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SOVEREIGN MAN

U.S. loses 129,000 Millionaires but not from expatriation

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There has been much talk of class-warfare and 99% propaganda over the past year in the US. People have declared that the wealthy don’t pay their “fair share” and that the lower and middle classes have taken the brunt of the recession. However, recent statics contradict that sentiment and show that the wealthy were hit the hardest because of their stock exposure. CNBC explains:

“America’s millionaire population declined last year for the first time since the financial crisis, according to a new report.

The population of U.S. millionaire households (households with investible assets of $1 million or more) fell to 5,134,000 from 5,263,000 in 2011, according to The Boston Consulting Group’s Global Wealth study.

Total private wealth in North America fell by 0.9 percent, to $38 trillion.

The ultra-rich were the largest losers in dollar terms. Households in North America with investible assets of more than $100 million saw their wealth decline 2.4 percent. Their population declined slightly to 2,928 from 2,989.

The main reason for all this wealth loss? Stocks.

With the wealthy today increasingly dependent on stocks for wealth, last year’s stalled stock market shrunk the population of millionaires and nicked the fortunes of existing millionaires. According to BCG, the amount of wealth held in equities declined 3.6 percent last year.”

Continue to the full article…

 

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Comments on this entry are closed.

  • Sugarfoot55

    Who are you kidding.  They moved their money to hidden accounts outside the US.

    • Delia Lopez ForCongress

      People who have a net worth of just over 1 million are middle class and the middle class is shrinking. So 129,000 people lost enough money to no longer qualify. Very sad but as our government is systemically destroying the middle class, not that surprising.  The many people renouncing American citizenship is another sign of the decline of our once free nation, but a separate topic.  The IRS is rally going after anyone with a foreign account and many banks will not accept Americans as customers and forced the closure of their accounts, so 129,000 new hidden accounts overseas is unlikely.

      • John Lloyd

         Deliia: It could be argued that a net worth of around $1 million would be required for a family to live “the middle class lifestyle”. However, if by middle class, you mean the typical American, you’re out of your bloody mind. The typical middle class person right now is happy to live pay chec to pay check without acquiring more debt.

  • http://dailyhype.com/ Ron Fontaine

    Let us not forget also, that a million dollars in 2010 dollars was worth alot more than a million dollars in 2011 dollars in terms of real purchasing power.  Just to stay even in real terms (not nominal) that million bucks in 2010 had to turn into something like 1.1 million bucks in 2011.

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