The growth of the affluent market in America has been consistent under the watchful eye of President Barack Obama and has now reached record levels, according to Spectrem’s Market Insights 2015 report.
The Market Insights report shows the number of affluent households in several wealth segments, starting with the Mass Affluent with a net worth between $100,000 and $1 million and topping off with the $25 Million Plus.
For 2014, there were 29.5 million Mass Affluent households, 8.79 million Millionaire households (with a net worth between $1 million and $5 million), 1.168 million Ultra High Net Worth households (with a net worth between $5 million and $25 million) and 142,000 $25 Million Plus households. All of those levels were record numbers.
In 1996, when Spectrem started modeling the size of the affluent market, Bill Clinton was president and there were 4.9 million Millionaire households, including the 250,000 Ultra High Net Worth households. Under Clinton, those numbers peaked in 1999 to 7.1 Millionaire households, including the 590,000 UHNW households, but fell in his final year in office, 2000, to 6.3 Millionaire households and 530,000 UHNW households.
The eight years George Bush was in office saw much financial turmoil and it was reflected in the market numbers determined by Spectrem. The high was in 2007, when there were 33.4 million Mass Affluent households, including the 9.2 million Millionaire households, which also included the 1.16 million UHNW households. There were 125,000 $25 Million Plus households that year.
Following the crash of 2008, the numbers dropped to 31.2 million Mass Affluent, 6.7 Millionaire, 840,000 UHNW, and 84,000 $25 Million Plus. Each of those numbers have increased every year after 2008.
Since Obama became president following the crash of 2008, the Mass Affluent total has increased by 8.4 million households, the Millionaire total has increased by 3.4 million, the UHNW total has increased by 470,000 and the $25 Million Plus has increased by 58,000.
To purchase the Market Insights report, click here