For financial advisors with an eye on the affluent market, the time seems to be ripe for finding new clients.
A new study says that the number of millionaires in the nation continues to boom, rising 11% from 2004 to 2005.
The number of households with a net worth of $1 million or more, excluding primary residence, rose to a record-setting 8.3 million in 2005 from 7.5 million in 2004, according to the Spectrem Group's "Affluent Market Insights 2006" report.
The growth was even stronger higher up the wealth food chain. In the category of ultra high net worth households, with a net worth of $5 million or more not including primary residence, there were 930,000 households in 2005-a 26% increase from a year earlier.
"It's been a great couple of years for America's millionaires," said Catherine McBreen, managing director of Spectrem Group. "Clearly, the stock market, which posted solid improvement in 2005, was one reason for the advance."