500,000 Fewer Millionaires, Thanks To Chinese Flu

Fox Business

The number of millionaires in the U.S. has plummeted from a record-high as the dual financial and health crises from the coronavirus pandemic slowly destroy the fortunes of the richest Americans.

At the end of 2019, there were an unprecedented 11 million American millionaires, evidence of the historic 11-year economic expansion and the tax cuts and ultra-low interest rates that accompanied it, according to a new study published by research firm Spectrem Group.

But the number of households in the U.S. above that threshold has dropped by at least 500,000 as of Friday. Wealthy Americans are more likely to feel the effects of a stock-market free-fall because they own more equity than the overall population. According to recent Federal Reserve data, the top 1 percent of households owned 53.5 percent of equities and mutual fund shares. More

Billionaires have suffered over a 20% decline in their holds, which should make Bernie happy. – Dr. Tar

3 Comments on 500,000 Fewer Millionaires, Thanks To Chinese Flu

  1. Millionaires and billionaires fluctuate regularly. No doubt this “pandemic” has effected some but probably is not to blame for the whole.

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  2. At the same time, their buying power with what’s left has increased by the same percentage.

    I wish I had $200,000 in Jan of 2009. I would have bought four houses in my neighborhood. It was another paranoid time and the question of it getting worse was in the air. Lots of empty houses that were occupied just a few months earlier. A real estate woman went through our neighborhood every Friday and stole every For Rent sign so hers would be the only one visible. My security camera caught her doing it to my friend’s house across the street.

    Today the four houses I would have bought for 45-50 thousand each – are valued at 150,000 each and bringing in @ $1,500 a month in rent.

    Hard times are opportunity for investors. Everything’s on sale.

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