nouveau pentamillionaire classification

Nouveau riche can say ‘thank you’ to their advisers - InvestmentNews-- Here's a little bit different perspective on things happening out in the economy at large. Investment News come to us from the same people who bring us Crain's.

The number of millionaire households in the U.S. is soaring, and many have their financial advisers to thank for their newfound wealth.
There were 5.4 million millionaire households in 2006, compared to 3.5 million in 2003 — an increase of 56% — according to a study of U.S. Census Bureau and other data released this month by Phoenix Marketing International in Rhinebeck, N.Y.
“About 70% of affluent households use financial advisers,” said David Thompson, vice president and managing director of Phoenix. Advisers who diversify client assets cause “a multiplier effect” on the growth of household investment portfolios, he added.
In fact, there are now so many millionaires — defined as households with at least $1 million in investible assets — that it’s not very unusual to be one. So Phoenix also tracks pentamillionaire households — those with at least $5 million in investible assets. There were about 755,000 of those last year, up 47% from 514,000 in 2003.
Advisers getting their clients into investments that can “maximize market gains” — including hedge funds, private equity and venture capital — also helped expand the millionaire demographic, said Mr. Thompson.
Portfolio growth cannot be attributed solely to the rising stock market, as the Standard & Poor’s 500 stock index gained only about 30% during the period studied, he noted.