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U.S. millionaires population expanded by 8% in 2010

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posted on Mar, 16 2011 @ 04:44 PM
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What recession? The millionaire population jumped in the U.S. by 8% last year, fueled by the stock market recovery, according to an industry report on Wednesday.

The number of U.S. households worth at least $1 million rose to 8.4 million in 2010, compared to 7.8 million the prior year, according to a report by Spectrem Group.

"The affluent market grew in 2010 due primarily to the stock market rebound, but despite their growing portfolios, attitudes remain significantly different than in 2007," the report said.

"The size of the affluent market increased in 2010 but did not reach the highs obtained in 2007," the year that the recession began, according to the report.


finance.yahoo.com...

Well glad to see some are doing good. All the classes seem to be expanding...well at least those at the top and very bottom...
edit on Thu Mar 17 2011 by DontTreadOnMe because: IMPORTANT: Using Content From Other Websites on ATS




posted on Mar, 16 2011 @ 05:06 PM
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reply to post by David9176
 


With the way inflation is going there will be more and more millionaires being created. Unfortunately to live the millionaire lifestyle of yesteryear, you now need to have about $20,000,000 in the bank.

Therefore although millionaires are being made, it is meaningless really.

Unfortunately poor jacks like us are left to struggle even more. Fuel prices, food prices and energy prices increasing on a daily basis. Are the elite introducing their plan to de-populate the world?



posted on Mar, 16 2011 @ 05:10 PM
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reply to post by Cobaltic1978
 





With the way inflation is going there will be more and more millionaires being created.


My wages haven't inflated in 2 years.



posted on Mar, 16 2011 @ 05:14 PM
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reply to post by David9176
 


Mine hasn't either in the last 4 years, but that doesn't stop the banking sector from creating more.



posted on Mar, 16 2011 @ 05:18 PM
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reply to post by David9176
 


Both the story and your conclusions are rubbish. The statistic is for folks who are worth $1m, not folks who earn $1m.

A retired teacher on a pension who owns an apartment, let alone a house in any one of two dozen cities (likely more) that they've had for a while is a multi-millionaire with respect to this statistic.

Why did the number go up? We'll, lets see. The teacher has a pension that is invested in equities and the stock market went up significantly making his pension worth more, thats why. A person who has worked in a middle class job for 30 years who has a house worth $600K and had a pension account worth $350K is now a millionaire

Don't look at every economic statistic you see with class warfare assumptions.



posted on Mar, 16 2011 @ 05:18 PM
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reply to post by Cobaltic1978
 





Mine hasn't either in the last 4 years, but that doesn't stop the banking sector from creating more.


Yeah i know...it's not stopping wall street speculators from jacking up the cost of gasoline either over EVERY SINGLE DAMN THING that might have just the tiniest chance of effecting supply and demand.



posted on Mar, 16 2011 @ 05:22 PM
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reply to post by dolphinfan
 


I would imagine that there have been a number of bankers that have joined the million dollar salary bracket. How sickening that we have had to pay at least twice for the banking bailout, yet they are able to continue as if nothing happened.

'Go back to your reality t.v people, nothing to see here.'



posted on Mar, 16 2011 @ 05:24 PM
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Originally posted by dolphinfan
reply to post by David9176
 


Both the story and your conclusions are rubbish. The statistic is for folks who are worth $1m, not folks who earn $1m.

A retired teacher on a pension who owns an apartment, let alone a house in any one of two dozen cities (likely more) that they've had for a while is a multi-millionaire with respect to this statistic.

Why did the number go up? We'll, lets see. The teacher has a pension that is invested in equities and the stock market went up significantly making his pension worth more, thats why. A person who has worked in a middle class job for 30 years who has a house worth $600K and had a pension account worth $350K is now a millionaire

Don't look at every economic statistic you see with class warfare assumptions.


Did you actually post that with a straight face???

So, if the average teacher has a house thats worth $600,000.00 today, it was worth what 1.2 million 2 years ago before the bottom fell out???

what world do you live in where the average teacher has a $600,000.00 house paid for and $350.000 in retirement investments???????????????????????????

Perhaps this is why wisconsin deemed it necessary to take away from all these millionaire teachers??

Parker



posted on Mar, 16 2011 @ 05:32 PM
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reply to post by ParkerCramer
 


Get realistic. Lets take a look at some folks, my parents.

