Friday, March 14, 2014

10 mil millionaires

Dollar millionaires have one advantage over the rest of us: skin color (such as ..ahem, brown) is not that important (though fine distinctions will be made with respect to ownership of second homes, painting collections, antique cars in the garage etc.).

And in the USA alone there are now 10 million of them (58% growth from 2008), suggesting that while many of us will be struggling to get on to the (non-existent) career ladder, they are polishing up on their gangnam routines (and have recovered just fine from the great depression).

The immediate bracket below is doing fine as well, 1.6% growth in 2013 to reach 29 million (10% of the population).

Thus regardless of what skeptics claim, the heart of capitalism (US upper and middle-class) is in pink form. However if you want to afford a top flight university you may have to double up as a porn star. .

There was a record 9.63 million households in the U.S. with a net worth of $1 million or more last year, according to new market research. The number of millionaire households surged 58 percent from a dip in 2008, when there were 6.7 million households worth $1 million or more (not including primary residences). In 2007, there were 9.2 million households worth that amount, reports market research firm Spectrem Group. At the wealthiest levels, there were 132,000 households with a net worth of $25 million or more, up from 125,000 in 2007, before the recession.

The number of affluent households worth between $100,000 and $1 million was also up in 2013 from a year earlier. There were 28.97 million households in that category last year, a jump of 500,000 from 2012.

In contrast India has 182,000 dollar millionaires. There are also 180,000 NRI millionaires.

If (as some of us wish for) a Chairman Mao like person came along and got rid of all Indians except a couple of million, we can be overnight as prosperous as the United States. Food for thought.


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