One of the big Front page economic news items of last week was of course the number of millionaires now in the world.

“Reuters) -- The number of people globally with more than $1 million in net assets rose 6.5 percent in 2005 to 8.7 million, according to a report released on Tuesday.

The 10th annual World Wealth Report by Merrill Lynch and consultants Capgemini found this group of millionaires owned $33.3 trillion in net assets in 2005. The figures exclude their primary residence.

Those with financial assets of more than $30 million -- known as ultra high net worth individuals -- grew 10.2 percent to 85,400.

South Korea saw the biggest rise in millionaires last year, with their ranks swelling by 21.3 percent. It was followed by India, up 19.3 percent, and Russia, up 17.4 percent.
South Africa, Indonesia, Hong Kong, Saudi Arabia, Singapore, the United Arab Emirates and Brazil all posted double-digit increases. Numbers in China grew 6.8 percent.

"Real GDP growth and market capitalization were the two main drivers of wealth creation, making 2005 a year of robust but decelerating growth for some regions following two consecutive years of strong global performance," said Robert McCann of Merrill Lynch.

The number of U.S. millionaires slowed, growing 6.8 percent compared to 9.9 percent in 2004, as rising oil prices and higher interest rates hit stock market returns, but it remained home to the greatest number with 2.67 million millionaires. “

Somehow though, the major news outlets failed to pick up on the latest report on poverty from the Census bureau released this month - http://www.census.gov/hhes/www/poverty/acs...vcompreport.pdf

“”Evaluation of Poverty Estimates:
A Comparison of
the American Community Survey
and the Current Population Survey
Alemayehu Bishaw and Sharon Stern
Poverty and Health Statistics Branch
Housing and Household Economic Statistics Division
U.S. Census Bureau
June 15, 2006

…..Based on the national 2003 ACS estimate, 35.8 million people, 12.7 percent of all people for
whom poverty status is determined, had income below poverty level. This estimate is higher than
the 2002 ACS estimate of 34.8 million or 12.4 percent (see Table 1).

Estimates obtained from the CPS ASEC were comparable to the estimates from the ACS listed
above.

According to 2004 ASEC, 35.9 million people, 12.5 percent of all people for whom
poverty status is determined, had income below poverty level in 2003. In 2002, the
corresponding estimates were 34.6 million people or 12.1 percent with income below poverty
level.

… Up from 9,0 percent percent of all people for whom poverty status is determined, who had income below poverty level in 2000.””

So according to the US Census Bureau the number of people who fell into poverty increased by 1/3 in the first four years of the Bush Administration – the latest period for which real solid data is available.

Wonder what will happen by 2008?

Rob

Sooooo, I better start shopping for a sugar-daddy before the next general elections? Just wondering...

The number of U.S. millionaires slowed, growing 6.8 percent compared to 9.9 percent in 2004, as rising oil prices and higher interest rates hit stock market returns, but it remained home to the greatest number with 2.67 million millionaires. “

thanks ITJock, this explains what happend to my millions! Rats, now I will have to work another year or two.

Sooo...

It means there are 2.67 million millionaires in the US, and 35 million people, or 12.5 percent of Americans, who had income below the poverty level.

The number of rich millionaires in the US is growing at about 6% annually, and the number of poor below the poverty level are growing at about 12% annually.

Much smaller working Middle Class; little bit of growth among the numbers of rich and priviledged Upper Class; huge growth among the numbers of Americans living in Lower Class Poverty during the Bush Administration.

R

FTT Rob, FTT.

[ June 27, 2006, 07:06 PM: Message edited by: Maddog ]

So how much longer until the next "election"? Can we afford to wait? How nice that during the crooked Bush administration, the only growth realized is that of poor people! You're doing one heck of a job, Georgie!