New Study Shows There Are More Millionaires Than Ever

Achieving millionaire status seems like a dream, but for many U.S. households, it’s a reality.

Spectrem’s Market Insights Report discovered that 2016 marked the highest number of households in the U.S. to have a net worth of $1 million or more. With an increase of more than 400,000, 10.8 million people reportedly reached millionaire status in 2016.

Related: 8 Tips to Become a Millionaire This Year

Households making anywhere from $1 million to $5 million saw a 238,000 household increase, reaching a record 9.38 million. The ultra rich -- those bringing in more than $25 million a year -- also saw an increase by 7.5 percent, to a height of 156,000 households.

Overall, there has been a boost in wealth. There were 30.5 million households bringing in anywhere from $100,000 to $1 million in 2016, a 700,000 increase from 2015.

It looks like things have finally recovered from the 2008 recession. Today, there are 1.6 million more American millionaires than there were in 2007.

Related: 15 Ways Millionaires Manage Their Money That Make Them Richer

“The record levels of households reflect the significantly higher values of all asset classes post-recession," Spectrem Group president George Walper, Jr., said in a press release, "and the recent record level of the United States markets following the presidential election has added demonstrably to the asset level of most affluent investors."