Millionaire Population in America Grows
Number of households with more than $1M in assets up to 5.5M
By Nick McMaster, Newser Staff
Posted Sep 16, 2010 5:59 PM CDT
The number of American millionaires is on the rise.   (Shutterstock)

(Newser) – The number of millionaires is on the rise again. The population of rich Americans has been growing over the course of the year, even as the economy has stuttered over the first half of 2009 and poverty has increased. In the 12 months ending in June, the number of American households with assets over $1 million grew 8%, to 5.55 million, the Wall Street Journal reports. That's after two years of declines.

The increase suggests a further divide between the economy of the wealthy and that of the middle-to-lower classes. In fact, the richer millionaires are having an even better 2009: the population of those with $5 million in assets grew by 16%, and the number of those with $10 million grew by 17%. Of course, this is still way below the level of millionaire-creation from before the financial crisis, when the millionaire population grew by 35% a year at its peak.

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Showing 3 of 57 comments
ddhartman
Sep 17, 2010 10:42 AM CDT
This really is a simple one. As jobs began moving overseas, there were more and more middle-class people that lost there jobs. So the middle-class becomes poor, and the leaders of industry become richer from the increased profits found by farming labor out to low wage countries - then selling the products at current to increased cost to us. And the cycle continues until the populace can no longer afford to purchase these products, so industry has to reduce costs of their products to increase demand, which brings the cost of living down, which could in theory reach a point where those that are unemployed are willing to work at wages equal to those low wage countries.
mockingbird
Sep 17, 2010 10:03 AM CDT
http://www.investopedia.com/articles/economics/08/Gini-index.asp
tginok
Sep 17, 2010 8:29 AM CDT
More people doing better is a bad thing??????