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Thursday, June 09, 2005

600,000 New Millionaires Last Year

NEW YORK - A strong global economy gave 600,000 people an entree last year into a highly envied group: the world's millionaires.

The annual World Wealth Report, released Thursday by Merrill Lynch & Co. Inc. and the Capgemini Group consulting firm, found that there were 8.3 million people worldwide with $1 million or more in financial assets at the end of 2004, up from 7.7 million a year earlier.

Their total wealth rose 8.2 percent to $30.8 trillion in 2004, giving them control of nearly a quarter of the world's financial assets, according to Petrina Dolby, vice president of Capgemini's wealth management practice.

The 8.2 percent increase was the strongest since an identical 8.2 percent rise in 1999, she said.


And where was the growth the strongest?

Not surprisingly, the expansion of the millionaire class was especially strong in North America because of the solid economic growth last year in both the United States and Canada.

"Significantly, North America surpassed Europe both in total high net worth individuals population and wealth for the first time since 2001," when North American investors were hard-hit by the bursting of the technology stock bubble and the terror attacks on the World Trade Center and Pentagon. The Asia-Pacific region also showed strong growth.


Not too shabby, no? Despite the 9/11 attacks and the bursting of the dot com stock market bubble our nation continues to have a strong economy thanks to the Bush administration.

And things look good for the future as well:

Although the global economic expansion has begun slowing, the study still predicts 6.5 percent growth over the next five years --ť enough to create many more millionaires, especially in North America.


So much for the "worst economy since Herbert Hoover."

Comments

Avatar for 2Hotel9

Come on, woofie! Squeeze out a few tears for us. You do anything for the under priveledged? Or do you just sit at your computer and BOOHOOBOOHOOBOOHOOBOOHOO!!!!!!!

2Hotel9 on June 9, 2005 at 05:07 pm
Avatar for WOOF

Why do you think it is good for more Americans to live in poverty?

Why do you hate Americans Hotel?

WOOF on June 9, 2005 at 05:07 pm
Avatar for Mark J

And as we all know, it is the President’s job to “create” jobs and eliminate poverty.  </sarcasm> Oh damn, my Sarcasm Lock was on too!

American poverty is such a joke anyway.  75% of Americans under the “poverty level” own a car.  97% own a color TV.  30% own two or more cars.  46% own their house.

Mark J on June 9, 2005 at 05:07 pm
Avatar for WOOF

Millions of Americans have slipped into poverty under this President, a shameful record.

WOOF on June 9, 2005 at 05:07 pm
Avatar for Seth Yantiss

Yeah, But he lost all of our JOBS! Millions unemployeed, millions more uninsured.  OH, THE HUMANITY!!!! 

I bet every one of those 600,000 is a white Christian too…

/sarcasm

I just can’t turn the sarcasm off soon enough today… I don’t know what it is…

Seth Yantiss on June 9, 2005 at 05:07 pm
Avatar for Seth Yantiss

Dang it… I was typing my post while WOOF was posting… No fair WOOF!!!  you stole my thunder with your own form of sarcasm!!

Seth Yantiss on June 9, 2005 at 05:07 pm
Avatar for WOOF

Self hating Plutocrats.
75% own a car but can’t afford to insure it, when is the last time you Filled your tank?Cuttin back driving a little ?
97% own a color TV $170 for a NEW 25 inch. free ones are at the curb
30% own two or more cars. Both on Cinder Blocks, a rich man in Ga.
46% own their house but can’t put food on their table everyday or afford to see a doctor.

WOOF on June 9, 2005 at 05:07 pm
Avatar for Seth Yantiss

/sarcasm (just to be sure it’s off)

WOOF, it doesn’t cost that much to pay cash at the doctors office.  Most people don’t think that this is the case, but it is.  It’s expensive to do an MRI and stuff like that, but it’s expensive to fly to the moon too.  If some medical procedure required zero G’s, Bill Gates could have it done, but the rest of us can’t… would that be fair?!!?  SURE IT IS!!!

If I can afford an MRI, but some homeless guy can’t is it fair?!?!  SURE IT IS!!!

Seth Yantiss on June 9, 2005 at 06:06 pm
Avatar for Seth Yantiss

Americans who live in poverty are STILL privileged by world standards.

Americans who are deeply impoverished server as an excellent example of what not to do.

As I drive my car down the street, I can point at the dude with the shopping cart and say to my kids… “look kids, the next time you are offered drugs, this is where you might end up if you take them.  If you don’t learn to manage your money, this is where you might end up… If you decide to ignore school, if you get pregnant or get someone else pregnant, this is where you might end up…

Now laugh at the poor man...”

Sounds cold, eh?  You reap what you sew.  For the .00001% of Americans who really just have bad luck, I suppose we could pay for them… it would still save BILLIONS each year.

The facts are that the vast majority of poor are that way because they do what poor people do.  They never learn to do what the rich do.

