More Americans Can Call Themselves Millionaires, Study Finds

The number of Americans who can call themselves millionaires has gone up in the past year, according to a report released Tuesday by Spectrem Group.

The number of U.S. households with a net worth of at least $1 million, not including primary residence, increased 16 percent to 7.8 million in 2009, according to the group's press release.

The number is up from 6.7 million in 2008. That follows a 27 percent decline in the millionaire population in 2008.

The number of households with a net worth of at least $5 million, known as Ultra High Net Worth households, surged 17 percent to 980,000 in 2009.

"The nation’s millionaires – together with its Ultra High Net Worth households – are bouncing back from the recession. Following a sharp decline in 2008, both groups saw their numbers advance nicely in 2009," said President of Spectrem Group George H. Walper, Jr.

The broader affluent population, with a net worth of at least $500,000, also increased in 2009. This population increased by 12 percent to 12.7 million.