The Number Of MIllionaires Is Growing In The U.S.

In what some people see as a positive development in the economy the number of millionaires in the U.S. is growing over the last several years. A millionaire is defined as a person or family who have assets in excess of 1 million dollars after you exclude the value of their primary residence. In other words, if they have more than 1 million dollars in assets after you subtract the value of their primary residence or home. In 2009 the number rose to 7.8 million. This was up from 6.7 million in 2008. The all time high in the U.S. was 9.2 million in 2007. The number of people who are considered "ultra rich" has risen too. The ultra rich are defined as individuals or families who have a net worth of over 5 million dollars after excluding the value of their primary residence. That number rose to 980,000 in 2009. This is up from 840,000 in 2008. Usually rich people are a little older as well. The average age of an individual with assets of over 1 million dollars in the U.S. is 62 years old. The Average age of the "ultra rich" is 67.