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DeepModem Mom Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-28-05 07:47 AM
Original message
CNN/Money: Number of millionaires hits record
Number of millionaires hits record
There are 8.9 million affluent households, and the number of 'emerging affluent' grow, study finds.
September 28, 2005
By Jeanne Sahadi, CNN/Money senior writer


NEW YORK (CNN/Money) - There are 700,000 more millionaire households this year than in 2004, according to a survey released Wednesday.

Households with a net worth of at least $1 million excluding primary residences rose 8 percent to a record high 8.9 million, according to an annual report by TNS Financial Services, a market research and polling firm.

This is the third consecutive annual increase, although this year's growth rate is far more modest than the 33 percent increase seen in 2004.

Interestingly, although the number of millionaire households grew, the averages among some of their primary investments were down.

TNS found that there were fewer millionaire households who owned investment real estate this year than last, although real estate continued to be a staple in investment portfolios for many....


http://money.cnn.com/2005/09/28/news/economy/millionair...
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leesa Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-28-05 07:51 AM
Response to Original message
1. Realty speculators...Pop!
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Dr Batsen D Belfry Donating Member (650 posts) Send PM | Profile | Ignore Wed Sep-28-05 08:05 AM
Response to Original message
2. And how many went the other direction?
How many went from above the poverty line to below it?

That seems like a much more important number from the standpoint of public policy.

DBDB
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CitrusLib Donating Member (748 posts) Send PM | Profile | Ignore Wed Sep-28-05 08:28 AM
Response to Reply #2
4. I had the exact same reaction to the article.
I find it silly or even disingenuous to report one extreme without the other. Even if the article were flipped and reporting the number of households that slipped below the poverty line. A larger picture would be nice when looking at what's happening to our economy.

It's like reporting the number of new jobs created without reporting how many jobs were lost during the same timeframe.
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Dr Batsen D Belfry Donating Member (650 posts) Send PM | Profile | Ignore Wed Sep-28-05 08:38 AM
Response to Reply #4
6. My income has gone down significantly
In 2001, my wages went up about 2%.

Relative to 2001:
My 2002 wages went down 10%
My 2003 reported wages* went down 50%. Real wages were down 10%
My 2004 wages went down 10%
My 2005 real wages are projected to be down 50%**

* Republican Boss withheld taxes paying me my proper net amount, and only reported 6 of 11 paychecks on my W-2

** Republican Boss owes me more than $32,000 in back taxes.

DBDB
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CitrusLib Donating Member (748 posts) Send PM | Profile | Ignore Wed Sep-28-05 08:54 AM
Response to Reply #6
7. The last several years haven't been great for my household either.
I love the election year question, 'Are you better off now than you were four years ago?'

After Clinton's 8 years, I could honestly say, 'Hell, yes.'

After Bush II's first 4, I could honestly say, 'We've been screwed.'

My husband was layed off in late 2002 cutting our household income by 78.9% (Yes, I've done the math). It took 6 months to find a new job making 61.1% less than he did at his previous job. To try to get us back on track, I took a higher paying job that moved us to Florida. I ended up loathing that position and worked for a year dreading getting out of bed. We thought he'd have no problem finding a job here in Florida, but it took 17 months. During that time, he took a PT job at our son's school so he could at least bring in something. Not the biggest ego stroke for a guy.

I'm thankful to say we are both now happily employed which is a lot more than others can say, but our income is down 54% or more than half what it was under Clinton. Is it all Bush's fault? Probably not, but I'm just as willing to play the blame game as they are. ;-)
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genieroze Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-28-05 09:22 AM
Response to Reply #2
9. Those millionaires got their money from somewhere, out of the mouths of
poor people. Most of them I bet were small business owners who outsourced most of their work and fired Americans.
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shanti Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-28-05 09:23 AM
Response to Reply #2
10. gmta
:eyes:
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M155Y_A1CH Donating Member (921 posts) Send PM | Profile | Ignore Wed Sep-28-05 08:26 AM
Response to Original message
3. We seem to have a conflicting report
See this thread and tell me if you agree with me:

http://www.democraticunderground.com/discuss/duboard.ph...


