After reaching record highs in 2019, the number of millionaires in the United States has slipped drastically during the first quarter following the market upheaval caused by the COVID-19 coronavirus, according to the Spectrem Group.

The number of households with $1 million to $5 million in investable assets, not including the primary residence, decreased from an all-time high of 11 million at the end of last year to 10.5 million in March 2020, Spectrem said in its Market Insights 2020 report released Wednesday.

Likewise, the number of households with $5 million to $25 million in investable assets dropped from 1.52 million to 1.44 million in the same time frame. The number of households with more than $25 million decreased from 196,000 to 176,000, the report said. The report included 8,600 households with $100,000 and more in investable assets.

“The increase in the number of wealthy households seen at the end of 2019 has been erased,” the report said.

“Millennials are currently the largest generation, and financial providers must begin to readjust their focus from baby boomers and transition their strategies to focus on these younger investors,” said Spectrem. “As millennials age, their financial attitudes and behaviors will shape investing and economics for decades to come.

“High-income millennials define a successful life as being financially independent and financially stable. Just over half feel marriage or a committed relationship is important, but less than half feel having a family is necessary for a successful life,” the report noted.

Forty-nine percent of high-income millennials use an advisor, and most are seeking a holistic financial plan rather than just investment advice, the report added.