Pappas Realty Co... "Commercial Real Estate...Exclusively" in Northeast Ohio since 1957

Sunday, March 15, 2009

America lost 2.5 million millionaires in 2008

By Ben Rooney, staff writer

The financial crisis has weighed heavily on American households, and millionaires are no exception, according to a report released Wednesday.

The number of American households with a net worth of $1 million or more, excluding the value of their primary residence, fell 27% to 6.7 million in 2008 from an all-time high of 9.2 million the year before, according to a report from market research firm Spectrem Group.

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