Newspaper reporters persist in calling mere millionaires "super-rich." Understandable, given the size of most reporters' paychecks.
Fact is, as Jonathan Clements points out his latest Wall Street Journal column (subscribers), "A million dollars isn't what it used to be."
Sure, it's still enough to pay for a comfortable retirement, and it will put you among the richest 2% of American adults. But it won't put you in the lap of luxury -- and for that you can thank inflation, the current decade's housing boom, and the long rise in stock and bond prices.According to the World Wealth Report prepared annually for Merrill Lynch by Capgemini (downloadable here, but registration required), about 9.5 million individuals worldwide have investable assets of at least $1 million.
The super-rich are a much, much rarer breed. You could fit all the citizens of the world who have $30 million or more into one of our bigger football stadiums.
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1 comment:
It's comforting to remember that, even though a million dollars isn't what it used to be, most Americans are incredibly rich by global standards. About 2.7 billion people worldwide subsist on less than two dollars a day. And two dollars isn't what it used to be.
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