And they think they are the financial experts...why? Remind me again how they benefited the American public?
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.
"America has a lot fewer millionaires than when this economic crisis began," said George Walper, president of Spectrem Group, in a written statement.
But don't weep only for the 2.5 million fewer millionaires. The report, which is based on surveys of 3,000 affluent households, also showed the number of both multi-millionaires and aspiring millionaires plummeted last year.
Affluent households, defined as those with a net worth of $500,000 or more, declined 28% to 11.3 million from 15.7 million.
Even the very rich have not been immune. Households worth $5 million or more, excluding primary residence, fell 28% to 840,000 last year from 1.16 million households in 2007.
