A survey conducted by the Spectrem Group, a firm which provides specialized research to investors, found that more than 10.2 million U.S. households had a net worth valued between $1 million and $5 million, an increase of 2.5 percent from the previous year, Bloomberg News reported.
The number of American households with a net worth between $5 million and $25 million, about 1.4 million households, increased by 3.7 percent.
A survey from the group released last year found that the number of U.S. millionaires increased by more than 6 percent between 2016 and 2017.
But some experts say that even though the number of millionaires increased, the pace of growth in wealth among Americans has slowed.
“That said, the growth rate of wealthy households continues to outpace middle-class growth rates,” he added.