In the latest indicator that perhaps the worst of the economic malaise is behind us, a new report released on Wednesday by Spectrem Group finds that the number of U.S. households with a net worth of more than $1 million, excluding their primary residence, jumped 8% to more than 8.4 million households in 2010.
More telling, especially for broker-dealers, financial advisors and private banks always on the prowl for new deep-pocketed clients, the number of ultra net worth households -- defined as those with a net worth of more than $5 million, also increased 8% last year to more than 1.06 million.
This marks the second year in a row the total number of well-heeled households has increased following 2009's 16% surge, according an online survey of more than 3,000 high net worth and ultra high net worth households conducted by the Chicago-based strategic consulting firm specializing in the affluent and retirement markets.
"The millionaire comeback continues," Spectrem Group President George Walper, Jr. said in the report. "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 is particularly good news for the financial services industry considering a February survey of the high net worth crowd revealed more and more wealthy investors are getting
Spectrem's most recent Millionaire Investor Confidence Index rose 15 points to a score of 17 last month, the second-largest, one-month jump in index history and a quantum leap from January's score of 2 and clear indication that high net worth individuals are at least mildly bullish as a group.
Among the not-quite-millionaire set, households with a net worth of $500,000 but less than $1 million improved 6% to 13.5 million last year, up from 12.7 million in 2009.
