US added 700,000 new millionaires in 2017
a.. Millionaire households in the U.S. jumped by more than 700,000 last year, according to a new report from Spectrem Group. a.. The U.S. now has a record of more than 11 million millionaire households. a.. Surging stock prices and housing values have helped the growth.
A million bucks ain't what it used to be. There are people living in s*it box little houses in Silicon valley who are suddenly millionaires, just because they lived there long enough to pay off their $30,000 mortgage from 1988.
A lot depends on how you define "millionaire". As I said a million ain't what it used to be. There are plenty of people of modest means in the US who suddenly live in million dollar houses. If they did not jump on the refinance bandwagon and they paid off their mortgage, they are millionaires. If they are willing to sell and move to Fumbuck, they can actually hold that money in their hand. I agree if you are talking multi millions, mostly on paper, London is going to be near the top of the list, simply because of all the Russian oil money they move around. London is always #1 or #2 in international banking transactions.
You are one stoopid s*it.
Google shows 126 million households in US so that is nearly 10 %. Prefer not to mention my worth but I agree "A million bucks ain't what it used to be."
snipped-for-privacy@aol.com posted for all of us...
Because the gov't owns most of the real estate?
Two guys making $20,000 are sitting in a bar. The average income is $20,000.
Bill Gates walks in and the average income skyrockets. Are the two guys any better off than they were before?
Cindy Hamilton
Only if Gates buys them a drink. I lived very well making $20,000 a year but that was 40 years ago. I was looking at the record of earnings from Social Security. Took me a long time to earn the first million too but it is not that much any more.
Yup we really need to de mystify that "millionaire" term. A kid today who has any chance at all of retiring will need over a $million in his
401k by age 55. BTW what is happening to "retirement age" anyway. We are living longer and retirement age is dropping. All of this hoopla is about McCabe qualifying for a full government pension at 50. Life expectancy is 80 so he will draw a pension for 10 years longer than he worked. How is that sustainable? Truth be told I retired at 50 too but after working 30 years and I asked the same question then. It wasn't my choice, it was theirs.
Same here and retirement at that age meant reduced pension and that pension stays the same unlike government pensions.
So what? That happens when the stock market goes up. When it crashes later this year the reverse will happen.
Well, hopefully they can both get a refund for the Windows Millennial, Windows Vista and the Microsoft Bob desktop that they prolly paid good money for.
Have something to add? Share your thoughts — no account required.
Ask the community — no account required