One out of 20 is a millionaire in the US

MichaelWinicki

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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.
 
MichaelWinicki

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

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MichaelWinicki said:
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!
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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

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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

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Idgit said:
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.
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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
 
Runwildboys

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Sarek said:
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.
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Weehawken?
 
JoeyBoy718

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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.
 
Tabascocat

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JoeyBoy718 said:
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.
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Yup, big difference.
 
MichaelWinicki

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JoeyBoy718 said:
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.
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Net worth... Not annual income.
 
MichaelWinicki

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

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MichaelWinicki said:
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.
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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 :grin:
 
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