Tweet
From the article Vel posted:
Maybe people should read the whole thing they post, and not just cherrypick facts they think bolster their case....
Oh, and if "making millionaries" is that important, move to China, that bastion of freedom:
Despite the rise of self-made millionaires, the growing fortunes of the wealthy highlight the extent to which wealth remains concentrated among the few. Even after the huge economic gains during the bull market of the late 1990s, the wealthiest 1% in the U.S. control more than a third of the nation's wealth -- the starkest such concentration among industrialized countries.
A new study by Edward N. Wolff, a wealth expert and an economics professor at New York University, shows that while average families made some gains in the late 1990s -- due mainly to rising income, real estate and stocks -- the concentration of wealth held in the U.S. remained largely unchanged. The wealthiest 5% controlled 59.2% of the nation's wealth in 2001, little changed from the 60.3% in 1995.
A new study by Edward N. Wolff, a wealth expert and an economics professor at New York University, shows that while average families made some gains in the late 1990s -- due mainly to rising income, real estate and stocks -- the concentration of wealth held in the U.S. remained largely unchanged. The wealthiest 5% controlled 59.2% of the nation's wealth in 2001, little changed from the 60.3% in 1995.
Underscoring the concentration of wealth among the very rich, a study last fall by Arthur Kennickell of the Federal Reserve Board shows the nation's wealthiest 1% owned about $2.3 trillion in stocks, or about 53% of all individually or family-held shares. The wealthiest 1% owned 64% of bonds held by families or individuals, and 31% of total financial assets held by families or individuals, which includes everything from stocks to bonds to cash.
Maybe people should read the whole thing they post, and not just cherrypick facts they think bolster their case....
Oh, and if "making millionaries" is that important, move to China, that bastion of freedom:
In Asia, India and China continued to set the pace for wealth creation. China's voracious demand for goods helped create new millionaires throughout the region, with South Korea, Thailand and Indonesia all benefitting. The number of high-net-worth individuals in Asia rose 8.4%, with 11.8% growth in China and 21.9% growth in India. After being plagued by a real-estate bust and plunging stock prices in 2002, Hong Kong's financial millionaires rebounded to 2001 levels because of rising asset prices, increased demand from China and foreign direct investment, according to the report.
Comment