The number of millionaire households in the U.S. jumped by more than 700,000 last year, thanks to surging stock prices and housing values, according to a new report.

The U.S. now has more than 11 million millionaire households, according to Spectrem Group, up more than 6 percent from 2016. The number of new millionaires and the total population of millionaires set records. Spectrem defines millionaire households as those with at least $1 million in investible assets, not including primary residence.

“It was the equity markets that really pulled these folks up,” said George Walper, president of Spectrem Group. “This is the group that has the most equity holdings, so the biggest change is at the high end.”

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