There are now 500,000 fewer millionaires in the US than at the end of 2019.

According to research from Spectrem Group, at the end of last year the number of millionaires in the US reach an all-time high of 11 million households.

However, as at 20 March 2020, the number of millionaire households dropped to 10.5 million.

The number of ultra high net worth (UHNW) households fell from 1.52 million to 1.44 million. While those with over $25 million dropped from 196,000 to 178,000.

The number of mass affluent households also dropped from 31.8 million to 31.6 million.

Spectrem’s latest research ...