[extropy-chat] millionaires in America

[Mike Lorrey]

--- Damien Broderick <thespike at satx.rr.com> wrote:

> 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.

Uh, no. It means that someone from a millionaire family is 3 times more
likely to become a millionaire than someone not from a millionaire
family.

ONCE AGAIN, Natasha wants this moved...

Mike Lorrey
Vice-Chair, 2nd District, Libertarian Party of NH
"Necessity is the plea for every infringement of human freedom.
It is the argument of tyrants; it is the creed of slaves."
                                      -William Pitt (1759-1806) 
Blog: http://intlib.blogspot.com

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