They bought a house in 1963 for $35K in NJ which they still live in. The house is currently worth $700K. My father worked for the DOD as a mechanic for 35 years and retired with a pension. They currently live on his pension and social security. According to this survey, they are millionaires. Guess what? They are not rich.

This is a news flash meant to inflame and obviously it has worked.



posted on Mar, 16 2011 @ 05:36 PM
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reply to post by Cobaltic1978
 





Mine hasn't either in the last 4 years


Sorry to hear that. Hope things get better for you!

Myself, the company I worked for (7 years) decided to close it's doors and move to Mexico. It wasn't because we weren't a profitable company...we were. The shareholders of the company saw a boost to their stock prices by relocating to Mexico by paying petty wages etc. I even trained my replacement that they flew up who didn't speak a lick of English and had an interpreter with me during my shifts.

There is no better joy then training someone to take your job.



posted on Mar, 16 2011 @ 05:36 PM
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Originally posted by dolphinfan
reply to post by ParkerCramer
 


Get realistic. Lets take a look at some folks, my parents.

They bought a house in 1963 for $35K in NJ which they still live in. The house is currently worth $700K. My father worked for the DOD as a mechanic for 35 years and retired with a pension. They currently live on his pension and social security. According to this survey, they are millionaires. Guess what? They are not rich.

This is a news flash meant to inflame and obviously it has worked.


Your father worked for the DoD, a government job, what does that have to do with the average millionaire teacher you were referring too????

I will wait for you to give us examples of these wealthy teachers, frollicking all over Aruba, with their millions in Swiss bank accounts!!!

LOL LOL LOL


Parker



posted on Mar, 16 2011 @ 05:42 PM
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Originally posted by dolphinfan
reply to post by ParkerCramer
 


Get realistic. Lets take a look at some folks, my parents.

They bought a house in 1963 for $35K in NJ which they still live in. The house is currently worth $700K. My father worked for the DOD as a mechanic for 35 years and retired with a pension. They currently live on his pension and social security. According to this survey, they are millionaires. Guess what? They are not rich.

This is a news flash meant to inflame and obviously it has worked.


But surely ParkerCramer was pointing out that potentially there would have been more asset millionaires three years ago until the bottom fell out of the housing market.

I can see where you are coming from, but real eststate value has dropped so much since the banking crisis that there now far fewer asset millionaires than a few years back.

The new millionaires are coming through the banking system and other financial sectors such as insurance, stock brokers.

As I said in my first post, inflation will suck up the majority of real value anyway, leaving the likes of myself in an even far worse situation.



posted on Mar, 16 2011 @ 05:53 PM
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reply to post by ParkerCramer
 


My father was a blue collar, overall wearing guy for his career. He never made more than $50K/year.

Ever hear of compound interest? Ever hear of stock market appreciation? In 1963 the Dow as 755.23. Ever hear of stock splits? Yes, a teacher who has had a pension account for 30 years that has been steadily invested in each quarter has an account worth several hundred thousand.

Granted, the bottom has fallen out of the housing market - my parents house was appraised at over $1.3M in 2007 and they have lost half of that value. They are still worth over a million.

My point here is that every news story that comes out with any economic data is siezed upon by the class warfare folks. The stories are intended to get folks fired up - the media is playing the class warfare card and folks should be a bit more thoughtful before taking the bait.

Bankers, those evil bankers who everyone rails upon, appropriately so in many, many cases were already millionaires.

At the end of the day, there is no meat on the bone on these statistics and the story is not meant to educate, but rather to inflame.



posted on Mar, 16 2011 @ 06:01 PM
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reply to post by dolphinfan
 



I hear what you are saying, I truly see the emotion that you are writing with, but, with that said, how does that come close to defending the generalization that you first posted???

Do you have any proofs of average retired school teachers with the means that you stated?? You know, ones who never had to refinance their homes to put their children through college, and now find their homes worth half of what they owe!!

I just believe that you spoke out of frustration, and not out of worldly experience with these millionaire teachers.

Parker



posted on Mar, 16 2011 @ 06:03 PM
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reply to post by David9176
 


Man that really sucks. Unfortunately, we are in a similar position ourselves in the U.K.

Most of our manufacturing over the last couple of years has been outsourced to Poland or other eastern European countries. This has mainly been due to large U.S corporations taking over sucessful U.K companies.

Kraft were the worse. They promised that if they were allowed to take over Cadbury's then they would keep the local factory, that had been threatened with closure, open securing at least 400 jobs for the local economy.

