U.S. keeps minting millionaires: report - Financial - Financial Services - Economy - General - Personal Finance

U.S. keeps minting millionaires: report - Financial - Financial Services - Economy - General - Personal Finance: "U.S. keeps minting millionaires
By Greg Morcroft, MarketWatch
Last Update: 3:37 PM ET Sept. 28, 2005
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NEW YORK (MarketWatch) -- America is still minting millionaires at a steady pace, but long-term wealth accumulation and careful planning now trump some of the quick fortunes generated by stocks, bonds and other investments in years past.
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That's the message Wednesday in the latest report on affluence from researcher TNS, which showed the number of millionaires in the United States jumped 8% to 8.9 million, from 8.2 million a year ago.

The firm's Affluent Market Research Program considers millionaires to be households with more than $1 million in net worth, excluding the primary residence.

'Unlike 2004, year-to-date stock market growth did not fuel the increase in millionaire households,' the report said. 'These households did not become rich overnight.'

In 2004, the number of millionaires spiked by 33% from the prior year, more than double the next biggest jump in recent years."