The Millionaires are Back

The number of U.S. households with a net worth of $1 million or more jumped 16% in 2009, and those with a net worth of $5 million or more rose 17% in 2009. While still short of the 9.2 million millionaire families in 2007, recovery is underway—at least for the wealthy.

Why are the wealthy recovering so quickly while the rest of the country struggles to find jobs? Perhaps because the wealth of the wealthy is financial investments, which rebounded significantly in 2009. “In other words, capital has recovered. Labor hasn’t.” Robert Frank, U.S. Millionaire Tally Soared 16% in ’09, WSJ Blogs: The Wealth Report, Mar. 9, 2010.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this to my attention.