Among the key survey findings were the following:
- The number of U.S. millionaire households has risen to a record high of 9.3 million as of mid-2006. This is an increase of five percent from the prior year, and the fourth consecutive year that the population of millionaires has increased (Millionaires are defined as $1MM in net worth excluding primary residence)
- Among those millionaires who have Internet access, online trading has jumped 45 percent over the last five years, to 32 percent.
- Among the 37% who do not use a financial advisor, 46% cited "I feel I do better managing my own money," and 31% said "the wealth of information makes a professional advisor unnecessary."
- Los Angeles County ranks number one with the most number of millionaires - over 268,000
The AMRP has been in existence since 1981 and provides leading financial services organizations with valuable insights into the attitudes and behaviors of affluent households. The study reveals that the single most important financial goal of this group is "to assure a comfortable standard of living during retirement." A less important financial goal is "leaving an estate for my heirs."
While the number of millionaires who are investing via the Internet is increasing dramatically, 60 percent continue to obtain investment advice from a professional advisor. George Ravich, senior vice president of TNS' Syndicated Programs commented on the findings –
"The availability of high quality investment information has had a profound impact on the affluent investor's confidence and their ability to self-advise. Over half of affluent investors with Internet access use it to research investments, and 32 percent trade securities online, an increase of about 45 percent since 2002."