Did you know that the majority of Millionaires are people who earn between 90 and 150K /year.  The live frugally.  They don’t spend a lot on entertainment.  They don’t buy fancy cars or homes.  The buy their clothes at consignment shops and SAVE EVERY SPARE DIME.  They will not buy anything (except their homes) if they do not have the cash for it.

Did you know that the majority of the poor, poor, pitiful poor, will borrow against their earnings to buy something that will depreciate in value rather than appreciate in value?  Most of them make poor decisions regarding purchases, finances, and lifestyles.  The majority are lazy people who will make excuses for their lives rather than correct the problem.  The majority of the poor, are high school drop-outs.  Most of the poor spend hundreds a month on entertainment and eating out.  They can’t afford to do this AND save for their future.  They make poor choices that have REAL consequences. 

If we, as a society, constantly take away the consequences for stupid decisions, where is the incentive to change the behavior?

The less you do FOR people, the more likely it is that they will rise up and do for THEMSELVES.

Teach a man to fish vs give a man a fish…

Seth Yantiss on June 9, 2005 at 06:07 pm
Avatar for Seth Yantiss

Sorry!!!!  My mistake… I also left a lot of “Y“‘s off of the word “THEY"…

I could, at this point, think like a poor person and GIVE UP…

Or, I could think like a rich person and TRY AGAIN!

I think I will try again!

Seth Yantiss on June 9, 2005 at 06:07 pm
Avatar for 2Hotel9

I was born poor, white, trash. Then I grew up and learned that that was all Democrat/Socialist lies. Why do YOU hate America so much?

2Hotel9 on June 9, 2005 at 06:07 pm
Avatar for likwidshoe

WOOF dribbles, Millions of Americans have slipped into poverty under this President, a shameful record.

Um. Yes.
“Poverty”
*yawn*

Self hating Plutocrats.

Who are you talking to WOOF?  Why the need to demonize people all of the time?  Your talking points not strong enough to stand on their own?

75% own a car but can’t afford to insure it, when is the last time you Filled your tank?Cuttin back driving a little ?

Source please.

97% own a color TV $170 for a NEW 25 inch. free ones are at the curb

What?  Is “poverty” not having a big screen color TV now?  Wow.  Are you drunk WOOF?

30% own two or more cars. Both on Cinder Blocks, a rich man in Ga.

Oh my goodness.  Straight up - you’re an idiot.

46% own their house but can’t put food on their table everyday or afford to see a doctor.

Yeah...can I have a source for this one as well?  I just don’t buy your bullshit and would rather see the figures for myself.  Reputable source please.  No moonbat sources.

Why do you think it is good for more Americans to live in poverty?

Who said that it was “good for more Americans to live in poverty”?  Please tell me WOOF.  Because I don’t see who said it.

Why do you hate Americans Hotel?

Where and when did 2Hotel9 say that he hated Americans WOOF?  Are you on acid or something man?  You’re hallucinating.

likwidshoe on June 9, 2005 at 06:07 pm
Avatar for 2Hotel9

Seth, for shame! You got that line backwards! Give a man a fish/teach a man to fish.

2Hotel9 on June 9, 2005 at 06:07 pm
Avatar for WOOF

Dear Likwid
http://www.census.gov/hhes/www/poverty/poverty.html

“The Census report also showed:

•Income fell among Hispanics and whites, and the “gender gap” widened. The median full-time female worker made 75.5 cents for every dollar earned by a man, down from 76.6 cents in 2002.

•Poverty increased among whites and Asians, and at the fastest pace in a decade among children. It did not significantly change for Hispanics and blacks. The 2003 poverty level for a family of four: $18,660.

•Health insurance rates dropped among almost all major demographic and geographic groups.

http://www.usatoday.com/news/washington/2004-08-26-census-poverty_x.htm

WOOF on June 9, 2005 at 07:07 pm
Avatar for Carrick

I suppose this is obvious, but does anybody else notice how all over the map WOOF is on this one?

One moment he’s talking about poverty, the next about “free TVs on the curb” (nice ethnic slam there by the way, almost as good as “hotel staff"), the next something about real income dropping during a an economic downturn (I just know there is a surprise in there somewhere), then something about the continued runaway cost of health insurance (a 30+ year old phenomenon), then something about gas prices---which have finally returned to their historic (corrected for inflation) value---and so on.

I know this is unpopular, but kids, this is why you should restrict your THC intake to 1-2 portions per WEEK, not DAY.  Otherwise you end up with this rambling pointless bitching, generated no doubt by the loss of short term memory that WOOF is exhibiting.

By the way, I sat next to a couple of liberals on the way home.  My first clue:  They bitched about everything on the plane, including the attendant.  They later identified themselves as liberals from Portland.  Later they were horrified to learn that they were changing planes in George Bush International.  For the especially dense, notice that WOOF is very good at bitching and complaining, not so good at coming up with constructive alternatives.

