It may be true that a million dollars doesn’t buy as much today as it used to, but it’s still a heck of a lot of money.
The ranks of millionaire households in the United States rose to 6.2 million in 2003 and 8.2 million in 2004, and to 8.9 million in 2005, according to British market research firm TNS Financial Services.
In most large counties, about one household in 12, or about 8.5 percent, was worth $1 million or more, Ms. Luhr said. An exception was Nassau County on Long Island, where millionaire families were more than twice as common, at 17.5 percent of all households.
The households had an average net worth, excluding principal residence, of nearly $2.2 million, of which more than $1.4 million was in liquid, or investable, assets. The survey counted some tax-deferred retirement savings but did not include individual retirement accounts in the liquid assets.
Again, this excluded the value of their principal residence, and excluded most money held aside for retirement.
Over 25 percent of households held no stocks, bonds, or mutual funds, and only one quarter of respondents had owned their own businesses.
And, hello Concord-Carlisle! Middlesex County, in Massachusetts, had the tenth-highest concentration of millionaires in the country, with over 67,000 households having a net worth of at least $1 million.
Details: New Rise in Number of Millionaire Families – By David Cay Johnston, The New York Times