OT: What crisis? US millionaire count hits all-time high
Papi_Chulo
Miami, FL (or the nearest big-booty club)
The recovery is official—at least for millionaires.
The number of millionaire households in the U.S. surged by 640,000, or 7 percent, to 9.63 million last year, according to a new study from Spectrem Group. That marks an all-time high for the number of millionaire households in America since Spectrem began tracking the data in 1997.
It's also the first time the millionaire population has exceeded the pre-crisis peak of 9.2 millionaire households in 2007, showing that last year's stock surge drove a corresponding growth in wealth for the rich.
The number of households worth $5 million or more also surpassed its pre-crisis peak for the first time, rising by 100,000 to 1.24 million households. The number of households worth $25 million or more surged by 15,000, to 132,000 households.
"In terms of the affluent investor, it is fair to say they have finally recovered from the economic downturn," said Spectrem Group President George H. Walper Jr.
However, the number of households worth $500,000 has yet to recover to its pre-crisis population peak. Those so-called "mass affluent" households grew by 1 million to 15.3 million in 2013—just below the 2007 top of 15.7 million.
Spectrem defines millionaire households as those with a net worth of $1 million or more, not including the value of their primary residence.
http://www.cnbc.com/id/101491613
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I have up on the first :)
stupid autocorrect, ruining my shtick
It's not like sitting around with piles of cash like a rapper or NBA star
And I bet a lot of it is in stocks, which due to demographics (boomers building them up are going to move to safer assets as they age) as well FED wuzzaloo (opinion, but hey, we are 17T in debt) - that IS going to fall. When? Who knows. (Sorry Doug, no sweet tips from me.)
The way congress and Obama are spending and printing money, I'll need several million or billion just to buy groceries when I'm old enough to retire.
My youngest brother followed me into the oil patch and did just that......started out as a roughneck then acquired a trade. He is now in his late 50s, works only when he wishes, charges a day rate of $2,000 (10 hour day). He raised a family and invested his money conservatively for about 30 years and now has a net worth probably pushing $10,000,000, mostly in real estate (farm land and rental houses) to my best guess.
I envy my brother. He has all the financial security he needs and he enjoys the blessings of a fine family.
My brother thinks I am an idiot to be continuing to bust my ass in business.
I was talking to a pipeline guy a few weeks back and he had to interview 40 to find one willing to try and than has a 25% attrition rate in the first week and more than 50% the first month. He pays $40+ per hour to start plus expenses.
At 60 I work more hours than most young people I know. They are unwilling to put in OT and what ever it takes to get ahead. They want to be paid time to travel (I'm talking about salaried employees) even when the company pays all travel expenses. After 8 hours are late for the door. I guess they have been told that the government will pick up the slack if they get laid off and can't make their payments.
@crazyjoe “There will be broke trillionairs somedayâ€
Spot on. That’s why my back up plan for securing my dotage is the old fashioned way, siring as many little pikey bastards as I can manage. Payback is a bitch you little fucking terrors.
@jackslash “With hard work and investing, it's not hard to accumulate $1 million of assets by the time you're in your 60'sâ€
The same formula can produce millions in your twenties. Getting it out of the way early is the better option.
@farmerart “My brother thinks I am an idiot to be continuing to bust my ass in businessâ€
“People intoxicate themselves with work so they won't see how they really are.†- Aldous Huxley
Turn-over is not as bad as it was in earlier years for the general labour positions. Now, I very rarely hire guys off the street and let them learn on the job. I will make the odd exception for a kid whose work ethic and character I know. New employees don't even get a look-see from me without going through one of the industry training centres where they get a pretty realistic feel for rig jobs.
As for the skilled jobs? I am pretty plugged in to the industry networks of skilled tradesmen and 'consultants'. It seems that the most experienced skilled guys call themselves 'consultants' these days and want to work on a contract basis rather than as employees. I am OK with that.....sign up a few of these valuable guys contractually and another vulture (like me) can't hire them away from you.