Carrick on June 9, 2005 at 08:06 pm
Avatar for likwidshoe

WOOF - where are the sources for your claims?  You didn’t provide them and no, I didn’t forget.  As to the rest of your points - so what?  Either explain why and how your points are relevant or don’t even bother. 

As a sidenote WOOF - ever notice that when there is good news, you’re always around to try to bring up bad news?  I mean..you often fail, but you always try.

Carrick said, I know this is unpopular, but kids, this is why you should restrict your THC intake to 1-2 portions per WEEK, not DAY.

That’s no excuse for WOOF.  You’re letting him off easy.

likwidshoe on June 9, 2005 at 08:06 pm
Avatar for Old Guardian

wow, im not sure why mr WOOF even posts on this site.  you all seem to have pretty strict views on the matter.

 

why is it that on the internet people dont converse like they do if they were face to face?  when you’re talking face to face people will mention what they agree w/ in why.  & why they dont agree w/ other aspects of someone’s interpretation.  on the internet it’s just personal attacks, sarcasm, hubris, and self righteousness.  now im not going to espouse to proselytize as that would be futile, but i would like to point some things out.

 

google "wealth gap"

try it in google news as well

 

also, not sure if you remember or not; but the economy was extremely strong under clinton.  does that mean clinton did it?  im guessing youre going to say no.  so how did bush improve the economy exactly?

 

despite being more millionares there is a tradeoff; a large part of the country suffers from diminished quality of life.

and dont tell me it’s all fair, because in the top bracket have the oportunity to take advantage of many more loopholes & tax breaks/writeoffs.  they also benefit more from tax money collected.

 

i’m in favor of a flat tax, you want to know why?  because the ultra rich would be paying MORE in taxes.

 

it’s as simple as robbin hood fellas.

 

 and to Seth Yantiss who said you would teach your kids that impovrished people are sub-human and to denigrate & mock them, youre kids are either going to grow up and not have any respect for you, or become sociopaths.

 

on a ending note, i grew up in a very improverished area.  my mother and father both worked two jobs just to put food on the table and afford the bare necessities (health care, a roof over our head, & the occasional movie).   during the regan years it was especially difficult, i can tell you this; nothing ever trickled down to us.  long story short, i went to college became an engineer, applied for some patents & now am worth more than a few million.  but despite the fact that i can grow my money faster w/ the bush administraiton; im not naive enough to think it doesnt come at a cost, & it’s not a cost im in favor of.  bush is not a compassionate conservative, he’s a cantankerous callous conservative.

 

and youre children will all inherit the new unprecedented amount of debt.

 

now if you can just let that all swirl around in your head for a bit w/o throwing up walls or giving in to youre inherent desire to knee jerk react due to defense mechanisms; i think you might be able to better understand where other peoples opinions stem from. 

Old Guardian on April 6, 2006 at 06:56 pm
Avatar for likwidshoe

google "wealth gap"

Why?

also, not sure if you remember or not; but the economy was extremely strong under clinton.  does that mean clinton did it?

No. Clinton pushed for, and got, a tax increase which later resulted in the economy going into a recession. The economy only picked back up after the Republican House tax cut of 1995.

im guessing youre going to say no.  so how did bush improve the economy exactly?

He pushed through an agenda of tax cuts.

...despite being more millionares there is a tradeoff; a large part of the country suffers from diminished quality of life.

That doesn’t follow unless you believe that the economic pie is limited. What you fail to see is that the pie is ever growing and/or diminishing. We currently have a growing economic pie.

...and dont tell me it’s all fair, because in the top bracket have the oportunity to take advantage of many more loopholes & tax breaks/writeoffs.  they also benefit more from tax money collected.

Well if you feel that way, I can get into contact with you so you can write me a check. It’s not "fair" that you have more money than me. There must have been a "tradeoff" and you now owe me. I look forward to you backing up your words. How would you like to get ahold of each other?

...during the regan years it was especially difficult, i can tell you this; nothing ever trickled down to us.

And that is supposed to prove,...what again?

...i went to college became an engineer, applied for some patents & now am worth more than a few million.

Cool! Congrats on your success.

...but despite the fact that i can grow my money faster w/ the bush administraiton; im not naive enough to think it doesnt come at a cost, & it’s not a cost im in favor of.

You’re right. And that "cost" has come to people like me. I’m really looking forward to a nice sized check from you.

...bush is not a compassionate conservative, he’s a cantankerous callous conservative.

Funny! A moment ago you were lamenting how, "on the internet it’s just personal attacks, sarcasm, hubris, and self righteousness."

...now if you can just let that all swirl around in your head for a bit w/o throwing up walls or giving in to youre inherent desire to knee jerk react due to defense mechanisms; i think you might be able to better understand where other peoples opinions stem from.

Right. Other people’s opinions often stem from how much money you have in your wallet. You’re going to pay up, right?

likwidshoe on April 6, 2006 at 07:34 pm
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