The number of millionaires residing in the United States jumped by over 700,000 households during President Trump’s first year in office; signaling a strong American recovery and booming stock markets heading into 2018.

According to CNBC, the United States now has over 11 million households with residents earning a combined income of more than $1 million; smashing records and jumping over 6% from 2016.

“It was the equity markets that really pulled these folks up,” said a leading economist. “This is the group that has the most equity holdings, so the biggest change is at the high end.”

The strong economic data shows further signs of a booming US economy under President Trump and the Republican-controlled Congress; with industry leaders crediting the rising stock market, high employment, and decreased taxes for the stunning growth.

American workers are seeing higher wages, big bonuses, and expanded benefits just months after the President signed the sweeping overhaul of the nation’s outdated tax code into law.