RISE IN NUMBER OF MILLIONAIRE FAMILIES

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RISE IN NUMBER OF MILLIONAIRE FAMILIES

 user 2006-03-28 at 11:14:00 am Views: 43
  • #14906

    New Rise in Number of Millionaire Families
    The
    number of American households with a net worth of $1 million or more,
    excluding their principal residence, grew to a record 8.9 million last
    year, the British market research firm TNS Financial Services said in a
    report to be released today.
    More than one in seven of the households were in just 13 of the nation’s 3,140 counties, TNS said.
    The
    number of millionaire families rose to 7.1 million in 1999, said
    Jeanette Luhr, a TNS manager who directed the survey, and then, after
    the Internet bubble burst, dropped steadily to 5.5 million by 2002. The
    ranks of millionaire households rose to 6.2 million in 2003 and 8.2
    million in 2004, she said.
    In most large counties, about one
    household in 12, or about 8.5 percent, was worth $1 million or more,
    Ms. Luhr said. An exception was Nassau County on Long Island, where
    millionaire families were more than twice as common, at 17.5 percent of
    all households.
    The households had an average net worth, excluding
    principal residence, of nearly $2.2 million, of which more than $1.4
    million was in liquid, or investable, assets. The survey counted some
    tax-deferred retirement savings but did not include individual
    retirement accounts in the liquid assets.
    Despite a rising stock
    market, Ms. Luhr said that more than half of those surveyed said they
    had “become much more conservative in their investment approach over
    the past year.”
    The survey found that 29 percent of the millionaire
    households did not own stocks or bonds and 32 percent did not own
    mutual funds. One in four had a second mortgage on a home.
    Half of the heads of millionaire households were 58 or older, Ms. Luhr said, and 45 percent were retired.
    Just
    18.7 percent of the millionaires own — or owned before they retired —
    part of a business or professional practice, an indication that
    high-wage earners who save and invest are the dominate group, at least
    among those on the lower rungs of the millionaire class.
    TNS also
    found that while 73 percent of those it surveyed said they would prefer
    to do all of their financial business at a single institution, hardly
    anyone did.
    Ms. Luhr said that 195 counties had at least 10,000
    millionaires and that slightly more than a third of all counties had at
    least 1,000 millionaires.