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A comment on Wealth of millionaires surges 10.6% to top $70 trillion for the first time.

Re:Wealth of millionaires surges 10.6% to top $70 trillion f... by Simon_says on Tuesday June 19, 2018 @01:53PM (#17348830)
What a worthless statistic. No normalizing for the number of millionaires or for inflation. And a million dollars ain't what it used to be.
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Re:Wealth of millionaires surges 10.6% to top $70 trillion f... by Avshalom on Tuesday June 19, 2018 @02:00PM (#17348918)
It's still ~50 years of the average household income in the USA. Which is to say more than most Americans will make in their entire lives.
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Re:Wealth of millionaires surges 10.6% to top $70 trillion f... by Simon_says on Tuesday June 19, 2018 @02:08PM (#17348968)
More like 17.
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Re:Wealth of millionaires surges 10.6% to top $70 trillion f... by evilduck on Tuesday June 19, 2018 @02:21PM (#17349086)
59k is an average household income and average households have 2.5 people, which is likely two incomes (over 60% of households).

That becomes closer to something like 33 years, which nudges close to the boundaries of most people's entire working life.

edit: national average wage index for 2016 was 48,642, so I guess for a working individual thats about 20 years then.

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Re:Wealth of millionaires surges 10.6% to top $70 trillion f... by Simon_says on Tuesday June 19, 2018 @05:25PM (#17350398)
The only thing I'm getting out of this is that the average person who saves modestly and invests can accumulate significantly more than a million bucks in a normal working career. None of which is relevant to my original point of the worthlessness of this particular metric.
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Re:Wealth of millionaires surges 10.6% to top $70 trillion f... by Avshalom on Tuesday June 19, 2018 @02:16PM (#17349047)
Right, sorry, still though household
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