Re:Reaching the $5 Million Club Takes an Open Mind
by gojomo on Tuesday August 05, 2008 @04:32AM
(#267309)
The article is pretty sloppy with numbers and definitions. There's no indication their survey of 3000 is representative of all pentamillionaires, for example.
But, there were about 106 million 'households' in the US in the 2000 census. Perhaps there are 110-115 million households today. If 930,000 of those households have a net worth over $5 million, that's very roughly in the 1% range.
Wikipedia's article on {Millionaire} suggests about 9 million households have a million-dollar net worth, so 930,000 at the 5-million level seems plausible.
So it's not that 1-in-100 Americans are pentamillionaires as individuals, but almost 1-in-100 live in a pentamillionaire household.
But, there were about 106 million 'households' in the US in the 2000 census. Perhaps there are 110-115 million households today. If 930,000 of those households have a net worth over $5 million, that's very roughly in the 1% range.
Wikipedia's article on {Millionaire} suggests about 9 million households have a million-dollar net worth, so 930,000 at the 5-million level seems plausible.
So it's not that 1-in-100 Americans are pentamillionaires as individuals, but almost 1-in-100 live in a pentamillionaire household.