The # of very rich Americans grew at a record pace in '05

[Bling]

The number of very rich people in the US grew last year at the fastest pace in at least a decade as their moves into international stockmarkets, real estate and alternative investments paid off.




The number of households with $5m (€4m) or more in investable assets – excluding the family home – rose by 26 per cent to a record 930,000, according to a study by Spectrem Group. That is the biggest jump since Spectrem began its survey in 1996. The number of millionaires rose by 11 per cent, to a record 8.3m – the second biggest jump in the decade since they were surveyed.

The overall affluent market – households with $500,000 or more – rose by 7 per cent to a record 14m. This group fared the worst in the wake of the stockmarket collapse, with their numbers falling sharply from 2000. Last year was the first time their total passed that of their peak in 1999. Catherine McBreen, a managing director at Spectrem, said: “It’s been a great couple of years for America’s millionaires ... the stockmarket, which posted solid improvement in 2005, was one reason for the advance. However, for the wealthiest Americans it appears the increased use of international markets and alternative investments were key drivers of their improvement.”

George Walper, president of Sprectrem, said the group had questioned respondents on their investments and returns, and also examined the returns of international markets and alternative investments to ensure the veracity of the results. In a sudden reversal of their longstanding affinity for their domestic market, US investors last year put more than $130bn into international mutual funds, more than three times the amount they put into US funds.

Most overseas markets performed better than the US market, so their switch paid off.

Hedge funds returned on average only slightly more than the US stockmarket last year, but investable real estate and some private equity investments returned more than this.

Affluent households, on average, held close to half their money in assets – stocks, bonds and alternative investments – and a larger than usual amount of cash, Spectrem said.

The affluent reported a greater satisfaction with their financial advisers than in recent years, but this was still short of the highest level previously reported. Those who used advisers were shifting back to use full-service brokers as their main advisers.



http://news.ft.com/cms/s/3dcb3438-cf...0779e2340.html

[Slide On The Ice]

Why aren't we on that list Bling?

[Bling]

yeah we should be were Jewish for goodness sake.. wheres our stake in the claim ;D

[Slide On The Ice]

Exactly. It's a stereotype that all Jews are doctors and lawyers and businessmen and have wealth. Where's our piece of the pie, eh, stereotype?

[slamminshaun]

Bling, it wasn't even a month ago you titled a thread "comment for President Bush" about how bad the economy is, gas prices, blah, blah, blah....now you're posting that the number of Americans becoming rich grew at a record pace? So which is it, does the economy suck or is the economy creating more wealthy people then ever?

[rollyp66]

Originally Posted by Slammin'

Bling, it wasn't even a month ago you titled a thread "comment for President Bush" about how bad the economy is, gas prices, blah, blah, blah....now you're posting that the number of Americans becoming rich grew at a record pace? So which is it, does the economy suck or is the economy creating more wealthy people then ever?

The rich get richer...the poor get poorer

[Bling]

exactly rolly this actually backs up that other thread a month ago.. bush sure is happy his oil buddies are makin the $$$$$

[JMT]

the "poor" are here illegally.

[slamminshaun]

Originally Posted by Bling

exactly rolly this actually backs up that other thread a month ago.. bush sure is happy his oil buddies are makin the $$$$$

If you say so dude. So what about the fact black-owned businesses grew 4 times the national rate? Have black Americans suddenly become obsessed with the oil?

How's the Dow Jones looking today? How's that unemployment rate looking today? How's homeownership in this country looking today?

[coach]

Originally Posted by Slammin'

[quote author=Bling link=board=6;threadid=27330;start=0#msg316643 date=1145546370]
exactly rolly this actually backs up that other thread a month ago.. bush sure is happy his oil buddies are makin the $$$$$

If you say so dude. So what about the fact black-owned businesses grew 4 times the national rate? Have black Americans suddenly become obsessed with the oil?

How's the Dow Jones looking today? How's that unemployment rate looking today? How's homeownership in this country looking today?
[/quote]Nothing you say here disproves the fact that poverty is growing and that the "middle class" is still losing ground economically. Sure, there are a few people doing well, and now there are a few more people doing better, but the vast majority are not.