Wealth of millionaires surges 10.6% to top $70 trillion for the first time
1–10 of 29 posts
Re: Wealth of millionaires surges 10.6% to top $70 trillion for the first time
#2As both global economic growth and inflation continue the fraction of the world's inhabitants with more than the arbitrary $1,000,000 cutoff will continue to grow. Not that net worth is always the best measure of wellbeing, the person with the least net worth in the world is an American with billions in debt despite his several mansions and I don't think he's worse off than I am.
Re: Wealth of millionaires surges 10.6% to top $70 trillion for the first time
#3What a worthless statistic. No normalizing for the number of millionaires or for inflation. And a million dollars ain't what it used to be.
Re: Wealth of millionaires surges 10.6% to top $70 trillion for the first time
#4Isn't this due to inflation? A couple of percent decrease in the value of the dollar makes a huge number of new millionaires.
Re: Wealth of millionaires surges 10.6% to top $70 trillion for the first time
#5Isn't this due to inflation? A couple of percent decrease in the value of the dollar makes a huge number of new millionaires.
Asset price inflation, yes. Not consumer price inflation, which has been low to nonexistent for a very long time.
So when the bubble bursts, their wealth will come surging right back down.
Re: Wealth of millionaires surges 10.6% to top $70 trillion for the first time
#6What a worthless statistic. No normalizing for the number of millionaires or for inflation. And a million dollars ain't what it used to be.
It's still ~50 years of the average household income in the USA. Which is to say more than most Americans will make in their entire lives.
Re: Wealth of millionaires surges 10.6% to top $70 trillion for the first time
#7Isn't this due to inflation? A couple of percent decrease in the value of the dollar makes a huge number of new millionaires.
No. Inflation has been near 0 for most of the western world since 2008. The increase is a result of lax monetary policy ( central banks flooding the world with money ) and asset price ( stocks, housing ) increases.
In other words, inflation hasn't increase 10.6% last year.
If you want to check historical inflation data.
Re: Wealth of millionaires surges 10.6% to top $70 trillion for the first time
#8What a worthless statistic. No normalizing for the number of millionaires or for inflation. And a million dollars ain't what it used to be.
It's still ~50 years of the average household income in the USA. Which is to say more than most Americans will make in their entire lives.
More like 17.
Re: Wealth of millionaires surges 10.6% to top $70 trillion for the first time
#9Isn't this due to inflation? A couple of percent decrease in the value of the dollar makes a huge number of new millionaires.
Inflation has been low, but regardless that just means money is worth less, it doesn't make you a millionaire (unless you owned a Bay Area home!). In any event, the dollar has actually been quite strong.