America is Minting Millionaires

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Source: Wonkblog


This is very intriguing:

The U.S. economy is minting new millionaires at an astonishing rate, according to a paper by New York University economist Edward N. Wolff.

The number of households with a net worth of $1 million (measured in constant 1995 dollars, or about $1.6 million today) grew from 2.4 million households in 1983 to 9.1 million households in 2016, a growth rate of 279 percent.

For comparison, the total number of households grew by just 50 percent over that period, meaning that the population of millionaires grew at more than 5 times the rate of the general population. In 1983 fewer than 3 percent of households had a net worth greater than $1 million in 1995 dollars. By 2016, over 7 percent of households were worth that much.

More to come on this . . .

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