There are more millionaires than ever in the United States.



As of the end of 2016, there were a record 10.8 million millionaires nationwide, according to a new study from Spectrem Group's Market Insights Report 2017. That's more than ever before and marks a 400,000 person increase from the previous year.

The increase is thanks to a recovery of the U.S. economy since the Great Recession in 2008 and the Wall Street rally that followed the election of Donald Trump, according to George Walper, Jr., President of Spectrem Group.

"The record levels of households reflect the significantly higher values of all asset classes, post-recession," he says in a press release accompanying the release of the report. "And the recent record level of the United States markets following the presidential election has added demonstrably to the asset level of most affluent investors.''