27 percent fewer millionaires in America

According to a Reuters report you can read here, the number of American millionaires fell by more than a quarter last year as the financial crisis decimated their investments, a Spectrem Group report said yesterday (March 11).

The number of U.S. households with a net worth of $1 million or more, not including first homes, fell by 2.5 million to 6.7 million in 2008, according to the report.

After the 27 percent drop, the number of millionaires is at the lowest level since 2003, when the millionaire population stood at 6.2 million, the report says.

HOWEVER, while they may feel poor, please remember that these individuals are still far better off that the Average Joe. Except for those in retirement, most of them are still taking home a paycheck that's about the same as what they made last year.

Agreed: this may not be the best time to ask someone for the ultimate gift, made out of assets. But annual gift solicitations can continue at the same or even increased levels, since those gifts are made from income.

During these times, your organization needs to be in front of your donors, sharing the urgency of your cause, reminding them what you're doing to have an impact in your community, and asking for something: their involvement, their time, their treasure. Building relationship with your donor base now is critical. Whatever you do, don't settle back into inactivity on the (faulty) premise that now's not a good time to approach your supporters.