we're rich

I must say I'm stunned and somewhat skeptical of the numbers put out by Spectrem last week. They report that 9m households own $1 million in assets (not including equity in their primary home). That's an amazing number. There are approximately 110 million households so a little under 10% of households have $1 million in cash, stocks, bonds, and secondary homes. 1% of households have $5 million. That is much higher than I would have guessed.