[extropy-chat] millionaires in America

[Damien Broderick]

At 12:12 PM 7/28/2005 -0700, J. Andrew Rogers wrote:


>Around 3.5% of households in the
>US are millionaire households, and only around an average of 10% of the
>total wealth of those households is in their house -- these are not real
>estate bubble millionaires.  Most own their own small businesses.
>
>According to the most commonly cited sources, 80% of millionaires are "first
>generation", meaning that they do not come from wealthy families.  Another
>10% or so have wealth in the family, but never received any financial
>support from the family and bootstrapped their own wealth.  The remaining
>10% became millionaires via windfalls from various sources, including
>inheritance.

In other words, if I've done my add-ups right, for every millionaire 
household that produces at least one millionaire offspring, it takes 110 
poorer households to produce one. I think this was the ratio Robbie was 
looking for.

Damien Broderick