The locals then started supporting Kraft's potential takeover and when the day came that they were eventually given permission to take over Cadbury's, BIG celebrations started throughout the community. Unfortunatley within 48 hours Kraft did a u-turn and now all production has ceased with the loss of all 400+ jobs.

Not only have I been told not to expect a salary increase for at least another 3 years, but to be thankful that I have a job. But I know I am fortunate and that I am able to provide for my family.



posted on Mar, 16 2011 @ 08:23 PM
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reply to post by ParkerCramer
 


A pension is an annuity. The value of the annuity is what the annuity will pay over time. A teacher with 35 years of service at a salary at the time of retirement of $60K/year will receive roughly $45K/year in pension dollars. Assuming that the person lives 20 years beyond retirement, that is a $900K asset. Now is it worth $900K were you to sell it in a lump sum? No, but it is worth roughly $500K were you to sell it.

Thats a pension. Folks who got into the 401K/equity markets instead of pensions have faired much better.



posted on Mar, 17 2011 @ 10:38 AM
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Originally posted by David9176
reply to post by Cobaltic1978
 





With the way inflation is going there will be more and more millionaires being created.


My wages haven't inflated in 2 years.




Mine either.

You do understand that many "millionaires" are really "paper millionaires", don't you? All that means is on paper your assets are supposedly worth more than a million dollars. And if your liabilities are close to that or eeven more than your assets, you're hardly one of the "rich people" who can live a lavish Hollywood lifestyle.

Promoting class warfare it its worst.


You a "general" yet?



posted on Mar, 17 2011 @ 12:54 PM
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Originally posted by centurion1211
You do understand that many "millionaires" are really "paper millionaires", don't you? All that means is on paper your assets are supposedly worth more than a million dollars. And if your liabilities are close to that or eeven more than your assets, you're hardly one of the "rich people" who can live a lavish Hollywood lifestyle.

Promoting class warfare it its worst.



Wow. It just amazes me how often people who have no idea what they are talking about don't let that stop them.



The number of U.S households with a net worth of $1 million or more, not including primary residence (NIPR), grew 8% to 8.4 million in 2010 from 7.8 million the year before, according to "Affluent Market Insights 2011," a new report released today by Spectrem Group.

This increase follows a 16% rise in 2009, marking the second-consecutive year of growth for the millionaire population since 2008, when it fell by 27%.

Meanwhile, the number of Ultra High Net Worth households, those with a net worth of $5 million or more (NIPR), advanced 8% to 1.06 million from 980,000 in 2009.

www.spectrem.com...

Net Worth is...

total assets minus total liabilities

I even looked it up a couple places to make sure.

You should try that some time.



posted on Mar, 17 2011 @ 01:10 PM
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Originally posted by David9176


What recession? The millionaire population jumped in the U.S. by 8% last year, fueled by the stock market recovery, according to an industry report on Wednesday.

The number of U.S. households worth at least $1 million rose to 8.4 million in 2010, compared to 7.8 million the prior year, according to a report by Spectrem Group.

"The affluent market grew in 2010 due primarily to the stock market rebound, but despite their growing portfolios, attitudes remain significantly different than in 2007," the report said.

"The size of the affluent market increased in 2010 but did not reach the highs obtained in 2007," the year that the recession began, according to the report.


finance.yahoo.com...

Well glad to see some are doing good. All the classes seem to be expanding...well at least those at the top and very bottom...
edit on Thu Mar 17 2011 by DontTreadOnMe because: IMPORTANT: Using Content From Other Websites on ATS


How does this point to class warfare again? I think the OP was just stating two sectors are growing the top...millionaires, and the bottom...poverty level. This doesn't sound to me at all like he's saying it is class warfare???

This is usually the outcome when the market dives, those that did hold onto their assets become part of the upper class and those that have lost theirs because of being in debt become part of the lower tier. So in other words, since I retained my home and really haven't got any debt, the ability for me to move upward is greatly increased from what it would have been before 2008 before the dive. This is a natural occurence. I don't know I don't see why anyone is attacking the OP?

Please point to wherever he mentioned Class Warfare If you'd be so kind.



posted on Mar, 17 2011 @ 01:11 PM
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Double post my stupid computer wasn't loading at all and I had to refresh, still don't understan WTH that would make it post twice?

edit on 17-3-2011 by ldyserenity because: see above duh








 
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