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Tuesday, March 28, 2006 

There Are 8.9 Million Millionaires In America

According to CNN Money there are 8.9 million households in America worth $1 million or more excluding their primary residences. The best part is number keeps climbing year over year (except a few years when any large scale bubble bursts) and is at the record level today.

Here are couple of interesting statistics from the article that stand out:
  • Forty-six percent of those surveyed have invested in real estate like a second home or rental properties. So if this housing bubble bursts we may see a drop in coming year or two.
  • The median age of the head of millionaire households is 58. So most of them made it good old way "Earn, Save and Invest wisely". If we take out Hollywood celebrities and Google employees ( look at the table based on counties on right) the median age may even go higher. I guess if all keep following same path we'll be there some day.