The Global Millionaire Boom

[Andy R]

Here is an interesting article I was just reading and thought I would pass on:

The Global Millionaire Boom
by Maya Roney
Thursday, October 18, 2007provided byBusinessWeek

Household wealth is hitting record heights, and not just in the U.S. There are more millionaire households on the planet than ever before, particularly in Europe and in China, where growth rates are highest.

The total number of world millionaire households—those with assets of $1 million or more—grew by 14% in 2006, to 9.6 million, representing the richest 0.7% of all households and owning $33.2 trillion, or about a third of the world's wealth, according to a recent study by the Boston Consulting Group, a global management consulting firm.

http://finance.yahoo.com/personal-f..._ylt=AnnaOjKYT62fKm7NvWQKpiVO7sMF?mod=weekend

 

[Helen]

"According to new Internal Revenue Service data announced last week, income inequality in the U.S. is at its worst since the 1920s (before the Great Depression). The top percentile of wealthy Americans earned 21.2% of all income in 2005, up from 19% in 2004, while the bottom 50% of wage earners earned 12.8% that year, down from 13.4% a year earlier."

 

[mickeyd]

$1,000,000 is not what it used to be however it is a tad better than $999,999.

 

[dex]

"According to new Internal Revenue Service data announced last week, income inequality in the U.S. is at its worst since the 1920s (before the Great Depression). The top percentile of wealthy Americans earned 21.2% of all income in 2005, up from 19% in 2004, while the bottom 50% of wage earners earned 12.8% that year, down from 13.4% a year earlier."

The Great Depression might have be thought have begun with the stock market crash but it really began right after WWI - Factory overcapasity began to be eliminated; farm overproduction etc. The bubble of the 1920s was in new communications and financials - others were along for the ride.