How many millionaires are there in the U.S. ? … and some other interesting economic factoids

For an update see our later post How many millionaires & billionaires are there in the US ?

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From the BusinessInsider.com :

  • In 2009, the number of millionaires in the United States rose 16 percent to 7.8 million.
  • The top 10% of Americans now earn around 50% of our national income.
  • 83 percent of all U.S. stocks are in the hands of 1 percent of the people.
  • The bottom 80 percent of American households held about 7% of the liquid financial assets.
  • The bottom 50 percent of income earners in the United States now collectively own less than 1 percent of the nation’s wealth.
  • 61 percent of Americans “always or usually” live paycheck to paycheck, which isup from 49 percent in 2008 and 43 percent in 2007.
  • More than 40 million Americans are on food stamps.
  • 21 percent of all children in the United States are living below the poverty line
  • 36 percent of Americans say that they don’t contribute anything to retirement savings.
  • 43 percent of Americans have less than $10,000 saved up for retirement.
  • 24% of American workers say that they have postponed their planned retirement age in the past year.
  • The average federal worker now earns 60% MORE than the average worker in the private sector.
  • More than 40% of Americans who are employed are now working in service jobs.
  • In China a garment worker makes approximately 86 cents an hour and in Cambodia a garment worker makes approximately 22 cents an hour.

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Source: 22 Statistics That Prove The Middle Class Is Being Systematically Wiped Out Of Existence In America 

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15 Responses to “How many millionaires are there in the U.S. ? … and some other interesting economic factoids”

  1. ifyoutoleratethis45 Says:

    Very interesting post.

  2. TK Says:

    Sounds like a great argument for nationalized healthcare.

    People cannot focus on being productive or entrepreneurial when they spend 97% of their energy surviving.

    If executives can’t control their greed the impoverished middle class will tax it away.

  3. It’s the Stupid Economy, Stupid « If You Tolerate This… Says:

    […] ‘How many millionaires in the U.S. and other interesting economic factoids’. From the BusinessInsider.com […]

  4. hvincent Says:

    Just a Thought

    There are over 100 Multi-Billionaires in the United States. There are just over 308 Million people living in the United States. Wouldn’t it be wonderful if one or all of the U.S. billionaires got together as a group and gave everyone in the United States $1 Million each? That would be less than ½ Billion dollars! Think of how much help that would be for the Economy, the whole Country and the people who are struggling, losing their homes and jobs.

    They would still have plenty for themselves and still be able to make their donations. There is currently a Pac going on, I believe led by Bill Gates, where the Billionaires sign up and give their money away when the pass-away. Wouldn’t giving some back to the American people really help the masses and get this Country back on track?
    Exclude the Millionaires and the amount would be less.

  5. wow. Says:

    “hvincent”: here is my “Just a Thought” for you:

    If you give everyone in the US (308 million people) 1 million Dollars, then how is that “less than half a billion Dollars”? What you did was multiply by 1. As in 1 Dollar, not one million. 1 million = 1,000,000.

    Now multiply 308,000,000 by 1,000,000. What do you get? 308,000,000,000,000. That means it would take 308,000 billionaires giving away every single Dollar that they own. And its not like these people have a billion in their bank account, either. So how exactly would these “rich billionaires still have plenty for themselves”?

    Children: Stay. In. School. And. Think. Before. You. Post.

  6. flav875820 Says:

    @”wow” there is a way to correct someone without belittling them. perhaps being polite while correcting someone might even give you an even bigger ego boost because it also shows that you have class along with your correct statement.

