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Millionaires Times Five

America's very wealthy population is on the up and up, according to a report released earlier this week by the Spectrem Group. The report says U.S. households with a net worth of $5 million or more climbed to 1.14 million in 2006--a 23 percent rise from 2005 and passing the 1 million-mark for the first time in history.

A Wall Street Journal blog captures the report:

The number of “lesser” millionaires and affluent Americans also increased, according to Spectrem. The group says there are now 9 million households in the U.S. worth $1 million or more, while the number of affluent households — those with $500,000 or more — grew to 15 million in 2006, up 9% from 2005.

In other words, the fastest population growth was at the top of the top. Over the past decade, the number of households worth $5 million or more has more than quadrupled, Spectrem says.

It’s all further proof of the widening gap among the rich — with those at the top of the top doing better than those at the bottom of the top.

-kc

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