BB's Stock Haven

[maninfla]

Ranks of US millionaires worth over $5 million swell

NEW YORK (Reuters) - The number of U.S. households boasting a net worth of at least $5 million swelled to an all-time high in 2005, according a report released Wednesday by consulting firm Spectrem Group.

The report, "Affluent Market Insights 2006," is based on data gathered through mail and surveys of 1,014 respondents from September 2005 to November 2005.

Spectrem, which specializes in the affluent and retirement markets, said a record 8.3 million U.S. households are worth at least $1 million, excluding the value of a primary residence.

This is the second-consecutive year of record growth in the category, topping the 2004 mark of 7.5 million households.
[almost 1M new millionaires in past year]

The Ultra High Net Worth category, which is comprised of households worth at least $5 million, not including the value of a main residence, surged 26 percent in 2005 to 930,000.

"Clearly the stock market, which posted solid improvement in 2005 was one reason for the advance. However, for the wealthiest Americans, it appears the increased use of international markets and alternative investments were the key drivers of their improvement," Spectrem Group managing director Catherine S. McBreen, said in a statement.

Chicago-based Spectrem found that households worth at least $500,000 placed 45 percent of their funds in investable assets, including stocks and bonds, managed accounts, IRAs, mutual funds, deposits and alternative investments.

http://news.yahoo.com/s/nm/20060419/us_nm/financial_spectremgroup_dc

note: rumor is that quite a few new millionaires were created right here at BB's ;)