Audits of millionaires, especially those making more than $10 million, surged 73 percent last year, hitting more than 18 percent of taxpayers in the highest income bracket, according to recently released statistics from the IRS. Get the full story »
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Number of U.S. millionaires jumps 8%
What recession? The millionaire population jumped in the U.S. by 8 percent last year, fueled by the stock market recovery, according to an industry report on Wednesday.
The number of U.S. households worth at least $1 million rose to 8.4 million in 2010, compared to 7.8 billion the prior year, according to a report by Spectrem Group. Get the full story »
Schakowsky wants millionaires to pay more tax
People earning more than $1 million a year would be subject to a higher tax rate under a bill to be introduced Wednesday by Rep. Jan Schakowsky (D-Ill.).
Her proposed “Fairness in Taxation Act” would enact new brackets for income starting at $1 million. Schakowky’s office said details, including the proposed rate, would be released at a press conference Wednesday in Washington, D.C. Get the full story »
Survey: 42% of U.S. millionaires don’t feel wealthy
(Chung Sung-Jun/Getty Images)
A million dollars ain’t what it used to be. More than four out of ten American millionaires say they do not feel rich. Indeed many would need to have at least $7.5 million in order to feel they were truly rich, according to a Fidelity Investments survey.
Some 42 percent of the more than 1,000 millionaires surveyed by Fidelity said they did not feel wealthy. Respondents had at least $1 million in investable assets, excluding any real estate or retirement accounts.
“Every person in the survey is wealthy,” said Sanjiv Mirchandani, president of National Financial, a unit of Fidelity. “But they are still worried about outliving their assets.” Get the full story »
Shunning stocks? You’re in good company
MarksJarvis on Money | Do you think like a millionaire?
If you’ve been shunning stocks, you apparently do. Reuters is reporting that the head of research for Societe Generale’s private banking group — which works with people with millions — has said clients aren’t as interested in stocks as they were in the past.
Politics, job rates shake millionaires’ confidence
The Spectrem Millionaire Investor Confidence Index fell to its lowest level in more than a year in August as wealthy U.S. investors worried about politics and unemployment, according to Spectrem Group.
The index fell 11 points in August to -18, its lowest level since June 2009, when it fell a record 18 points to -20 shortly after the S&P 500 index hit a 12-year low. Get the full story »
Aug. 5, 2010 at 1:20 p.m.
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Filed under: Second City third in number of millionaires
From the Wall Street Journal | The latest Metro Wealth Index, shows the number of millionaires growing despite the shaky economy, with New York, Los Angeles and Chicago ranking 1, 2 and 3 in concentration in the U.S.
