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Sunday, March 16th, 2014

Number of U.S. Millionaires Hits new High

Author:     EMILY JANE FOX
Source:     WPLG (Miami)
Publication Date:     Mar 14 2014 10:16:39 PM EDT
 Link: Number of U.S. Millionaires Hits new High
Stephan:   Further evidence of the growing inequality which is now baked into the system. The few prosper extravagantly while the many sink into poverty. Here on our small island the community food program for children, for which Ronlyn bakes 4 dozen organic treats every other week, needs more bakers. Whidbey Island Nourishes (WIN) is now making 2,000 meals a month with volunteers, for the low income children of South Island. This need is mirrored in small towns and communities across the country. Meanwhile Koch Industries gets $88 in what amounts to corporate welfare.

The number of U.S. households with a net worth of $1 million or more, excluding primary residence, rose to 9.63 million in 2013, according to a new report from Spectrem Group, a consulting and research firm.

That’s more than a 600,000 leap up from 2012, and the highest number on record.

This is the first year that the number has surpassed the pre-recession high of 9.2 million in 2007. Once the global financial meltdown hit and the bottom fell out of the market, the number tanked to 6.7 million in 2008.

“The last few years, we’ve seen the number continually increase, but this was the first year that we’re finally beyond the economic crisis,” said George Walper, Jr., president of Spectrem Group.

He said that the market reaching all-time highs last year, coupled with an improving real estate market, drove the rich to get even richer.

The ultra-wealthy weren’t lagging behind. Walper said both the number of households with a net worth of $5 million and above and $25 million or more reached the highest numbers since Spectrem started tracking the figures.

There were 1.24 million households with a net worth of $5 million or more last year, up from 840,000 in 2008. Those with $25 […]

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