U.S. Millionaire Growth Stalls

U.S. Millionaire Growth Stalls

CNN/Money   |   March 12, 2008 02:16 PM

Read More: Millionaire Growth Rate, Millionaires, Number Of U.S. Millions, U.S. Millionaires, Wealth, Wealthy, Wealthy Americans, Breaking Business News
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The number of American households worth $1 million or more - not including the house itself - grew at the lowest rate in five years, according to a report released Wednesday.

The report from Spectrem Group said the number of U.S. millionaires increased just 2% in 2007 to a record 9.2 million, up from 9 million in 2006. The country's millionaire growth rate has not fallen below 8% since 2003, when growth was zero.

The number of households worth $5 million or more also grew 2% to a record 1.16 million, its slowest rate since zero growth in 2002, and a significant decline from 23% in 2006.

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- Mike169 See Profile I'm a Fan of Mike169 permalink

This is truly a matter of national concern.

    Favorite    Flag as abusive Posted 03:52 PM on 03/13/2008
- BenjitheWolfdog See Profile I'm a Fan of BenjitheWolfdog permalink

Oh my god, this is a real crisis. Quick, get Bush on the phone and lets get some relief to the well heeled. How can he ignore the compelling hardship that his base of the haves and have mores are suffering through. Damn the torpedos and full speed ahead with more tax cut for the wealthy!!!!!!!

    Favorite    Flag as abusive Posted 03:02 PM on 03/13/2008
- mrcontinental See Profile I'm a Fan of mrcontinental permalink

Well that's what happens when you leave ALL of your money in the markets and don't hedge. They could have dumped some stocks and grabbed precious metals and actually made money instead of losing money.

    Favorite    Flag as abusive Posted 01:06 PM on 03/13/2008
- gcallaghan See Profile I'm a Fan of gcallaghan permalink

Not to worry. As the price of the dollar plummets we'll see a period of inflation escalating to hyperinflation and people using grocery carts full of cash to buy a lof of bread. The good news is when Bush's policies turn the dollar into worthless paper we'll all become millionaires.

Got gold?

    Favorite    Flag as abusive Posted 07:28 AM on 03/13/2008
- Perdurabo See Profile I'm a Fan of Perdurabo permalink

My heart bleeds...

No seriously.

    Favorite    Flag as abusive Posted 09:40 PM on 03/12/2008
- escapee See Profile I'm a Fan of escapee permalink

Makes sense. A few weeks ago it was the wealth managers who were starting to suffer....

    Favorite    Flag as abusive Posted 08:35 PM on 03/12/2008
- abbiehoffmansghost See Profile I'm a Fan of abbiehoffmansghost permalink

Oh, the fucking misery.

    Favorite    Flag as abusive Posted 08:30 PM on 03/12/2008
- browndog2 See Profile I'm a Fan of browndog2 permalink

Sounds like someone needs a tax break!

    Favorite    Flag as abusive Posted 07:21 PM on 03/12/2008
- mmckinl See Profile I'm a Fan of mmckinl permalink

Not a word about OIL PRICES anywhere on Huffpost ...

Broke $110 today ...

    Favorite    Flag as abusive Posted 06:31 PM on 03/12/2008
- HmblDog See Profile I'm a Fan of HmblDog permalink

a word

    Favorite    Flag as abusive Posted 03:24 PM on 03/13/2008
- JScott See Profile I'm a Fan of JScott permalink

Ya think?

    Favorite    Flag as abusive Posted 06:29 PM on 03/12/2008
- WIpatriot See Profile I'm a Fan of WIpatriot permalink

PRINT MORE MONEY, DAMMIT!

    Favorite    Flag as abusive Posted 05:16 PM on 03/12/2008
- bmermaid See Profile I'm a Fan of bmermaid permalink

In a related story, the number of millionaires in Saudi Arabia has grown thousands fold, in direct proportion to the rising oil prices, thanks to the efforts of GWBush & DICK Cheney.

    Favorite    Flag as abusive Posted 04:05 PM on 03/12/2008
- Advocate123 See Profile I'm a Fan of Advocate123 permalink

I'm surprised that you all aren't happy that the meaningless economic gap is closing.

    Favorite    Flag as abusive Posted 03:48 PM on 03/12/2008
- HippieChick See Profile I'm a Fan of HippieChick permalink

From another post: "Stephen Schwarzman is Wall Street's $5.13 billion man"

Seems that even "millionaires" are experiencing an "economic gap." Resources continue to gather in the hands of a fewer and fewer people...while the rest of us watch our jobs being sent overseas. This "economic gap" is anything but "meaningless." It is very real...and very serious. Just ask people with a retail or service business who have watched their clientele diminish. Stephen Schwarzman and his ilk don't seem to be doing as good a job supporting the economy as those who once had money to spend.

    Favorite    Flag as abusive Posted 06:37 PM on 03/12/2008
- ibsteve2u See Profile I'm a Fan of ibsteve2u permalink

"Meaningless" - one of the words the wealthy use most often to describe income inequality.

The article doesn't say the gap between the haves and have-nots is closing; it just says the growth rate of the truly wealthy portion of our population is slowing, no doubt in response to the wealthiest of us all having consolidated their grip on America's various income streams.

Regardless, the income inequality gap in America is fast turning us into a banana republic...

http://money.cnn.com/2006/01/25/news/economy/income_gap/ gives an interesting picture...and the true extremes are concealed by that statistician's friend, the "average".

    Favorite    Flag as abusive Posted 05:29 PM on 03/12/2008
- HouseOfRoberts See Profile I'm a Fan of HouseOfRoberts permalink

When the poor and the middle class have no more money to steal (and the middle class are also the poor), the billionaires will have to turn on the millionaires to get more. Or is that already happening?

    Favorite    Flag as abusive Posted 03:44 PM on 03/12/2008
- strifeknot See Profile I'm a Fan of strifeknot permalink

Bingo. Not a drop left to wring from the masses.

    Favorite    Flag as abusive Posted 02:36 AM on 03/13/2008
- NicoleAnonymous See Profile I'm a Fan of NicoleAnonymous permalink

What about billionaires?

    Favorite    Flag as abusive Posted 03:32 PM on 03/12/2008
- WIpatriot See Profile I'm a Fan of WIpatriot permalink

Gotta crawl before you can walk, Nicole.

    Favorite    Flag as abusive Posted 05:15 PM on 03/12/2008
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