Social Media Sidebar

Announcement

Please sign up, comment on articles and bring your friends!

Current poll

PlanetTech is asking:

What do you think about our new web site?

Love it, indeed
Really good solution
Same as old one
The old one was better
This is a new option

Quote of the day

When seen through the lens of technology, few resources are truly scarce; they’re mainly inaccessible. 

 

Peter Diamandis

10% of US households could be millionaires by 2021

RATE THIS! +28
Posted in Business on 11th Sep, 2017 05:25 PM by Alex Muller

The number of U.S. households with a net worth of $1 million or more, not including primary residence (NIPR), increased by 400,000 to reach a record 10.8 million in 2016, according to Spectrem Group’s Market Insights Report 2017. In every wealth segment, a sizable increase in number was recorded in 2016.

 
The USA has 126 million households and the number of households is increasing by 1.2 million each year.
 
If there is no recession in the next 3-4 years then it is likely that the U.S. households with a net worth of $1 million or more, not including primary residence could exceed 10% of overall US households.
 
African Americans and Hispanics own homes at lower rates than whites do, even when income-level is controlled.
 
African Americans have more student loan debt.
 
Families of Asian Americans have seen the most significant increase in wealth in the past two decades, even eclipsing Caucasians in median incomes, according to the most recent study by the Federal Reserve Bank of St. Louis.
 
One of the factors experts have been looking at is the group’s high rate of college education, Bloomberg reported.
 
Sixty-five percent of Asian Americans aged 35 to 39 are college degree-holders. In the same age demographic, the figure for Caucasians is only 42%, 26% for African Americans and 16% for the Hispanics.
 
More Wealth Report Insights
 
Spectrem Group’s annual report analyzes the number of households in America based on net worth, from the Mass Affluent ($100,000 as the minimum) to the $25 million-plus segment. The report also includes information on the investment habits and behaviors of investors in all of the designated wealth segments.
 
Key findings include:
 
· In 2016, there were 30.5 million Mass Affluent households with a net worth between $100,000 and $1 million, NIPR. That reflected an increase of 700,000 households from 2015.
 
· The number of Millionaires, with a net worth between $1 million and $5 million, climbed by 238,000 households to a record 9.38 million.
 
· The Ultra High Net Worth market, in which net worth is between $5 million and $25 million, grew to 1,264,000 households, an increase of 54,000 from 2015.
 
· The number of $25 million-plus households reached 156,000, an increase of 11,000 (7.5 percent).
 
Globally, almost 18 million households control more than $1 million in wealth, according to a new report from the Boston Consulting Group. These rich folk represent just 1 percent of the world’s population, but they hold 45 percent of the world’s $166.5 trillion in wealth. They will control more than half the world’s wealth by 2021.
 
63 percent of America’s private wealth in the hands of U.S. millionaires and billionaires, BCG said. By 2021, their share of the nation’s wealth will rise to an estimated 70 percent.
 
The sources are slightly different in the U.S. compared with the rest of the world. Globally, about half of new wealth comes from existing financial assets—rising stock prices or yields on bonds and bank deposits—held predominately by the already well-off. The rest of the world’s new wealth comes from what BCG classifies as “new wealth creation,” from people saving money they’ve earned through labor or entrepreneurship.
 
In the U.S., the creation of “new” wealth is a minor factor, making up just 28 percent of the nation’s wealth increase last year. It’s even lower in Japan, at 21 percent. In the rest of the Asia Pacific region, meanwhile, two-thirds of the rise is driven by new wealth creation.

Tags: businessUSAmoneyfinanceresearch

Read original article » Back to category

Comments



 

Recent headlines

  • Posted in Business on 2017-11-22 23:55:15
    How to Use Technology to Help You Become Debt-Free..read more
    Posted in Medicine on 2017-11-22 23:49:31
    Patients On Medical Cannabis More Likely To Quit Opioids,.....read more
    Posted in Business on 2017-11-22 23:45:56
    Samsung to establish an AI research hub..read more
    Posted in Medicine on 2017-11-21 09:01:15
    High Incidence of PTSD Among Cancer Patients..read more
    Posted in Science on 2017-11-21 08:56:02
    Human Memory Enhanced With a Brain Implant For the First.....read more
Posted in Business on 2013-10-10 01:33
China is working towards a manned lunar mission in about.....read more
Posted in Business on 2013-10-20 07:17
Spacex says China is their main competitor for commercial.....read more
Posted in Software on 2013-10-20 06:43
Pirate Bay Browser Clocks 1,000,000 Downloads..read more
Posted in Medicine on 2013-10-10 02:10
Google reportedly investing hundreds of millions into new.....read more
Posted in Medicine on 2013-10-14 03:13
Endothelial Cells Can Repair and Regenerate Organs,.....read more
Posted in Science on 01.01.2010
Spacex says China is their main competitor for commercial.....read more
Posted in Science on 01.01.2010
Staring at Your Phone Could Be Making You Short Sighted..read more
Posted in Science on 01.01.2010
Oculus Rift virtual reality headset coming to mobile, but.....read more
Posted in Science on 01.01.2010
China is working towards a manned lunar mission in about.....read more
Posted in Science on 01.01.2010
Delivering drugs via nanoparticles to target mitochondria..read more

Recent Blog Posts

  • Posted by AlexMuller
    Martian landscapes formed from sand 'levitating' on a little.....read more
    Posted by AlexMuller
    Scientists detect comets outside our solar system..read more
    Posted by AlexMuller
    Advanced artificial limbs mapped in the brain..read more
    Posted by AlexMuller
    Bacteria have a sense of touch..read more
    Posted by AlexMuller
    Recurrent brain cancer: New hope with phase 1 clinical trial.....read more

Login to your Account

Login to your PlanetTech Account here

Username:
Password:
Remember me
or

Create a New Account

You just need username and password

The following errors occured:
Username:
Email:
Password:
Verify password:
Remember me