… while others seem to just tread water?
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Interesting study reported in the NY Times
The rich really are getting richer … growing net worth faster than those on lower wealth rungs.
… and, there’s a logical reason why.
Yesterday we reported survey results from Schwab and the WSJ that pegged the threshold for being classified as “rich” or “wealthy” at about $2.5 million.
Just being a millionaire doesn’t make the cut any more.
Source: NY Times
OK, so how many households do make the cut?
Based on a very rigorous analysis by Robert Wolff of NYU …
Scored in constant 1995 dollars – i.e. eliminating the effects of inflation …
Bottom line: More millionaires … but they have fewer millions.
Source: Wolff, NYU, Asset Price Meltdown and Wealth of the Middle Class
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