Millionaires on the rise

It's interesting that the way to wealth has less to do with having a good job and more to do with investing well (or inheriting lots of money and hiring a financial planner). I'm more concerend about the rise in poverty than the decline in millionaires. After all, rich people don't riot in the streets.

Having a net worth of a million dollars is still impressive, but I agree that it doesn't mean what it used to. I think there are a couple of factors at work here. The baby boomers are nearing retirement and so they are really starting to save in earnest. Real estate has be huge lately. Income and Dividend Tax cuts tend to favor higher income brackets. I think you need to have a net worth of 5 million+ to be considered rich rather than upper-middle class now.

A recent survey in New York City said that to be considered rich you need to make 1 million dollars a YEAR. I think that the reason fro the rise in millionaires has a lot to do with older boomers having their 401Ks and IRAs getting ready to cash out.