Number of Millionaires Declines in 2020
There were an unprecedented 11 million American millionaires at the close of 2019.
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, March 20 according to research firm Spectrem Group. The wealth destruction at the very top has been especially steep. The world’s 500 richest people have lost almost $1.3 trillion since the start of the year, according to the Bloomberg Billionaires Index.