U.S. millionares are up from the dot-com era; they didn't lose all their money. They are too conservative and invest too much in the U.S. however. Most of the growth has been outside the U.S. and will continue that way. The lower dollar and higher growth of foreign companies makes foreign investing more profitable.
And yes my modest home is worth half a million dollars in the Seattle area and continues to go up even now. I could buy back my larger home that I sold in Ballwin, MO in 2003 with the equity in this one. However, the value of this home will continue to grow faster than the Ballwin home. And the values of the homes that you listed will come back to their former prices eventually because of their locations.
notice the slow down in the US. How many of these people are counting their homes as their net worth? In areas such as Miami/New York, Wash DC, San francisco, Los Angeles, etc a modest home is half mil plus, a larger home easily surpasses 1M. You might want to read the messages on the URBN about the people talking about living in Florida. When their home prices crumble they won't be "millionaires" anymore. Same with the million/billionaires created in the dot com bubble.
Read this then Brad, the house of cards has to include the rest of the world too.
WASHINGTON: While some 700 millions Indians are mired in poverty, living on less than a couple of dollars a day, India is also minting millionaires at the rate of knots.
The number of high networth individuals (HNWIs, each worth more than $1 million) in India rose by nearly 20 per cent last year, among highest rate of growth of millionaires in the world, according to the annual World Wealth Report (WWR) produced by money managers Cap Gemini and Merrill Lynch.
The number of HNWIs or millionaires in India went up from 70,000 in 2004 to 83,000 in 2005. South Korea edged out India with its ranks of millionaires swelling by 21.3 per cent. Russia recorded the third-fastest growth with the number of HNWIs going up from 88,000 to 103,000, up by 17 per cent.
Overall, the report said there were 8.5 million millionaires in the world worth $ 33.3 trillion in 2005, up 6.5 per cent from 2004.
And if any confirmation was needed that the rich always grow richer, the 10th annual WWR also introduced a new category of super-rich (Ultra HNWIs), those whose net worth is more than $30 million.
They grew 10.2 per cent to 85,400. Despite India�s rapid minting of millionaires, in absolute numbers there are more millionaires in less populated and more developed countries such as Australia (146,000), Canada (232,000), United Kingdom (448,000) and Germany (767,000).
China too has about four times as many millionaires (320,000) as India despite recording only a 6.8 per cent increase from 2004.
However, the United States remained the stomping ground for the most number of HNWIs with 2.67 million millionaires, which meant that while one in 100 Americans is a millionaire, less than one in 13,000 Indians made the cut.
The slowdown in the growth of the millionaires club in the United States (down to 6.8 per cent in 2005 compared to 9.9 per cent in 2004) was attributed to low stock market returns because of rising oil prices and higher interest rates, and interestingly, their not investing in foreign markets.
Brad, I hope that you looked at the slide show in the article that I posted about Chinese millionares. Also India now has about 86,000 millionares and growing at a substantial rate. But the rate of millionare growth in India is less than in South Korea.
Yes indeed, some of those subprime lenders will go belly-up. Some will save themselves or be saved.
Brad, in a few short years the United States is going to experience a worker shortage. As the baby boomers retire there simply is not enough workers to replace them.
I still don't buy the China rebound, it's just a matter of time before that house of cards collapses. New century went BK today. 3200 jobs gone, that's half their workforce. I expect the other half will be soon to join them. Nokia-Siemens sees weakening based on a light consumer. It's clear as day, you just gotta open your eyes. This will take a while to play out, but the wheels are in motion.
This article says they only have 300K of their population as millionares and what they are doing with their money. Maybe nobody knows the exact figure of millionares.
Yes, Brad drank that spiked Kool Aide.
Hey Brad, how about that Chinese market meltdown in February? It seems that the Chinese market is back up approaching 5% better than the previous high for the year, the day before the big drop. I guess those Chinese refinanced their homes to buy more stock.
Oh by the way Brad, I read an article not that long ago that the Chinese have 500K of their population now as millionares. And they have many luxury cars in front of their large homes. Maybe those Chinese should mortgage their homes and buy Coach bags.
Mortgage payment, purse. Mortgage payment, purse. I vote purse. People that have bad credit and subprime mortgages buy very, very few $300 purses. Think good credit $300 purse. Good credit $300 purse.