1,700 New Millionaires In Us Every Day

Discussion in 'In the News' started by Arlene Richards, Nov 21, 2016.

  1. Arlene Richards

    Arlene Richards Veteran Member
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    The U.S. is home to a working class suffering from stagnant incomes and declining job prospects—widespread struggles that helped elect Republican Donald Trump. The relative wealth of Americans in all age groups keeps falling, compared with previous decades.

    At the same time, the country is also home to an unprecedented amount of wealth, a divergence that has made income inequality a household phrase. America has $55.6 trillion in private financial assets and more millionaires than any other nation in the world by far. Today, more than 8 million households have financial assets of $1 million or more, not including homes or luxury goods,

    (full article)

    http://www.bloomberg.com/news/artic...erica-1-700-millionaires-are-minted-every-day
     
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    Last edited: Nov 21, 2016
  2. Frank Sanoica

    Frank Sanoica Supreme Member
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    Anything annotated from anywhere having the name "Bloomberg" attached to it, I refuse to accept as truthful.
    Frank
     
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  3. Martin Alonzo

    Martin Alonzo Supreme Member
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    I know lots of people who live in homes that they claim to be worth a million dollars. What they don’t tell you that 75% is still a mortgage. If they came to selling it they would get a lot less than they think. Bloomberg wants you to think work hard and anyone can do it.
     
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  4. Arlene Richards

    Arlene Richards Veteran Member
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    @Martin Alonzo for purposes of the article home value isn't included.

    In a way, the fact that a large % of wealth is from inheritance kind of surprised me, and in a way it didn't. Years ago thru a job I found out that someone I know well is a millionaire several times over but they live a very low key lifestyle (I never revealed that I know). I think it's thru hard work, smart investing in the 1980s/90s, and very smart money management (no inherited money).

    I also think legal settlements and lottery money come into play for some people.
     
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