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CNN: "U.S. Millionaires Population Expanded By 8% Last Year." USA! USA! U-S-Mother-*******-A! USA!

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Amerigo Vespucci Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-16-11 11:09 AM
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CNN: "U.S. Millionaires Population Expanded By 8% Last Year." USA! USA! U-S-Mother-*******-A! USA!
Edited on Wed Mar-16-11 11:23 AM by Amerigo Vespucci


Millionaires on the rebound
By Aaron Smith, staff writerMarch 16, 2011: 11:29 AM ET

http://money.cnn.com/2011/03/16/news/economy/millionaires/index.htm?source=cnn_bin&hpt=Sbin

NEW YORK (CNNMoney) -- What recession? The millionaire population jumped in the U.S. by 8% last year, fueled by the stock market recovery, according to an industry report on Wednesday.

The number of U.S. households worth at least $1 million rose to 8.4 million in 2010, compared to 7.8 billion the prior year, according to a report by Spectrem Group.

"The affluent market grew in 2010 due primarily to the stock market rebound, but despite their growing portfolios, attitudes remain significantly different than in 2007," the report said.

"The size of the affluent market increased in 2010 but did not reach the highs obtained in 2007," the year that the recession began, according to the report.
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mimitabby Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-16-11 11:43 AM
Response to Original message
1. people can read this and think "maybe I'll be the next one!"
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jwirr Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-16-11 12:08 PM
Response to Original message
2. The American Dream - at the rate of 8% a year how long do I have
to wait until it is my turn? Mind you I am in my late 60s so it has to be soon.
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hfojvt Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-16-11 12:16 PM
Response to Original message
3. looks to me like a huge decrease
Edited on Wed Mar-16-11 12:28 PM by hfojvt
only 8.4 Million this year from 7.8 Billion - a 99.9% decrease.

Of course that last number is a little bit more than the earth's population. I didn't realize we were all billionaires last year.

It would be nice if they said what the number was before the recession. I don't think people are pigs just because their assets increase in value. A million in assets is not necessarily better or even as good as $400,000 in income
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Scuba Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-16-11 01:42 PM
Response to Original message
4. Did they say anything about expansion of the number below the poverty level? n/t
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socialist_n_TN Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Mar-16-11 04:22 PM
Response to Reply #4
5. My first thought EXACTLY Scuba.........
Edited on Wed Mar-16-11 04:28 PM by socialist_n_TN
In "The Shock Doctrine" there were a lot of millionaires created too. And for every millionaire created, appoximately 750,000 people fell from middle class into poverty.

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