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More than 10 million U.S. households have a net worth of $1 million or more, a record high representing nearly 9 percent of all households in the country.Patrick Stoneking, gets a low angle to photograph a piggy bank ice sculpture during the 11th annual Medina Ice Festival in this file photo.

(MARVIN FONG)

CLEVELAND, Ohio - Despite slow economic growth and volatile financial markets, more American households have assets of $1 million or more, not including their primary residences, according to a new report.

For the seventh year in a row, dating back to the recession of 2008, the number of millionaires in the United States has grown according to Spectrem Group, a market research and consulting firm.

More than 10 million U.S. households have a net worth of $1 million or more, a record high representing nearly 9 percent of all households in the country. That may sound like a small percentage, but it's one in 11 households. Instead of leading an extravagant life filled with luxuries and indulgences, a millionaire could be in your neighborhood.

"I think that after the great recession people got a wakeup call that has resulted in a new conservatism," said Karin Maloney Stifler, co-founder of Walden Wealth Partners, a registered investment advisory firm in Solon.

"I think that has led to some really positive development, people saving more and being more content with their lifestyle and not trading up. They're doing things like keeping their cars longer and reinvesting in the house they have instead of buying a new and bigger one."

After topping the 10 million mark in 2014, the number of millionaire Americans reached 10.4 million in 2015.

Adding about 300,000 new millionaires, is a new record, but also signaled a slowdown from the 5 percent growth rate in 2014. That's when climbing stock markets and rising real estate values helped create 500,000 new millionaires. Still, millionaires are on the rise each year.

The report includes growth in other wealth segments, up to and including investors with a net worth over $25 million.

The number of millionaires increased at a greater rate than the number of super millionaires. The number of $25 million-plus households grew by 3,000 to 145,000.

According to Spectrem, 9 percent of all American households have a net worth of more than $1 million, which is up from 5.9 percent in 2008.

There will always be people who have an easier time socking away money, because they live off of substantial wages. But at the same time, area financial planners say that they have plenty of clients who make a decent or even modest living, but choose to live a frugal life in favor of financial security. These clients, they say, are disciplined savers who grow wealth slowly in order to do what they want, like travel or retire years earlier than the norm.

On average, Americans save 5.5 percent of their after-tax income, according to the Federal Reserve's latest data. Despite conventional wisdom to put 10 percent away, these everyday millionaires are socking away a whole lot more.

Many millionaires out there are just like you, living modest lives in average homes, and looking for ways to optimize savings, including investing more in their 401K plans.

A few key numbers from the report include:

There are almost 30 million (29.8 million) households with a net worth between $100,000 and $1 million, not including primary residence. That number indicated an increase of approximately 600,000 households.

The number of households with between $1 million and $5 million in net worth climbed above the nine million mark to 9.1 million, an increase of approximately 300,000.

There are 1,210,000 Ultra High Net Worth households with a net worth between $5 million and $25 million. That number grew by more than 40,000 households

Ken Robinson, owner of Practical Financial Planning in Cleveland, is a holistic financial planner who talks up diversifying portfolios. And he offers a different perspective on reaching that $1 million or more in net worth. Earning potential is huge when it comes to being able to save more money.

"Like that saying age ain't nothing but a number, getting to that number gets our attention because it's seven figures,'' he said. "But is $1 million enough to retire on? Well that depends on how much you spend.

"It may be important for other guy to have a Tesla or a huge big-screen TV, or maybe you don't care what you drive or you don't have to have a lot of stuff. It's OK either way. You just have to make some different decisions."

"I like to say that's why they call it personal financial planning. Just because your neighbor is the millionaire next door doesn't mean you necessarily have to be to reach your own unique goals."