Millionaires in U.S. Hits Record

The number of U.S. millionaire households has risen to a record high of 9.3 million as of mid-2006 according to research firm TNS. This is an increase of five percent from the prior year, and the fourth consecutive year that the population of millionaires has increased (Millionaires are defined as $1 million in net worth excluding primary residence)

Other findings from the study of the affluent in the U.S. include:

-- Among those millionaires who have Internet access, online trading has jumped 45 percent over the last five years, to 32 percent.

-- Among the 37% who do not use a financial advisor, 46% cited "I feel I do better managing my own money," and 31% said "the wealth of information makes a professional advisor unnecessary.

-- Los Angeles County ranks number one with the most number of millionaires -- over 268,000

The TNS Affluent Market Research Program has been in existence since 1981 and provides leading financial services organizations with valuable insights into the attitudes and behaviors of affluent households.
The study reveals that the single most important financial goal of this group is "to assure a comfortable standard of living during retirement." A less important financial goal is "leaving an estate for my heirs."

While the number of millionaires who are investing via the Internet is increasing dramatically, 60 percent continue to obtain investment advice from a professional advisor.

Below are the top 10 counties in the U.S. with the most millionaire households, not including the value of their primary residence.

 

U.S. County	Number of Millionaire Households	% of Millionaire Households (based on total number of millionaires in the state)
1. Los Angeles County, CA	268,136	23%
2. Cook County, IL	171,118	40%
3. Orange County, CA	116,157	10%
4. Maricopa County, AZ	113,414	62%
5. San Diego County, CA	102,138	9%
6. Harris County, TX	99,504	16%
7. Nassau County, NY	79,704	13%
8. Santa Clara County, CA	74,824	6%
9. Palm Beach County, FL	71,221	11%
10. King County, WA	68,390	13%

Source: TNS Financial Services