One out of 20 is a millionaire in the US

[MichaelWinicki]

According to a report on the Global Wealth by Credit Suisse.

Americans count for 43% of the world's millionaires.

The flip side is the median wealth (not income but wealth) in the US is in 21st place at $55,000 per year.

 

[Sarek]

According to a report on the Global Wealth by Credit Suisse.

Americans count for 43% of the world's millionaires.

The flip side is the median wealth (not income but wealth) in the US is in 21st place at $55,000 per year.

The 43% is noticeable when you drive through nice places throughout the US.

 

[MichaelWinicki]

The 43% is noticeable when you drive through nice places throughout the US.

43% is a big number. Larger than what I thought it would be.

Also thought the 1 out of 20 is a big number but a heck of a lot of folk in places like NYC, San Fran & Seattle are millionaires due the need to be one in order to live there!

 

[Sarek]

43% is a big number. Larger than what I thought it would be.

Also thought the 1 out of 20 is a big number but a heck of a lot of folk in places like NYC, San Fran & Seattle are millionaires due the need to be one in order to live there!

I'm on the Jersey side of the Hudson facing NYC, every time i leave my home i spend over 100 bucks for just errands type stuff. Today it was stamps, gas, fresh salmon. Prices seem out of control since 2008, before that it was tolerable.

 

[Idgit]

It's property values and population size. Though the 43% must mean a lot of people in Tokyo and China rent rather than own when compared to people on the US coasts.

 

[diefree666]

It's property values and population size. Though the 43% must mean a lot of people in Tokyo and China rent rather than own when compared to people on the US coasts.

if you are talking total worth then a million is not what it was 50 years ago. If you have a big home in a high level real estate area your total worth can easily top a million because that does not take into account your mortgage.

Now if the level was a million in say stocks and bonds and savings and so on then it would be much more valid

 

[Tabascocat]

What constitutes a millionaire these days? Million plus cold hard cash in bank or assets?

It is not uncommon now like 25 years ago.

 

[Runwildboys]

I'm on the Jersey side of the Hudson facing NYC, every time i leave my home i spend over 100 bucks for just errands type stuff. Today it was stamps, gas, fresh salmon. Prices seem out of control since 2008, before that it was tolerable.

Weehawken?

 

[Sarek]

Weehawken?

Bergen Co.

 

[JoeyBoy718]

Which definition of millionaire are we talking about? 1) You make at least a million a year. 2) You have at least a million in net worth.

I highly doubt 5% of the population makes at least a million a year. I can definitely see 5% of the population having a net worth of at least a million a year when you consider all the older people with decades of savings and investments.

 

[Runwildboys]

Bergen Co.

I lived in Clifton when I was 5, then moved to West Milford until age 16.

 

[Tabascocat]

Which definition of millionaire are we talking about? 1) You make at least a million a year. 2) You have at least a million in net worth.

I highly doubt 5% of the population makes at least a million a year. I can definitely see 5% of the population having a net worth of at least a million a year when you consider all the older people with decades of savings and investments.

Yup, big difference.

 

[JoeyBoy718]

Yup, big difference.

I'd say. Considering I work in tech in Seattle and 1) I don't think I know a single person who fits the first definition, and 2) everybody I know either currently or eventually will fit the second definition.

 

[MichaelWinicki]

What constitutes a millionaire these days? Million plus cold hard cash in bank or assets?

It is not uncommon now like 25 years ago.

Net assets.

 

[MichaelWinicki]

Which definition of millionaire are we talking about? 1) You make at least a million a year. 2) You have at least a million in net worth.

I highly doubt 5% of the population makes at least a million a year. I can definitely see 5% of the population having a net worth of at least a million a year when you consider all the older people with decades of savings and investments.

Net worth... Not annual income.

 

[Sarek]

Ok but 1 million is still not a millionaire.

 

[Tabascocat]

Net assets.

Yea, figured that. However, that is not my definition of a millionaire. A millionaire is someone with liquid assets over one million(at minimum) or someone who makes that as an annual salary

Really, it would be a few million in the bank!

 

[Sarek]

You can easily tell when your driving through a neighborhood that people are millionaires or very close to it.

 

[MichaelWinicki]

You can easily tell when your driving through a neighborhood that people are millionaires or very close to it.

To some extent yeah.

In other ways it's not clear.

There are a lot of people out there that are "quiet millionaires" meaning you wouldn't know it by looking at them or where they live. One detriment of a big expensive house is that it comes with a big, expensive mortgage meaning for many it's not that big of an asset.

I would suggest the book "The Millionaire Next Door". In that book it's pointed out that many millionaires are folks that own their own business and live in an average-looking house. Conversely a lot of professionals like lawyers and doctors aren't millionaires simply because they'll spend heavily on non-assets. They'll spend on "toys" that depreciate quickly.

 

[Sarek]

To some extent yeah.

In other ways it's not clear.

There are a lot of people out there that are "quiet millionaires" meaning you wouldn't know it by looking at them or where they live. One detriment of a big expensive house is that it comes with a big, expensive mortgage meaning for many it's not that big of an asset.

I would suggest the book "The Millionaire Next Door". In that book it's pointed out that many millionaires are folks that own their own business and live in an average-looking house. Conversely a lot of professionals like lawyers and doctors aren't millionaires simply because they'll spend heavily on non-assets. They'll spend on "toys" that depreciate quickly.

Yes there are millionaires that don't live a upper class life style. If it was easy to be a millionaire everybody would be one. I myself am a comfort/luxury individual and that's why i will most likely never be a millionaire, but i and that's good enough for the time being