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Number of Millionaires Growing – but slower

The last few years have seen increasing numbers of millionaires, and 2007 was no exception. The number of millionaires (assets of 1 Million excluding their primary residence) grew by 2%, which was a slower rate than 2006 which had an 8% growth rate. The slower rate increase was even more evident in multi-millionaires. The number of individuals worth $5 Million or more also had a 2% increase in numbers but that was down from a 23% increase in 2006. Entry level homes slowed a year ago in many parts of the country, and now we’re hearing of a slowing in the mid-luxury range as well.

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