This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Rich Get Richer as a Million More Americans Hit Millionaire Status


WATCH: More feature videos on TheStreet TV | More videos from Brittany Umar

NEW YORK (TheStreet) -- Another 1.1 million Americans officially joined the millionaire's club in 2013, bringing the total number of millionaires in the country to 7.1 million.

VIDEO TRANSCRIPT:

Another 1.1 million Americans officially joined the millionaire's club in 2013.

That brings the total amount of millionaires in the U.S. to 7.1 million, the most in any developed country.  Overall, wealth in the U.S. grew by 16.3% in the last year.

And it's picking up steam.  Households worth $1 million or more are projected to grow by at least 7.7% a year through 2018.  While the richest are getting richer, too.  Households with assets of $100 million or more held $8.4 trillion in wealth in the U.S. in 2013, which is a gain of nearly 20% over the year before.  Those households are projected to hold $13 trillion in wealth by the end of 2018 -- accounting for 6.5% of the total wealth in the world.

The primary catalyst for the wealth creation is booming equity markets as well as expanding prosperity in developing economies.

China gained nearly as many millionaire households as the U.S. last year, rising to 2.4 million from 1.5 million the year before, according to the Boston Consulting Group.

The Asia-Pacific region excluding Japan posted the strongest growth in private wealth in the world, at 30.5%, and that region is expected to pass Western Europe as the second-wealthiest region this year, ultimately taking over the U.S. as the wealthiest region in the world by 2018.

In New York, I'm Brittany Umar for TheStreet.

-- Written by Brittany Umar in New York.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $132.54 0.00%
FB $80.54 0.00%
GOOG $540.11 0.00%
TSLA $247.73 0.00%
YHOO $43.48 0.00%

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs