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The Truth About the Rich
http://www.washingtonpost.com/wp-srv...renextdoor.htm
About Millionaires: [ QUOTE ] * Only 19 percent receive any income or wealth of any kind from a trust fund or an estate. * More than half never received as much as $1 in inheritance. * Fewer than 25 percent ever received "an act of kindness" of $10,000 or more from their parents, grandparents, or other relatives. * Ninety-one percent never received, as a gift, as much as $1 of the ownership of a family business. * Nearly half never received any college tuition from their parents or other relatives. More than one hundred years ago the same was true. In The American Economy, Stanley Lebergott reviews a study conducted in 1892 of the 4,047 American millionaires. He reports that 84 percent "were nouveau riche, having reached the top without the benefit of inherited wealth." [/ QUOTE ] |
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Re: The Truth About the Rich
[ QUOTE ]
http://www.washingtonpost.com/wp-srv...renextdoor.htm About Millionaires: [ QUOTE ] * Only 19 percent receive any income or wealth of any kind from a trust fund or an estate. * More than half never received as much as $1 in inheritance. * Fewer than 25 percent ever received "an act of kindness" of $10,000 or more from their parents, grandparents, or other relatives. * Ninety-one percent never received, as a gift, as much as $1 of the ownership of a family business. * Nearly half never received any college tuition from their parents or other relatives. More than one hundred years ago the same was true. In The American Economy, Stanley Lebergott reviews a study conducted in 1892 of the 4,047 American millionaires. He reports that 84 percent "were nouveau riche, having reached the top without the benefit of inherited wealth." [/ QUOTE ] [/ QUOTE ] I'm not so surprised. I remember reading in a newspaper in England that a lot of the richer folk over there intend to leave their children very little so that they actually have to try. Kids who inherit everything tend to suck. Case in point Edit: lol, turns out that was a viral marketing campaign, but people like this do exist. |
Re: The Truth About the Rich
Granted I didn't read the article, but I would venture to say that this would be very geographically dependent. i.e., in Texas, you have many more inherited millions than new found millions, where as in a place like California in the early 90's, there were many newly made millionaires.
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Re: The Truth About the Rich
This doesnt seem that surprising given that we are only talking about households with > 1M in net household assets. That has not been too hard to achieve for older age cohorts given trends in the last several decades in equity and housing markets.
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Re: The Truth About the Rich
The truth about the rich:
They are really really happy [img]/images/graemlins/smile.gif[/img] |
Re: The Truth About the Rich
I don't know if I would equate having a million dollars in net worth as being "rich."
According to that article, the median millionare earns about 130K a year. That's well-off, but probably not what most people would consider to be rich. Although the word millionare still seems to have an intrinsic cachet, inflation has made being a millionare mean much less than it used to. In the words of Gordon Gekko: "And I'm not talking about some four-hundred thousand dollar a year, working Wall Street stiff, flying first-class, being comfortable. I'm talking about liquid. Rich enough to buy your own jet, rich enough not to waste time. Fifty, a hundred-million dollars Buddy. A player. Or nothing" |
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Post deleted by jman220.
Edit: *Post this in ATF, not in the thread, AlexM hit notify mod on your troll post, I deleted it.* |
Re: The Truth About the Rich
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I don't know if I would equate having a million dollars in net worth as being "rich." According to that article, the median millionare earns about 130K a year. That's well-off, but probably not what most people would consider to be rich. [/ QUOTE ] Correct. If you look at the demographics, most are self-employed. So you got the Dry Wall business, or the plumbing contractor, etc. In theory, they could sell their business for 250k, add about 100k of company trucks, tools, materials, etc. Then they are home owners, buying the nice house in the middle class neighborhood years ago. The 80k house is now worth 300k plus. Run the business, be a "saver", invest a little bit, live simply, low maintenance life style, don't live beyond your means. Bingo! You are a millionaire on paper. You might even go to Florida for vacation sometimes. |
Re: The Truth About the Rich
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According to that article, the median millionare earns about 130K a year. That's well-off, but probably not what most people would consider to be rich [/ QUOTE ] Most people except Iron! |
Re: The Truth About the Rich
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In the words of Gordon Gekko: "And I'm not talking about some four-hundred thousand dollar a year, working Wall Street stiff, flying first-class, being comfortable. I'm talking about liquid. Rich enough to buy your own jet, rich enough not to waste time. Fifty, a hundred-million dollars Buddy. A player. Or nothing" [/ QUOTE ] yeah it's really weird that movie came out in mid/late 80's so twenty years ago so that means that with inflation you have to double it. So today gecko would say 100-200 million. The whole fiat money system is really insidious. I don't think the average person has any idea what this hidden tax really does to them. |
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Post deleted by jman220 [/ QUOTE ] Aww, come on. I live for Snowball's reactions to stuff like this. BOOOOOOO!!! |
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This doesnt seem that surprising given that we are only talking about households with > 1M in net household assets. [/ QUOTE ] How do you think the numbers would change if you went to, say, $100MM? |
Re: The Truth About the Rich
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[ QUOTE ] This doesnt seem that surprising given that we are only talking about households with > 1M in net household assets. [/ QUOTE ] How do you think the numbers would change if you went to, say, $100MM? [/ QUOTE ] How do you think these numbers would remain unchanged if we went to, say, $100MM? |
Re: The Truth About the Rich
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[ QUOTE ] [ QUOTE ] This doesnt seem that surprising given that we are only talking about households with > 1M in net household assets. [/ QUOTE ] How do you think the numbers would change if you went to, say, $100MM? [/ QUOTE ] How do you think these numbers would remain unchanged if we went to, say, $100MM? [/ QUOTE ] I've made no claims that they would or would not. I just asked for an opinion, since sam_h said that looking at $1MM+ made these numbers unsurprising - that implies that other numbers would produce different results, and I'm wondering what his basis for that is, and how he thinks those different numbers will look. If I had to guess, I would reckon these numbers would be tilted even more heavily in favor of the self-made as you move up to $100MM. First of all, you'll note that the inherentance tax becomes much more significant at this level, decreasing the number of $100MM heirs for any given $100MM+ estate size. Secondly, estates of this size are much, much more likely to be heavily endowed to foundations, etc. Thirdly, there's no counter-balancing factor that makes estates this size *more* likely to be inherited rather than self-made. So, what you got? |
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Re: The Truth About the Rich
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I don't know if I would equate having a million dollars in net worth as being "rich." According to that article, the median millionare earns about 130K a year. [/ QUOTE ] That pretty much flies in the face of all the Democratic propaganda I've ever seen. |
Re: The Truth About the Rich
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http://www.lostinthetranslation.net/16.gif [/ QUOTE ] Wow, that's pretty huge for a mere 20 years. Amazingly huge. So to extrapolate less than 30% of the original wealthy will be wealthy after 40 years? Less than 15% after 60? After a century, we're talking like less than 5%!!! I guess that doesn't take into account that some of those who moved down will move back up though. Note that I love how they used that trick of using 79-00 to try and make it look like 3 decades. Classic. |
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http://www.lostinthetranslation.net/16.gif [/ QUOTE ] As much as you want to pretend otherwise, this data (like previous data shown in this forum) supports the assertion that our system has quite a bit of socioeconomic mobility. Less than half who start in the bottom 20% stay there, only about half who start in the top 20% stay there. I'd guess that few if any societies in history could make that claim. |
Re: The Truth About the Rich
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[ QUOTE ] http://www.lostinthetranslation.net/16.gif [/ QUOTE ] As much as you want to pretend otherwise, this data (like previous data shown in this forum) supports the assertion that our system has quite a bit of socioeconomic mobility. Less than half who start in the bottom 20% stay there, only about half who start in the top 20% stay there. I'd guess that few if any societies in history could make that claim. [/ QUOTE ] I guess I missed all the posts where people claim that there is no socioeconomic mobility. |
Re: The Truth About the Rich
Great OP.
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Re: The Truth About the Rich
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[ QUOTE ] This doesnt seem that surprising given that we are only talking about households with > 1M in net household assets. [/ QUOTE ] How do you think the numbers would change if you went to, say, $100MM? [/ QUOTE ] I don't know. My guess is that the vast majority of those people are largely self-made. |
Re: The Truth About the Rich
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Great OP. [/ QUOTE ] Too bad nobody will learn anything from it. [img]/images/graemlins/wink.gif[/img] |
Re: The Truth About the Rich
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http://www.lostinthetranslation.net/16.gif [/ QUOTE ] This chart, and especially the fact that it only covers a mere 21 years, not even one "generation" (gen. meaning parent to child), is one of the most convincing and blistering demolitions of most of the anti-capitalist propaganda Ive ever heard or read. It jumps out and says to me, "Congratulations capitalism!" Thank you for posting this. |
Re: The Truth About the Rich
I'm a capitalist, but I don't read the chart in quite the same way others here are. I see that more people stay in their quintile group than move to any other group. And that this is most pronounced for the poorest and richest quintiles.
