The number of wealthy households in the US reached a new high last year, as more than 10.2-M households had a net worth of $1 to 5-M, not including the value of their primary residence, according to a survey by the Spectrem Group. That’s up 2.5% from Y 2017.
Even as the ranks of the mass affluent grew, the pace slowed because of “weakening global economic growth and a contentious US political environment,” said Spectrem’s Group President.
Ultra-high net worth households, or those with assets between $5 and 25-M increased 3.7% to about 1.4-M in number, while those in excess of $25-M grew by about 0.6% to 173,000, according to the survey.
The number of Americans in the wealthiest category has more than 2X’d since the Great Recession, the survey found, even as the rate of increase has eased.
“Some of this slowing in wealth creation has to be expected due in part to softening equity markets, after almost a decade of very strong returns, coupled with the early effects of the tax reform on affluent households,” said Greg Soueid, head of wealth management at advisory firm Treliant. “That said, the growth rate of wealthy households continues to outpace middle-class growth rates.”Spectrem’s results were based on interviews with more than 2,300 mass affluent households, 4,450 millionaire households and 1,850 ultra-high-net worth investors. The survey has a 4 percent margin of error.
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