According to CNNMoney,
“The number of American households worth $1 million or more - not including the house itself - grew at the lowest rate in five years, according to a report released Wednesday.”
The report said the number of U.S. millionaires grew by just 2% in 2007, which is the lowest rate since 2003, when growth was 0%. A millionaire household is defined as one with over $1 million in investable assets, not including the primary residence.
It appears that mediocre stock market performance, falling home values, rising energy costs, and a weakening job market all contributed to the anemic growth in millionaire households. On the positive side, the number of millionaire households stands at a record 9.2 million.
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