Well even with the housing market’s collapse and the stock market’s tumble at least some people are still rich. That’s according to the latest data from the market research firm TNS.
The number of households with over $1 million in net worth outside of their primary residence increased 5.9% last year to an estimated 9.9 million nationwide. The mean age of these millionaires is 66. Their average net worth is $4.6 million.
Some 75% of them owned stocks. About 60% said their approach to investing hasn’t changed much. As the book The Millionaire Next Door pointed out a few years ago, most people get rich not by speculating, just by earning decent money, spending less than they earn, and socking away the difference.
New York is the metro area with the highest number of millionaires. There are 661,000 in the New York metro area, almost 10% of the population. Here’s the full top ten city list:
New York, 661,000 millionaires
Los Angeles 376,000
San Francisco 178,000
We’ll see what happens this year.