news.yahoo.com/s/ft/20050928/bs_ft/fto092820050059491081
com Number of US millionaires reaches record 9m By Deborah Brewster in New York Wed Sep 28,12:40 AM ET The number of millionaires in the US has reached a record 89m, rising fo r the third consecutive year despite faltering stock and bond markets.
The rise confirms a three-year economic rebound following a decline in th e number of millionaires during 2001 and 2002. The Standard & Poor's 500 index did not rise much during the period. The average balance held in mutual funds dropped, by a hefty 20 per cent to $283,000. Property was not a big contributor to the increase in wealth. This year, real estate ownership of investment properties, which include second hom es and vacation properties, stood at 44 per cent, a drop of 12 per cent compared with 2004, said TNS. The millionaires' debt fell by 8 per cent during the year, to an average of $165,000, which helped lift their net worth. That, and a reluctance t o make significant shifts in strategy or asset allocation, appeared to p oint to a mood of caution among the nation's wealthy. overall the asset allocation of these households has not changed s ignificantly. When asked about their investment approach over the past y ear, 61 per cent of millionaires said that approach has changed very lit tle, indicating they have a strategy and they are sticking to it." The survey was based on a sample of 1,800 households with net worth of $5 00,000 or more, excluding their main home.
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