CHICAGO, April 17 /PRNewswire/ -- The very rich had a banner year in 2006. The number of U.S. households with a net worth of $5 million or more, not including primary residence (NIPR), rose to a record 1.14 million in 2006 -- surpassing 1 million for the first time ever, according to a new report from Spectrem Group, "Affluent Market Insights 2007," released today. This represents a 23% increase from 930,000 in 2005, and a quadrupling from 250,000 Ultra High Net Worth households in 1996. Millionaire households, those with a net worth of $1 million or more (NIPR), grew to 9 million in 2006, an 8% increase from 8.3 million the year before. Affluent households, defined as having $500,000 or more of net worth (NIPR), reached 15.3 million last year, an increase of 9% from 14 million in 2005. "The past few years have been nothing short of astounding for wealthy Americans. We now have more than 15 million affluent households in the United States, 9 million households worth $1 million or more and -- for the first time ever -- more than 1 million Ultra High Net Worth households worth $5 million or more. The Ultra High Net Worth households saw the strongest growth of all affluent segments in 2006, increasing by 23% to a record 1.14 million. This represents a quadrupling of their number in just 10 years," said Catherine S. McBreen, Managing Director of Spectrem Group. The report, "Affluent Market Insights 2007," is based on a mail and online survey in July 2006 of 526 U.S. households with a net worth of $5 million or more (NIPR) as well as 3,000 telephone interviews throughout 2006 with affluent households, defined as having $500,000 or more of net worth (NIPR). The report data have a margin of error of plus or minus 4.3 percentage points. The report's market size figures are derived from Spectrem Group surveys and other sources. Those interested in a copy of "Affluent Market Insights 2007" should contact Spectrem Group at 641 W. Lake Street, Suite 402, Chicago, IL 60661, (312) 382-8284 (http://www.spectrem.com). About Spectrem Group Spectrem Group is a strategic consulting firm specializing in the affluent and retirement markets. It integrates proprietary research with expertise in building business, marketing and M&A strategies. Spectrem professionals have held senior management positions at leading global companies. Through a collaborative process, they create and implement practical and profitable strategies that fit the cultures of client firms.
SOURCE Spectrem Group