According to a report from Credit Suisse, 1 out of every 20 Americans is a millionaire. Millionaires next door are living right next to us. Money reported:
The number of millionaires in the U.S. just hit an all-time high, a new banking report finds.
In its annual report on the state of global wealth, Credit Suisse says 1.1 million new millionaires were created in the U.S. in 2017. That brings the total number of millionaires in the U.S. up to approximately 15,356,000, or about one in every 20 Americans.
The rise in the stock market is the biggest reason for the gains, which in turn were driven by both stronger underlying economic conditions and the prospect of lower taxes and deregulation, Credit Suisse reported.
“Wealth per adult has now fully recovered [from financial crisis lows], and is 30% above the 2006 level,” the bank says. “There is some uncertainty about future interest rates and stock market prospects, but otherwise the signs are mostly positive for household wealth.”
Americans now account for 43 percent of the world’s millionaires.