ClydeR
03-31-2021, 12:31 PM
The Millionaire Next Door: The Surprising Secrets of America's Wealthy was a best-selling book published in 1996. The premise was that there are more rich people than you realize and that they tend to share some common qualities.
A million dollars isn't what it used to be. Millionaires may have been rare in 1996, but there is no shortage today. The Federal Reserve periodically conducts a Survey of Consumer Finances. The most recent survey was in 2019, and it shows that for some age groups, the average net worth is in excess of $1 million. The Fed has a fun interactive chart (https://www.federalreserve.gov/econres/scf/dataviz/scf/chart/) showing just that..
https://i.imgur.com/iZmVE9u.png
For some reason, if you switch over to median or percentile, it looks like a looooot fewer millionaires, as shown below..
https://i.imgur.com/OGnNPa6.png
Now for the political question. If just 10% of the population controls a large amount of the national net worth, then shouldn't the government do more to help those people boost the economy, instead of raising taxes on corporations like Democrats want to do?
A million dollars isn't what it used to be. Millionaires may have been rare in 1996, but there is no shortage today. The Federal Reserve periodically conducts a Survey of Consumer Finances. The most recent survey was in 2019, and it shows that for some age groups, the average net worth is in excess of $1 million. The Fed has a fun interactive chart (https://www.federalreserve.gov/econres/scf/dataviz/scf/chart/) showing just that..
https://i.imgur.com/iZmVE9u.png
For some reason, if you switch over to median or percentile, it looks like a looooot fewer millionaires, as shown below..
https://i.imgur.com/OGnNPa6.png
Now for the political question. If just 10% of the population controls a large amount of the national net worth, then shouldn't the government do more to help those people boost the economy, instead of raising taxes on corporations like Democrats want to do?