Friday, February 4
Millionaire Statistics
- The United States added 2,251,000 new millionaires from 2019 to 2020.
- The total number of millionaires in the US is 20.27 million.
- There are 788 billionaires in the United States.
- There are 323,443 millionaire households in New Jersey.
- 76% of US millionaires are white.
- New York is the city with the biggest concentration of ultra-rich millionaires with 24,660 UHNW.
- The United States’ millennial millionaires own an average of three properties with a real estate portfolio worth $1.4 million.
- About 44% of US-based millennial millionaires live in California.
- 43.4% of the world’s wealth is controlled by the top 1%.
The Global Wealth Report says that the total number of millionaires in the US is 20.27 million. The United States also added 2,251,000 new millionaires from 2019 to 2020 alone, which puts it at the very top of the list of countries with the most millionaires. Since the adult US population is around 250 million, that means that just over 8% of Americans are millionaires.
A new survey has found that there are 13.61 million households that have a net worth of $1 million or more, not including the value of their primary residence. That’s more than 10% of households in the US.
3. What percentage of millionaires inherited their wealth? (Source: Ramsey Solutions)
Only about 20% of Americans inherit their riches. The rest of them (80%) are self-made, first-generation millionaires. Most millionaires have to work for the money and don’t get rich once a relative dies, according to “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy” by Thomas J Stanley.
4. How many people are worth 10 million? (Source: DQYDJ)
There are an estimated 1,456,336 households with a net worth of at least $10 million. It is important to note that we are talking about a household, not an individual. So there may be more than one person earning in a single household.
About 8,046,080 US households have a net worth of $2 million or more, covering about 6.25% of American households. 5,671,005 US households have a net worth of $3 million or more, covering about 4.41% of all US households.
There are a total of 89,510 people in the United States with net assets of at least $50 million. This number equals 50.9% of the ultra-high net worth (UHNW) individuals over the world.
7. How many billionaires in the US are there? (Source: Wealth-X)
According to a census report in 2020, there are 788 billionaires in the United States with a combined net worth of $3.431 trillion. In contrast, the United States had 404 billionaires in 2010.
There are 229 millionaires in Congress. The exact number is hard to determine since Congress members reveal their finances in ranges. But according to the Center for Responsive Politics, 43% of congress members had a net worth of over $1 million in 2018. That’s 43%, over seven times the national rate of 6%.
9. What is the average age of US millionaires? (Source: Spectrem)
According to a report about the US millionaire population by age, the average age of US millionaires is 62 years old. About 38% of US millionaires are over 65 years of age. Only 1% are below 35. Millionaires on the West Coast are slightly older, as well.
10. What is the percentage of millionaires in America by race? (Source: Statista)
According to the most recent data available, 76% of US millionaires were white or Caucasian. Black American and Asian millionaires each accounted for just 8%. Hispanics made up 7% of the total millionaire population.
The average age of billionaires is slightly higher than that of millionaires at 65.9 years old. According to a 2016 report, only 46 people became billionaires before the age of 40. This further reaffirms that billionaires are not made overnight but are built through experience and time.
There are 618,000 millennial millionaires in the United States, and 93% of them have a net worth ranging from $1 to $2.49 million. The boomers’ generation was the richest generation in the history of the United States. They are leaving huge piles of wealth to their Gen X and millennial descendants. However, many of these millennials are earning good money all by themselves as well.
According to the Federal Reserve, the top 10% in the US own 69.6% of the nation’s wealth. If you need a clearer example of financial inequality you just need to know that around a third of the US wealth (31.4%) is owned by the top 1%, which is almost 16 times more than the bottom 50% who own 2% of it.
Most self-made billionaires earned their first million dollars within five years. Out of the top 100 billionaires in the world, over two-thirds (69%) made their first million in under ten years.
According to a 2020 report, New Jersey wrested the top spot from Maryland when it comes to millionaire per capita. There are 323,443 millionaire households in New Jersey, thanks to its proximity to the Big Apple. With that concentration of wealth, it’s not surprising that the cost of living in the state is 13.4% higher than the US average.
While California takes the lead here with 189 billionaires, the wealthiest Americans don’t live in these two states, Mark Zuckerberg being the only exception. Jeff Bezos and Bill Gates both live in Washington, while Warren Buffett resides in Nebraska, and Elon Musk recently moved to Texas.
17. Where do millionaires invest their money? (Source: The College Investor)
Investing in real estate is still the most popular of all millionaire investment and spending choices. For over 200 years, approximately 90% of the global millionaires have been spending their fortunes on real estate investments. This trend is expected to grow.
18. Which US city has the highest number of UHNW people? (Source: Wealth-X)
New York is the city with the highest concentration of ultra-rich millionaires, with 24,660 UHNW. The second spot belongs to Los Angeles, with 16,295 millionaires. San Francisco is third, with 6,740 millionaires. Chicago and Miami take the fourth and fifth positions with 6,085 and 5,615 UHNW individuals, respectively.
The largest fraction (43%) of millionaires in the US owns only one house. Roughly 20% own two, and only 8.5% of them own five or more. When it comes to millennial millionaires, they own an average of three properties with a real estate portfolio worth $1.4 million.
The finance and investment industry is definitely the industry with the most millionaires and UHNW people. Roughly 14% of all UHNW individuals engage in it as their primary industry. Industrial conglomerates come in second, with 9.1%, and they’re closely followed by the business and customer services industry at 9%.
China Builds Nuclear Power Plant in Argentina
Feb 2 (Reuters) - State-owned China National Nuclear Corp (CNNC) has signed a contract in Argentina to build the $8 billion Atucha III nuclear power plant using China's Hualong One technology, reviving a deal that had been stalled for years.
