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Wednesday, September 28, 2005

Number of millionaires hits record


There are 700,000 more millionaire households this year than in 2004, according to a survey released Wednesday. Households with a net worth of at least $1 million excluding primary residences rose 8 percent to a record high 8.9 million, according to an annual report by TNS Financial Services, a market research and polling firm. This is the third consecutive annual increase, although this year's growth rate is far more modest than the 33 percent increase seen in 2004.
I am sure my liberal friends will tell me why this is a bad thing. It seems like very good news to me though.


Blogger Patrick said...

Well, it can't be seen as good or bad news unless it is compared to the the rest of the society (poor, middle class, etc). The trends, when compared to each other, is the real indicator of a good or bad direction.

+rich and -poor == good (less gap)
+rich and +poor == bad (more gap)

9/28/2005 09:30:00 AM  
Blogger Dave Justus said...

It is of course possible to have more rich and less poor and still have a greater gap.

It is even possible, although unlikley, to have more rich and more poor but have less of a gap.

And of course we partially judge 'poor' by the average wealth. 'poor' isn't an absolute, it is relative.

For example, we have pretty much no poor in America on a third world country scale of what poor is.

9/28/2005 09:36:00 AM  
Blogger Sandcastle said...

Right, but globalization opposers will argue that America is sucking off the wealth of the rest of the world. Countries that have opened up to "free trade" have become increasingly poor doing so. I would argue that the number of millionaires in the US is not as important as the average standard of living.

9/28/2005 03:04:00 PM  
Blogger Dave Justus said...

I don't know of any examples where free trade has made a nation poorer.

I doubt very much you can find any. There are multiple examples of the opposite however.

9/29/2005 07:36:00 AM  
Blogger stephanie said...

I think if the median income- the amount most americans make, where half are above and half are below- is rising or breaking even, then it's good- more people are doing better. I know that in 2003 it went down. Not sure about 2004 or 2005, though.

9/29/2005 08:33:00 PM  
Blogger Sandcastle said...

Examples of free trade making a nation poorer include most latin american countries. Peru, Argentina, and Ecuador are probably the most striking examples. Globalization has had a negative impact on most developing nations. When they open up their markets, local businesses are forced to compete with American conglomerates and always lose. This results in capital flight from the host nation and increasing levels of poverty.

9/30/2005 04:03:00 PM  

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