The number of millionaire households in the U.S. jumped by more than 700,000 last year, thanks to surging stock prices and housing values, according to a new report.
The U.S. now has more than 11 million millionaire households, according to Spectrem Group, up more than 6 percent from 2016. The number of new millionaires and the total population of millionaires set records. Spectrem defines millionaire households as those with at least $1 million in investible assets, not including primary residence.
“It was the equity markets that really pulled these folks up,” said George Walper, president of Spectrem Group. “This is the group that has the most equity holdings, so the biggest change is at the high end.”
The S&P 500 gained 19 percent last year and the Dow was up 25 percent.
Since the financial crisis, the number of millionaire households has nearly doubled. In 2009, there were just under 6 million millionaire households. It’s grown every year since, and is now well past the precrisis level of 9 million millionaires.
The richer multimillionaires have done the best, since they have the largest share of stocks relative to their overall wealth.
The number of households worth $5 million to $25 million grew by 84,000, to 1.35 million households. The number of households worth more than $25 million jumped by 10 percent, increasing by 16,000 to a total of 172,000.
#AdiosAmerica: Republicans (with Democrats) Are Selling Out America to Corporations to Decrease Living Standards
Since the turn of the 20th century, living standards became an important, almost central part to the progressive and labor movements of those times. Now it has become a mainstream of both parties to sell out your labor to lowest bidders in low and high paying jobs. Low paying jobs are being taken by low-wage immigrants protected by Democrats and the high-end jobs are brought in by bi-partisan means, and greatly boasted by Republicans.
This effort has crippled the middle-class for close to 30 years now and with the job market being already tightened by the looming threat of A.I., importing more workers, whether legal or illegal is decreasing the value of labor in America for each and American Citizen. Corporations and Businesses, who rely on keeping employee costs as low as possible generally don’t complain about these practices across the board, why would they?
Americans have an increasingly difficult task ahead of them with the mass illegal migration at the Southern Border but also the legal importation of immigrants through H1-b1 Visas. These challenges will increasingly change the look, heritage of this country. There is no incentive for either Government or Business to care about reigning in immigration to the benefit of the American worker, the bottom dollar line will look better anyways.
Soros Newest Investor Of Tesla Bonds
Tesla looks to have a new bond holder and it’s none other than George Soros. Whatever this mean, Soros has also taken a stake in Crypto-Currencies .
Zerohedge Reports: Amid Elon Musk’s darkest hour in late March – as his stocks and bonds tumbled in price – it seems there was at least one other billionaire willing to buy the ‘blood on the street’.
According to the latest 13Fs, George Soros’ investment firm took a $35 million stake in Tesla’s convertible bonds during the first three months of the year.
As a reminder, convertibles are hybrid securities, either bonds or preferred stock, that can be exchanged for a predetermined number of common shares. That effectively lets an investor participate in stock-price changes, but with the yield and greater security of a fixed-income instrument.
The March 2019 Converts bounced handsomely off those lows – tracking the stock’s divergent bounce – but in recent days has fallen back towards the lows, catching down to the straight bonds record low price.
“Racial Bias Education Day” To Close Down Starbucks Nationwide
Starbucks is going to the illogical extreme by taking an entire day to put their employees through what they call “Racial Bias Education Day”. Coming after a viral videos showed two men being arrested in a Starbucks in Philadelphia. Starbucks almost instantly gave into calls to do ‘something’ but will this really fix anything in a culture where ‘racism’ is more of a political talking point than an actual substantive conversation or debate.
CNBC Reports: Starbucks said Tuesday it will be closing all of its company-owned restaurants in the U.S. during the afternoon of May 29 to conduct a racial-bias education program.
“I’ve spent the last few days in Philadelphia with my leadership team listening to the community, learning what we did wrong and the steps we need to take to fix it,” Kevin Johnson, CEO of Starbucks, said in a statement Tuesday. “While this is not limited to Starbucks, we’re committed to being a part of the solution. Closing our stores for racial bias training is just one step in a journey that requires dedication from every level of our company and partnerships in our local communities.”