300,000 new millionaires were created during the recent surge in the stock market, a company has claimed. The recent increase in millionaires, however, does not put the figure at its all-time high.
With stock market’s recent historic highs, there are around 300,000 new millionaires in the United States, a company said on Thursday.
The Chicago-based Spectrem Group, which researches wealth in the U.S., said there are currently 8.99 million American households with a net worth exceeding $1 million.. This, however, does not include primary residence.
That figure has increased from 8.6 million households in 2011. The all-time record for millionaire households in the U.S. was 9.2 million in 2006.
Spectrem said the stock market’s recent meteoric rise is the reason why there are so many new millionaires.
Catherine McBreen, who heads Spectrem Group’s Millionaire Corner, that millionaire households tend to hold more stocks and experienced a benefit when the stock market rose as a whole. And more wealthy households have a tendency to make better investments, she added.
“The affluent group may be high earners, but they also might have high expenses like college tuition,” she told the network.
On Thursday, the Dow Jones Industrial Average rose for a tenth straight day, increasing by another 83.86 points, or 0.58 percent, closing out 14,539.14.
“It’s just a good run,” Dan Greenhaus, chief global strategist at brokerage firm BTIG, told The Associated Press. “And it speaks to optimism about the future.”
The S&P 500 index also gained 8.71 points to 1,563.23. And the Nasdaq composite increased by 13.81 to 3,258.93.
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