  7. Louis Says:

    There are about 650 billionaires in the USA on 2011. They have about 1.2 Trillion of wealth. If we took it all away from them that would run our Gov’t for 10 days.
    We have about 7.8 millionaires in the USA with about 2.4 Trillion dollars’ worth of wealth. If we took it all away from them, we could run our Gov’t for another 20 + days.
    So if you think the answer is to take away them money from the Haves and give to the Have-nots…WRONG.
    If we do not stop spending everything we have and more, we are a country are going to go out of business. I run a small business with 32 employees with $12 million in annual revenue. We have no debt and if we cannot buy it out-right we don’t buy it. Not a difficult concept but one most of America forgot about in the late 1960s.
    In addition, 70% of the Billionaires and Millionaires are 1st generation = they made it in THEIR life time. Thus, the vast majority of there people; Larry Elliot, Bill Gates, Sam Walton and countless others followed the American dream and made it.
    If you think countries whose Governments control it all are better: Venezuela, China, Cuba etc… have fun moving there (they SUCK in every way compared to the USA). I have been to all three (3)!
    The history of the world is crystal clear; the only country that has taken its people out of soul crushing circumstances is the USA because of the free market and limited gov’t control.
    I find it funny that as the government (Left or Right) has gotten more control over our daily lives in the last 30 to 40 years, the worse the situation has become.
    I find it complete ironic and truly sad that the vast majority of our politicians and citizenship have it backwards!

  8. Jay Says:

    Very insightful, Louis. I wonder, is it possible you got millionaires and billionaires mixed up on the first two sentences? Sure we don’t have more millionaires than billionaires?

  9. tc Says:

    If you took all the wealth in the world, and divided it equally among all the people in the world, in three generations things would be right back where they are today.

  10. Eddie Says:

    @Jay, he meant 7.8 million millionaires which is an easy typo to make.

    @flav – nothing wrong in what ‘wow’ posted. fairly polite given the grievous math error presented.

    @tc – good to know someone else understands the gospel of wealth.

  11. Tim Ferrer Says:

    If you take all the money from the rich top percentage of people and distribute that money to the bottom percentage of people and then check back in 10 and 20 years, where that money will end up?
    Answer: to the same place where you took it from.
    Conclusion: richness is the result of your world view in synchronized with reality and disciplined, repeated right action practiced over a long period of time.

    Our large national debt, high unemployment rate, large government are the result of liberal fuuucked up ideology that is brainwashed to the masses.

    Death of the Western civilization as we know it is certain. We have crossed the no turning point by forgetting our gold old american value system that made this country so great.

    Now the future is suffering. No ifs, buts but suffering in the next 5, 10, 20 years. Liberal media has destroyed our soul.

  12. Donald Parks Says:

    The American Dream, my hat goes off to each of you that have achieved what we have all come to this Beautiful Country for since the 1600. I look at our current government and the national debt, I look at big business and the working person. My question is, when did we stop caring about each other? Why do we let so many of our own suffer so much? Why is our government forced into trying to help us grasp part of The American Dream? Last summer I went on vacation for the first time in (35) years, I saw a yacht, the owner paid $300 million dollars for it. Why? To all of those that have achieved the AMERICAN DREAM, I hope you all thank the good LORD every day for your bounty. This is what our Country was born from, freedom for all. GOD BLESS THE UNITED STATES OF AMERICA, KEEP US STRONG. People helping people ,that is the way it has been since we became the USA. My thoughts, hoping for a better world, thanks GOD BLESS YOU ALL……………………………….

  13. Hard working soldier Says:

    While all of the rich people in this country have fun being the vultures that they are, I spend my time protecting your freedom for an average of $30,000.00 a year. It is funny how the average citezin can hold jobs that protect your freedom, houses and families at the risk of their lives for what you make in a month. Glad you could get rich off of our blood sweat and tears. Best part about it is that no matter how much money you have you will not be able to buy your way into those pearly gates.

  14. davidthesilverfox Says:

    Talking about taxes, I don’t think anyone is suggesting that we take away all the money that millionaires, billionaires etc have made. What I do think is that they should pay taxes at a rate that is as least as high as the average American pays. I think America is the only civilized country where the MORE money you make the LOWER your tax rate!! The average American pays 30% in taxes. The top 2% pay 16% on average. Higher income Americans such as Mitt Romney for example who had an income of $21 Million last year paid 12.8% tax. If you are rich it definitely pays to own your own Congress person. AND it is LEGAL to bribe Congress!! Yes, Congress made it ledal to bribe them. They call it Lobbying, but it is bribing pure and simple. The Health INDUSTRY for example spends 1 Million a DAY bribing, sorry lobbying, Congress. The oil industry spends 2 Million a DAY. And there are hundreds of businesses lining up to buy their own Congress person. Everyone, except you and me, are represented by Congress, we just vote them in, but they represent the Rich only. Just saying.

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