Posted on 05/05/2011 11:38:04 PM PDT by 2ndDivisionVet
How many millionaires do you know? The answer to this probably depends on your occupation, location, and whether or not you have your own reality show. But as explained in an earlier post, there are quite a few millionaires in the U.S. -- there will be 10.5 million in 2011 according to the Deloitte Center for Financial Services. That might not sound like too many, but this number is expressed in households, not individuals. And there are only about 118 million households in the U.S. So really, a fairly large -- if not surprisingly large -- portion of U.S. households belong to the millionaire club.
In 2011, using the Deloitte estimate, around 9% of all U.S. households will be millionaires, if you estimate that households will grow this year at approximately the same rate they did in 2009 and 2010. Using millionaire estimates from the recent Deloitte report and the number of households according to the Census Bureau, here's how that percentage has changed over the past decade:
(CHART AT LINK)
You can see that millionaires were particularly plentiful when the housing bubble was fully inflated.
(Excerpt) Read more at theatlantic.com ...
Being worth a million in New Jersey is a far cry from being worth a million in Mississippi.
Or end this prolonged FReepathon.
Believe it or not, I find Dallas/Ft. Worth to be cheaper than South Mississippi in many ways. Plus there’s lots more to do and see there.
After all of Bernanke’s QE1 and QE2 monopoly money makes its way through the system, US$1 million will be poverty line.
I was going to comment to similar effect: they say ‘the 100 dollar bill is the new twenty,’ to that I would add ‘the billion is the new million.’
Yeah, I can imagine one day in the not-too-distant future, my son coming home from his first day on his paper route.
“So how was your first day as a working man, son?”
“I made my first million today, pops! A couple more weeks like this and I’ll be able to get that Pez dispenser I wanted!”
Or So. Calif vs. same....
With digital cash, that may not be as difficult as we imagine (no need for wheelbarrows or baskets to carry piles of (near worthless) paper).
Let’s see, $1,000,000 at 2% interest per year yields, let’s see, $20,000. That should qualify for food stamps.
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