incredible 1.14 mil housholds with over $5 mil assets

Discussion in 'Wall St. News' started by joeyata1, Apr 17, 2007.

  1. Richest households pass 1 million mark
    Report finds households with net worth of at least $5 million grew 23 percent to 1.14 million in 2006.
    By Jeanne Sahadi, CNNMoney.com senior writer
    April 17 2007: 9:32 AM EDT


    NEW YORK (CNNMoney.com) -- It's getting less and less lonely at the top. The number of U.S. households with a net worth of $5 million or more exceeded 1 million for the first time, according to a report released Tuesday.

    And that doesn't even include the value of their primary homes.

    The 1.14 million "ultra high net worth" households in 2006 is up from 930,000 in 2005 and is quadruple the 250,000 counted a decade ago, according to findings from "Affluent Market Insights 2007," compiled by the Spectrem Group, a consulting firm specializing in affluent and retirement markets.

    And those on their way to being ultra high net worth grew, too. Spectrem found that the number of U.S. households with a net worth of at least $1 million, excluding primary homes, grew to 9 million, up 8 percent from the year before, while households with at least $500,000 rose 9 percent to 15.3 million.
     
  2. Yeah, I'd like to know where they get those numbers from. Anybody here been asked to provide their net worth to some stranger calling on the phone lately?
     
  3. contrarian indicator?
     
  4. i found the # extremely high. its basically saying 1 out of every 130 households has 5 million in cash,real estate outside there own home and bonds
     
  5. Hmmm... with approx 290 Million US citizens = approx "100 Million households".

    1.15% => $5 Million
    9.0% => $1 Million
    15.3% => $500K

    So, 25% of US households have $500K or more, exluding primary home? Hard to believe....
     
  6. Mvic

    Mvic

    I can beleive it. Anyone who travels, dines, goes to shows, or buys items that cater to this demographic knows that demand far exceeds supply. Prices will go higher too as even at the current high prices things are often sold out, no subscriptions available, etc
     
  7. fusionz

    fusionz

    not really suprising due to a good economy and more importantly inflation. In a few decades, the average person will be a millionaire.
     
  8. fusionz

    fusionz

    why suprising, $500k really isn't much these days...
     
  9. Average hourly wage is about $16... that's about $32,000 per year.

    How much do you think the average person saves out of that?
     
  10. 16 dollars?

    If you have a career type job. Not sure where you're from but my population is over a million people and 80% of the jobs in the paper are 8-10 an hour. 16 an hour is a dream for many. NYC, LA, some other bigger metro areas, ya 16 is mcdonalds wages but not the norm, that is for sure.

    I read a stat that 90-95% of americans when they retire have less then 20k in savings.

    Figure that one out!

    I dont get it really, I see homes llisted all over the place for 400-800k. A home below 300k, you better have bullet proof vests on and maybe even an armed guard living outside to watch over you. Now, again, my paper 80% or more of the jobs are less then 10 an hour, how in the **** can there be so many homes for sale with prices that are way way way beyond there means????

    My math is off, 1+1=2, or so I thought. I see 1+1=10 now-a-days.
    a 300k home with GOOD credit is 1800 roughly, before TAXES. Something isnt adding up.

    I will stick with renting, I live in a 700k home, I pay 1300 a month for. No maintenance, no taxes, NOTHING. My math works out great :).
     
    #10     Apr 17, 2007