOW rich are you?
A million dollars certainly isn’t what it used to be, but it is still a
reasonable benchmark to use for saying someone is well off.
And it appears a lot of Americans are well off.
There are 9.3 million households in the United States — about one
of every 12 — with a net worth of at least $1 million, writes Financial
Planning magazine, citing figures compiled by the Phoenix
Companies and TNS Financial Services.
Net worth here is defined oddly: It is the value of all assets a
household owns, minus debts and the value of the primary
residence. (But while the primary residence is not counted, a
second home and other real estate is.)
Traditionally, when financial planners talk about high-net-worth
individuals, they mean people with at least $1 million in assets to
invest. The numbers here are impressive as well.
“Of the 114 million houses in the U.S., roughly 109 million, or 95
percent, have less than $1 million in investable assets,” writes
Elizabeth O’Brien. But there are about five million households
“with $1 million to $10 million to invest; 200,000 households with
$10 million to $25 million to invest” and another 40,000 designated
“ultra-high net worth,” who have more than $25 million in
investable assets.
By PAUL B. BROWN
Published: October 20, 2007
HOW rich are you?
A million dollars certainly isn’t what it used to be, but it is still a
reasonable benchmark to use for saying someone is well off.
And it appears a lot of Americans are well off.
There are 9.3 million households in the United States — about one
of every 12 — with a net worth of at least $1 million, writes Financial
Planning magazine, citing figures compiled by the Phoenix
Companies and TNS Financial Services.
Net worth here is defined oddly: It is the value of all assets a
household owns, minus debts and the value of the primary
residence. (But while the primary residence is not counted, a
second home and other real estate is.)
Traditionally, when financial planners talk about high-net-worth
individuals, they mean people with at least $1 million in assets to
invest. The numbers here are impressive as well.
“Of the 114 million houses in the U.S., roughly 109 million, or 95
percent, have less than $1 million in investable assets,” writes
Elizabeth O’Brien. But there are about five million households
“with $1 million to $10 million to invest; 200,000 households with
$10 million to $25 million to invest” and another 40,000 designated
“ultra-high net worth,” who have more than $25 million in
investable assets.
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