American millionaires down by a million - Spear's Magazine

American millionaires down by a million

Most states have experienced a decrease in the number of millionaire households.

From the San Antonio Business Journal:

Most states have experienced a decrease in the number of millionaire households.

David Thompson, managing director of the Phoenix Affluent Market unit of Phoenix Marketing International, blames the market downturn for taking its toll on the number of millionaires nationwide.

“Since June of 2007, we estimate that the number of millionaires nationally has declined by 14 percent,” Thompson says.

The firm estimates that there are now about 5.1 million households in the U.S. that qualify as millionaire households, down from nearly six million two years ago.

California ranked first with 662,735 households with more than $1 million in income. Texas ranked second with 346,302 millionaires. New York ranked third with 345,892 millionaires. Florida ranked fourth with 344,842 millionaires and Illinois ranked fifth with 223,636 millionaires.

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