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