The CNN study doesn't seem to jibe with the IRS' new statement?
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Kokonoe Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-28-05 09:10 AM
Response to Reply #3
8.  Maybe adjusted for inflation
The dollar is worth less.(more millionaires and more in poverty with worthless dollars.)
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M155Y_A1CH Donating Member (921 posts) Send PM | Profile | Ignore Wed Sep-28-05 09:28 AM
Response to Reply #8
11. Yes, perhaps
The two articles today sure don't come to the same conclusions.
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The White Tree Donating Member (630 posts) Send PM | Profile | Ignore Wed Sep-28-05 10:58 AM
Response to Reply #3
17. They are not in conflict, it's just people getting older.
You are citing information for households with incomes over $1 million (presumably 2004), this article talks about household net worth.

Consider this passage from the CNN article:

The total income reported among millionaire households averaged $119,000. Among those households that drew some of their income from jobs, they earned an average of $82,000 in salaries or professional fees. The average age among the heads of these households was 56, and about 75 percent of them said they felt confident they will be financially prepared for retirement.

So these are people who have been saving all their lives who are hitting the 1,000,000 peak as they get closer to retirement. This is the fastest growing segment of our total population (aging people I mean, not millionaires) so it is natural that this number might rise as well.

Actually, it may be kind of depressing in some respects that so many people are just getting to 1,000,000 dollars of net worth right at retirement time if you factor in inflation. 1,000,000 may not be enough to retire on anymore, especially if their is a downturn in the stock market and/or real estate market or if they have a severe medical issue.

This is a worry that I have for both my Father and Step Mother as well as my Father and Mother in Law. They are right at this cusp after a lifetime of saving but still relying on the stock market to give them good returns. They constantly worry about having enough money so they won't be a burden on their families and so they can enjoy the modest pleasures of retirement.
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M155Y_A1CH Donating Member (921 posts) Send PM | Profile | Ignore Thu Sep-29-05 10:17 AM
Response to Reply #17
18. A million dollars for retirement
If it costs that amount of money to retire securely, it would help explain the increase of people who are worth that amount. Simple "nest-eggers", no? That gives us something to ponder.
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maxrandb Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-28-05 08:32 AM
Response to Original message
5. Well, Thank God 10% of Americans are doing well!
"Happy Days are here again,
the skys above are clear again,
let us sing a song of cheer again,
Happy Days are here again"
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AlCzervik Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-28-05 09:45 AM
Response to Original message
12. the irony, the thread below this one says income levels down from 1999
once again, the have lots and the have nots.
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cantstandbush Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-28-05 10:19 AM
Response to Original message
13. The number of abject poor is also growing and outstripping the number
of millionaires.
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cantstandbush Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-28-05 10:23 AM
Response to Original message
14. It's all those "heirs" reaping their trust funds. Nobody is earning new
millions except for the Korean, Indian, and Chinese immigrants who are taking over all the small businesses that once were worked by middle America. Once Wal-Mart gets through decimating a community, in moves the immigrant communities to set up shop, operate franchises, including motel, gasoline stations and mom & pop stores. I don't blame them. It's out there for them to grab. Middle and lower income folks in America just can't make those ends meet. Soon we will have lost our ability to do the jobs that once made America great.
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Pacifist Patriot Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-28-05 10:26 AM
Response to Original message
15. Breaking: This just in!
The gap between the rich and the poor widens.

Just in case anyone was wondering.
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Megahurtz Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-29-05 01:35 PM
Response to Reply #15
19. "And just in!" Number of Poor Hits Record.
:hurts:
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plasticsundance Donating Member (786 posts) Send PM | Profile | Ignore Wed Sep-28-05 10:52 AM
Response to Original message
16. Bubblebubblebubblebubblebubble
TNS found that there were fewer millionaire households who owned investment real estate this year than last, although real estate continued to be a staple in investment portfolios for many.





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