America’s Millionaire Ranks Shrink by 500,000 in Record Time
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At the close of 2019, there were an unprecedented 11 million American millionaires, a reflection of the longest bull market in history thanks to ultra-low interest rates and tax cuts.
Fast forward just a few months and it’s a starkly different picture. The number of households in the U.S. above that threshold has dropped by at least 500,000 as of Friday, according to research firm Spectrem Group.