The gray bat, the jaguar, the kangaroo rat, the Alabama beach mouse and the millionaire. All of them were endangered species in the U.S. at the height of our shared national calamity, the Great Recession.
But now it looks like one of them has received a reprieve. That’s right: America’s most fragile economic class, the millionaire, has been given a second chance to soar high again, to fly private, to sip the healing nectars of Avenue bottle service.
As CNN Money reported, “U.S. households worth $1 million or more grew to 7.8 million in 2009, up 16% from 2008, according to a survey from Spectrem Group, a Chicago-based market research and consulting firm.”
Even better news: those households worth $5 million or more jumped 17% to 980,000. A rebound in stocks is largely credited for this blessing.
The next few years won’t be easy, and America’s millionaires know they have a tough fight ahead of them. But now there is hope where there once was only the fear of slumming it in a used BMW and flying alongside commoners.Our congratulations to those 980,000 households who have recovered from the brink of destitution. Bravo, good sirs and madams.
—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.