The Millionaires Club

We extend our hearty congratulations to the million new millionaires that were created in 2009. According to a new study from the Spectrem Group, the number of American families with a million dollars in net worth grew from 6.7 million in 2008 to 7.8 million last year. This is still down, however, from the all-time high of 9.2 million millionaires in 2007.

The number of families with at least $5 million in net worth was also up solidly, from 840,000 in 2008 to 980,000 last year. The number of families with $500,000 in net worth showed an even stronger upturn than the two larger categories, going from 11.3 million in 2008 to 12.7 million in 2009.

So how are all these wealthy families investing their money? The two lower categories are both still being conservative: They say they're likely to keep their money primarily in cash over the next 12 months, with stocks and bonds, in that order, as their secondary choices. The $5 million-plus families, however, said they are most likely to put their money into stocks, followed by cash and international investments. It seems that those most affluent families can afford to take a few more risks.