After falling by over a quarter in 2008, the number of households in the US with $1 million in assets not including  a primary residence (NIPR) grew by 16 per cent last year to 7.8 million, says Affluent Market Insights 2010, a report released by Spectrem Group.

Meanwhile, the number of households with a net worth of $5 million or more (NIPR) also expanded by 17 per cent to 980,000 last year, and the broader affluent population - those with a net worth of $500,000 or more (NIPR) - grew by 12 per cent to 12.7 million.

“While still well short of its all-time high of 9.2 million in 2007, this year’s growth in the millionaire population is nevertheless welcome news for an economy still working to recover,” said George Walper, president of Spectrem Group.