Millionaire Population Grows by 200,000

Discussion in 'Economy' started by daveman, Mar 31, 2012.

  1. daveman
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    daveman Diamond Member

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    Millionaire Population Grows by 200,000
    America’s millionaire population is still growing – though not by much.

    The number of millionaires in America grew by 200,000 in 2011, according to a new report from Chicago-based Spectrem Group.

    That sounds like a lot — especially with so many Americans still losing jobs and homes. But it represents a growth rate of only 2% – much slower than the growth in 2009 and 2010.

    According to Spectrem, there are now 8.6 million households in the U.S. with a total net worth (minus principal residence) of $1 million or more. The number of households worth $5 million or more and $25 million or more also remained fairly flat, with growth of less than 2%. There are now 1,078,000 households worth $5 million or more and about 107,000 people worth $25 million or more.​

    And who are today's millionaires?

    The report also broke down today’s millionaires by occupation and former occupation if retired. Managers make up the largest group, with 17%, followed by educators (12%), corporate executives (7%), entrepreneur/business owners (6%) and attorneys and accounts.​
     
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  2. Quantum Windbag
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    Quantum Windbag Gold Member

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    How many people did the millionaires have to make poor to get rich?
     
  3. daveman
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    daveman Diamond Member

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    Exactly. There's a finite amount of money, after all.
     
  4. rdean
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    rdean rddean

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    That's hilarious. Right away, right wingers start saying, "Teachers are overpaid and getting rich on the backs of the taxpayer". Shows how much they understand.

    So who are these "teachers getting rich"?

    When I was attending a university here in Chicago, the last four math classes were Calculus I, II and III and Differential Linear Equations. The teacher was leaving the same as me. He was taking over State Farm's Actuarial program at triple the salary. He said if you passed those math classes, you could take the test to become an actuary. I don't remember the name for a beginner. Not novice, but something like that. A number of his students entered the Actuary program for State Farm and did really well. It was why he was offered the job. AND he was already teaching Actuarial Science part time.

    That's just one example.

    A teacher in physics was also doing research in using lasers in dermatology. He brought several to class and we set them up with beam splitters. Looked like a rock concert after we figured out a way to get some smoke into the classroom. You need particles in the air to see the lasers.

    Remember, these universities have to compete with businesses to get top talent for their research programs. Not to mention the fact that colleges and universities have to compete with each other to get top talent.

    Then there are teachers working at private schools where all the kids are children of millionaires. Millionaires may not want their children being taught by teachers making a mere 50,000 a year.

    The surprise to me is that it's not more than 12%.
     
  5. daveman
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    daveman Diamond Member

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    So the moral of the story is:

    Millionaires who are members of Dem special interest groups deserve the money they get, for they are selfless and good and work hard for the benefit of all mankind.

    All others are greedy bastards who run sweatshops filled with 9-year-old children being paid a nickel a day.
     
  6. KissMy
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    KissMy Free Breast Exam

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    Bloomberg: China’s Millionaires Leap Past 1 Million on Growth, Savings

     
  7. Quantum Windbag
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    Quantum Windbag Gold Member

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    Not nearly as hilarious as your post.

    Umm, what?

    I have no idea, can I guess?

    Is it California?

    Do you have a point here?

    Of you not making any sense? Don't worry, it is far from the only one.

    You were in college and you had never heard of talcum powder? How about hairspray? Fog generators?

    Wait a minute, didn't you tell me that all the good research comes from government funded universities? If that is true why do universities have to compete with business to get top talent for their research programs?

    Why would Obama want his kids taught by poor black folks, right?

    It should be 6%, because only 6% of teachers are Republicans.
     
  8. editec
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    editec Mr. Forgot-it-All

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    Calling a family with a NET WORTH of a million dollars "millionaires" is a highly misleading statement.


    They're only millionaires on paper.

    My guess would be for most families with a net worth of 1 Mil, the majority of their net worth is tied up in REAL ESTATE...their personal HOMES.

    Now if a person actually has $1,000,000 in liquid assets then THEY're truly ARE millionaires in my humble opinion.


    I realize this is entirely a rhetoricial issue, but its one that needs further clarification if the discussion is to hae meaning.
     
  9. Skull Pilot
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    Skull Pilot Platinum Member

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    Most people who know what they're doing don't count their home in their net worth calculations.

    It doesn't make sense to count one's residence because if you sold it, you'd still have to live somewhere and that other somewhere to live will cost money to rent, buy, maintain etc.

    The only way to use home equity in one's net worth calculations is if one has taken out all the equity , ie mortgaged his house to the hilt, and then invested that equity in an arbitrage strategy
     
    Last edited: Apr 1, 2012
  10. daveman
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    daveman Diamond Member

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    It has meaning. Your insistence that it doesn't is utterly immaterial.
     

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