Ranks of Millionaires Swell

October 2005
Journal of Financial Planning;Oct2005, Vol. 18 Issue 10, p22
Academic Journal
This article reports the growth of the U.S. millionaires in 2004. While the stock market did not do much in 2004, the number of millionaires in the country grew 21 percent that year. This growth is due to the sale of their businesses. Small-business owners make up the largest percentage of millionaires and they are cashing out their enterprises at a higher rate, while privately held businesses represent over 20 percent of the wealth owned by the affluent. And although this looks attractive to market planners, it was also reported that 30 percent of the affluent do not use professional advisors for their financial decisions.


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