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The number of wealthy households in the U.S. reached a new high last year, roughly equivalent to the entire population of Sweden or Portugal.
More than 10.2 million households had a net worth of $1 million to $5 million, not including the value of their primary residence, according to a survey by the Spectrem Group. That’s up 2.5 percent from 2017.
Even as the ranks of the mass affluent grew, the pace slowed because of “weakening global economic growth and a contentious U.S. political environment,” said Spectrem Group President George Walper.
Ultra-high net worth households — those with assets between $5 million and $25 million — increased 3.7 percent to about 1.4 million in number, while those in excess of $25 million grew by about 0.6 percent to 173,000, according to the survey.