There are more wealthy households in America than ever before, but many of the demographics surrounding those wealthy households remain the same.
According to Spectrem’s annual Market Insights 2015, there are more than 10 million American households with at least $1 million in net worth. The total of 10.1 million millionaire households represents 8.3 percent of the 121 million households in the United States.
According to the Spectrem statistics, there are 29 million Mass Affluent households, with a net worth between $100,000 and $1 million, not including primary residence. That is an increase of more than 500,000 households from the year previous.
Among Mass Affluent investors, the average age is 57, and 50 percent of them are still in the workforce. Forty-one percent are retired, while the remaining 9 percent are semi-retired.
Sixteen percent of the Mass Affluent are educators, and 13 percent are managers. Another 12 percent list themselves as professionals.
The Millionaire households as designated by the Spectrem report are those with a household net worth between $1 million and $5 million. The average age of the Millionaires is 62, and 58 percent of them are retired, with 32 percent still working.
The occupation of manager is where 18 percent of Millionaires made their living, while 14 percent say they are professionals and another 14 percent are educators.
The Ultra High Net Worth investors are those with a net worth between $5 million and 425 million, and their average age is 65. Almost one quarter (23 percent) of them are professionals, and 17 percent are senior corporate executives. Another 14 percent are managers.
Among the UHNW investors, 61 percent are retired and only 25 percent are still working. Fourteen percent consider themselves semi-retired.
The highest average net worth among the UHNW based on age are those between the ages of 55 and 64, with an average net worth of $10.91 million. Those over the age of 64 have an average net worth of $9.91, approximately $1 million less than those younger whipper-snappers.
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