The number of U.S. households with at least $1 million ininvestable assets grew by more than 1.3 million since 2006, beforethe financial crisis, to 6.8 million households by mid-2016,accounting for 5.5 percent of all U.S. households, Phoenix MarketingInternational reported in February.

The overall wealth market is growing, but the ratio ofmillionaires to total U.S. households has remained relatively flatsince 2006, and wealth is more concentrated and shiftinggeographically, according to the annual Phoenix Wealth &Affluent Monitor.

Households with at least $1 million hold $20 trillion

Phoenix research showed that households with at least $1 million ininvestable assets hold approximately $20 trillion in total liquidwealth in the U.S., or roughly 59 percent of the total.

Households with between $1 million and $10 million in investableassets experienced the biggest asset growth between 2015 and 2016,advancing by $809 billion to a total of $17.8 trillion.

By comparison, 16.4 million households comprised the broadaffluent market with between $250,000 and $1 million in investableassets. They control $8.5 trillion in investable assets, or 35percent of total liquid wealth in the U.S.

However, mass affluent households lost $56 billion collectivelybetween 2015 and 2016, with $54 billion of these losses among thesegment with $250,000 to $500,000. During the same period, the 14million households with between $100,000 and $250,000 saw theirinvestable assets decline by $79 billion to $2.6 trillion.

Non-affluent control < 10% of nation's wealth

According to Phoenix, the concentration of wealth in the U.S.continues to deepen as the top 1 percent of wealthiest U.S.households now holds 24 percent of liquid wealth. The non-affluent,making up 70 percent of U.S. households, control less than a tenthof the nation’s liquid wealth.

Approximately 70 percent of the wealthy and affluent market isrepresented by Americans 52 or older who have at least $100,000 ininvestable assets. Boomers account for 55 percent of the market andthe Silent Generation 15 percent.

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Research found wealth shifts from regional effects of thefinancial crisis, recession and slow job and wage recovery over thepast 10 years. (Photo: iStock)

Millennials, about 13 percent of the wealth and affluent market, are gaining onGeneration X, which makes up the remaining 17 percent of themarket, and who are faced with the financial challenges of agingparents and paying for their children’s education.

“Our research reveals stark geographic, demographic and economicdifferences within the broad wealth and affluent market,reinforcing the need for more precise segmentation and targeted,relevant messaging,” David Thompson, managing director for affluentpractice at Phoenix, said in a statement.

“The trends we’ve seen over the past 10 years show a deeper andwider wealth divide as families in the near- and emerging affluentsegments fall further behind financially.”

The Wealth & Affluent Monitor sizing estimates in the U.S.were developed by using a combination of sources including theSurvey of Consumer Finance and Nielsen-Claritas.

Top 10 states for millionaires

Phoenix ranked states by the ratio of millionaire households tototal households. Its research found significant shifts andregional effects of the financial crisis, recession and slow joband wage recovery over the past 10 years.

Here are some examples:

• Ranked #18 in 2006, Michigan dropped to #26 in2011, and despite recent growth, ranked #29 in 2016.
• Florida, #10 in 2006, had dropped to #19 by2011 and ranked #32 in 2016.
• New York ranked #13 in 2006, but rose to #12by 2011 before dropping to #18 in 2016 as the disparity in wealth,particularly between upstate and downstate, became moreprevalent.
• The District of Columbia, #9 in 2006, droppedto #20 at the outset of the recession but has bounced back to #9 in2016.

In 2016, the top 10 states with the highest percentage ofmillionaires were:

10. Delaware (6.28 percent) moved down oneplace on the list from 2015.

9. District of Columbia (6.32 percent) moved upone place.

8. Virginia (6.64 percent) was unchanged.

7. New Hampshire (6.82 percent) wasunchanged.

6. Massachusetts (6.98 percent) wasunchanged.

5. Alaska (7.15 percent) was unchanged.

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4. Hawaii (7.35 percent) fell one place.

3. New Jersey (7.39 percent) moved up oneplace.

2. Connecticut (7.4 percent) was unchanged.

1. Maryland (7.55 percent) has held the topspot since 2011.

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Michael S. Fischer is a regular contributor, focusing on taxand estate planning, philanthropy and other wealth managementissues. He previously wrote about alternative investments asmanaging editor at MARHedge and as senior financial correspondentat Thomson Reuters. Email him at [email protected].