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Re: The Truth About the Rich
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I'm a capitalist, but I don't read the chart in quite the same way others here are. I see that more people stay in their quintile group than move to any other group. And that this is most pronounced for the poorest and richest quintiles. [/ QUOTE ] How do you think the numbers would change as economic freedom increases or decreases? What do you think the numbers should look like? |
Re: The Truth About the Rich
The rich are the one minority group it will ALWAYS be ok to demonize and blame problems on.
Sad but true. |
Re: The Truth About the Rich
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I'm a capitalist, but I don't read the chart in quite the same way others here are. I see that more people stay in their quintile group than move to any other group. And that this is most pronounced for the poorest and richest quintiles. [/ QUOTE ] Over a very tiny section of time... |
Re: The Truth About the Rich
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[ QUOTE ] I'm a capitalist, but I don't read the chart in quite the same way others here are. I see that more people stay in their quintile group than move to any other group. And that this is most pronounced for the poorest and richest quintiles. [/ QUOTE ] Over a very tiny section of time... [/ QUOTE ] Do you have data suggesting it is different over a larger amount of time? I'm curious. |
Re: The Truth About the Rich
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[ QUOTE ] [ QUOTE ] I'm a capitalist, but I don't read the chart in quite the same way others here are. I see that more people stay in their quintile group than move to any other group. And that this is most pronounced for the poorest and richest quintiles. [/ QUOTE ] Over a very tiny section of time... [/ QUOTE ] Do you have data suggesting it is different over a larger amount of time? I'm curious. [/ QUOTE ] The data given shows it. If it's 50% over 20 years it's gonna be like 25% over 40 years. This is pretty simple. Admittedly, I'm way over simplifying it, but it's certainly going to keep on going. |
Re: The Truth About the Rich
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The rich are the one minority group it will ALWAYS be ok to demonize and blame problems on. Sad but true. [/ QUOTE ] Uh, what? I'd say this is about 100x more true for foreigners, to begin with. |
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How much do they give to charity?
Another fact: 100% of the them made their millions exploiting proles. |
Re: The Truth About the Rich
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[ QUOTE ] The rich are the one minority group it will ALWAYS be ok to demonize and blame problems on. Sad but true. [/ QUOTE ] Uh, what? I'd say this is about 100x more true for foreigners, to begin with. [/ QUOTE ] or atheists, homosexuals, muslims, etc. etc. |
Re: The Truth About the Rich
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[ QUOTE ] The rich are the one minority group it will ALWAYS be ok to demonize and blame problems on. Sad but true. [/ QUOTE ] Uh, what? I'd say this is about 100x more true for foreigners, to begin with. [/ QUOTE ] Really? I'd say the rich get it 100x more than foreigners. [img]/images/graemlins/tongue.gif[/img] |
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I'd like to know how much are in bed with the state.
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Re: The Truth About the Rich
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I'd like to know how much are in bed with the state. [/ QUOTE ] Probably like 95%. You know, the same percentage as everyone else. [img]/images/graemlins/wink.gif[/img] |
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yeah haven't you seen all those homeless lobbyists
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Re: The Truth About the Rich
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[ QUOTE ] [ QUOTE ] [ QUOTE ] I'm a capitalist, but I don't read the chart in quite the same way others here are. I see that more people stay in their quintile group than move to any other group. And that this is most pronounced for the poorest and richest quintiles. [/ QUOTE ] Over a very tiny section of time... [/ QUOTE ] Do you have data suggesting it is different over a larger amount of time? I'm curious. [/ QUOTE ] The data given shows it. If it's 50% over 20 years it's gonna be like 25% over 40 years. This is pretty simple. Admittedly, I'm way over simplifying it, but it's certainly going to keep on going. [/ QUOTE ] Unwarranted assumption of random distribution FTW. |
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How much do they give to charity? Another fact: 100% of the them made their millions exploiting proles. [/ QUOTE ] Even a semi-intelligent socialist will tell you this is a dumb statement. |
Re: The Truth About the Rich
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[ QUOTE ] [ QUOTE ] [ QUOTE ] [ QUOTE ] I'm a capitalist, but I don't read the chart in quite the same way others here are. I see that more people stay in their quintile group than move to any other group. And that this is most pronounced for the poorest and richest quintiles. [/ QUOTE ] Over a very tiny section of time... [/ QUOTE ] Do you have data suggesting it is different over a larger amount of time? I'm curious. [/ QUOTE ] The data given shows it. If it's 50% over 20 years it's gonna be like 25% over 40 years. This is pretty simple. Admittedly, I'm way over simplifying it, but it's certainly going to keep on going. [/ QUOTE ] Unwarranted assumption of random distribution FTW. [/ QUOTE ] Did you even read what you quoted? |
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