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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRising stock prices yield 300,000 new US millionaires
The rising stock market has pushed America's millionaire population close to its all-time highs before the recession.
According to data from Spectrem Group, the Chicago-based wealth research firm, there are now 8.99 million U.S. households whose net worth totals $1 million or more (not including primary residence). That's up from 8.6 million in 2011 and just short of the all-time record set in 2006, when the United States had 9.2 million millionaire households.
The stock market's rise has been the biggest driver of millionaire creation. With this year's gains, Spectrem said, the United States may have already exceeded its all-time record.
Most of the benefits from rising stocks have gone to the wealthy, since the top 10 percent of Americans own more than 80 percent of all stocks, according to research from Edward Wolff of New York University. But the recent stock surge has also created a new gap within the wealthy, or at least between millionaires and the so-called affluent.
http://www.nbcnews.com/business/rising-stocks-yield-300-000-new-us-millionaires-1C8865668
That Obama is such a communist who hates millionaires
Tunkamerica
(4,444 posts)Cooley Hurd
(26,877 posts)*cough*
Not really. Cat food still tastes like caviar to me.
indepat
(20,899 posts)tax cuts for income in the $250,000 to $450,000 range, and very favorable income tax treatment of dividends and capital gains, all the while plans are underway to cut already-earned-and-paid-for social security and Medicare benefits to help pay for these favored tax goodies and continuing corporate tax loopholes. Ain't living in a right-wing soused society featuring a corporatist government which promotes the general welfare a veritable hoot?
bluestate10
(10,942 posts)because the increase is from retirement assets appreciating, not income.
indepat
(20,899 posts)at the taxpayer's highest marginal rate, just another way the little people most often do not get to enjoy the favored tax treatment afforded to corporate personage and the most affluent.
bluestate10
(10,942 posts)distributions at retirement when their tax rates are lower than during their working days.
olddots
(10,237 posts)later some of them became billionaires did your salary go up a thousand times ?