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The number of American millionaires rose to a record level
last year, and they're disproportionately located in four counties in
California, according to an analysis released Tuesday.
Other states with counties
that boast the highest number of millionaires across the country are
Illinois, Arizona, Texas, New York, Florida and Massachusetts.
Nationwide, households
with a net worth of at least $1 million excluding primary residences rose 8
percent to a record high 8.9 million, according to an annual report by TNS
Financial Services, a market research and polling firm.
The firm's survey found
that the millionaire households had an average net worth, excluding
principal residence, of nearly $2.2 million, of which more than $1.4 million
was in liquid, or invest able, assets.
Their overall debt
levels, meanwhile, fell by 8 percent, from $179,000 to $165,000.
Who's heading these
households? TNS found the median age of the head of millionaire households
is 58, and 45 percent are retired. Roughly 19 percent own in whole or part a
professional practice or privately held business. |
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Over 50 percent of the millionaires surveyed said they had
become more conservative in their investment approach over the past year.
Their wealth is the result of long-term wealth accumulation.
Although real estate is
not their sole source of wealth, it remains a staple for many. Forty-six
percent of those surveyed own investment real estate like a second home or
rental properties.
Seventy percent of the
households, meanwhile, owned stocks and bonds, and 68 percent owned mutual
funds. |
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