georgephillip
Diamond Member
Does that "several million dollars net worth" include primary real estate?Indeed. I know someone with several million dollars net worth and an income of $60k/yrMillionaires grow with the stock market.
Last year the number of millionaire households in the US increased by 600,000.
Also in 2010 the US added 5,000,000 Americans to the national food stamp program.
With the stock market soaring over 100 percent from March 2009 lows, the richest 1% of the US population now controls 42% of all financial wealth.
Don't expect to hear/read these numbers in the corporate press.
The financial scam of...
Um. Don't you know the difference between Income and Net Worth?
A net worth of $1 Million is not that much, and for most people, the largest share of it is the equity in their homes, with the second largest bit being their 401Ks.
"This is an interesting chart.
"The number of U.S. millionaires is back near its 2007 peak.
"At the same time we have an underemployment rate near 20 percent according to Gallup and 45,000,000 Americans on food assistance.
"You will also notice that the above chart excludes the primary residence for the household.
"Why is that?
"Well most middle class Americans derive their household wealth from real estate, and not the stock market.
"The real estate market continues to be crushed and prices continue to move lower:..."