CNNC said on its WeChat account late on Tuesday that ithad signed an engineering, procurement and construction (EPC) contract, which comes ahead of Argentine President Alberto Fernandez's trip to China later this week.
Progress on the nuclear deal between the two nations had stalled since it was first negotiated by the administration of former President Cristina Fernandez, a left-wing populist who left office in 2015. She is now Argentina's vice president.
Argentina's government said in a statement that the construction project "involves an investment of over $8 billion" for engineering, construction, acquisition, commissioning and delivery of a HPR-1000 type reactor. READ MORE...
Building Its Own Cargo Ship
Furniture maker and retailer Loctek is in the process of building its own container ship.
The furniture company, known for its ergonomic designs, is paying Huanghai Shipbuilding $32.6 million to build a new container ship, TradeWinds first reported.
Loctek said that it made the purchase "in order to enhance the company's competitiveness and accelerate the company's overseas business development," according to the filling.
The company did not specify whether it would operate the ship or pay a major shipping company to run the ship and transport Loctek products. READ MORE...
China's Nuclear Reaactor
Grid-connection of Unit 1 at the “national project” at the Shidao Bay site (Figure 2) in Rongcheng, Shandong Province, will be soon followed by Unit 2. When commercially operational as expected in mid-2022, the two HTR-PMs will drive a single 210-MWe steam turbine.
Decades of Development
As Tsinghua’s Institute of Nuclear and New Energy Technology has noted, the demonstration project stems from a series of developments that marked a “qualitative leap from laboratory to engineering application.” High-temperature gas-cooled reactor (HTGR) technology has been explored for decades.
China’s research institutions eventually accomplished the construction of the HTR-10 test reactor in the late 1990s. In February 2008, China approved the 200-MWe HTR-PM demonstration plant as part of its slate of National Major Science and Technology Projects.
Thursday, February 3
You & I Made Them All Wealthy
We buy their records - albums, singles, CDs
We buy their memorabelia
We buy their novels - paperback, hardback
AND... how do they pay us back???
They pay us back by providing us with more STUFF to buy from them that makes them richer by taking the money out of our pockets and willingly putting it into their pockets...
DOES that even make sense?
What we receive is FLEETING...
What they receive is LONG LASTING...
PROTEST... Protest... protest...
It Is Your RIGHT...
Rights and Protections Guaranteed in the
Bill of Rights
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Henry David Thoreau's essay Resistance to Civil Government, published posthumously as Civil Disobedience, popularized the term in the US, although the concept itself has been practiced longer before.
Ramblings of a Southerner
I was born in Raleigh, NC and have lived my entire life except for a few years in North Carolina and Tennessee which to me means that I am a Southerner through and through. In addition to being a Southerner, I am a Vietnam Veteran, spending a total of 6 years in the service of our country. My political beliefs are LIBERAL but with conservative underpinnings. Politics to me is a necessary evil like mother-in-laws and the problems that we have in this country in 2022 are the same problems we had in 1962... which to me means that neither the Democrats nor the Republicans have done a damn thing to correct the situation and this lack of action could be interpreted as no politician really wants to do anything about it.
The biggest problem in this country is not politics or racism or education or healthcare or law enforcement but WEALTH...
WEALTH brought about by uncontrollable and/or unregulated greed is destroying this country and all the other problems on which we focus our attention is simple a SMOKE SCREEN.
1.The WEALTHY should not be allowed to shelter their money nor should they be given tax benefits for their charitable gifts... they should bear the burden for their success by paying higher taxes... Their wealth comes from the fact that people have purchased their goods and services and without those purchases they would not be WEALTHY...
In essence, their money used to be OUR money...
My other ramblings are down below:
1. Unless you are Alex Baldwin GUNS DON'T SHOOT THEMSELVES
2. All currently employed cops should retire or leave and seek other employment opportunitiesl 3. Parents should remove their children from public schools and seek out private schools
4. All Americans should spend 3 years of their lives in the military after high school with the understanding that no all will be put in harm's ways based upon religious objections.
5. All education and healthcare SHOULD BE FREE-OF-CHARGE
6. All Americans should be provided with housing
7. There should be term limits for all politicians that have been elected to office whether it is Federal, State, or local and especially in our US Congress in both the House and Senate.
8. All high school students should be taught financial planning and investments and be forced to saved a specific amount of money each month once they start working in preparatrion for their retirement so that the government will eventually not have to pay out any Social Security funds.
9. Our free market enterprise system should move as quick as possible into the area of robotics and artificial intelligence so that they can position this country in a competitive advantage with the rest of the world.
10. WEALTHY AMERICANS should take care of all the rest of the Americans rather than our FEDERAL GOVERNMENT whose main focus should be domestic security, military protection from the rest of the world, negotiating trade deals with other countries, and maintaining our survivability.
11. WEALTHY individuals and companies should be responsible for any and all SPACE EXPLORATION...
Maybe there are others who feel as I do... and, we can start a movement among the people...
Catholic Child Sex Abuse in Spain
Spain has moved a step closer to investigating allegations of child sexual abuse in the Catholic Church.
On Tuesday, the Spanish parliament agreed to examine a proposal for an inquiry, after years without a large-scale probe.
The Spanish Catholic Church has so far refused to set up an independent commission, despite acknowledging more than 200 existing abuse claims over the past twenty years.
A separate 2018 report by El PaÃs has listed 1,246 victims of sexual violence by the Church since the 1930s.
The request for an investigation was made by Podemos -- a coalition partner -- as well as smaller left-wing pro-independence parties.
Meanwhile, Spain's Attorney General's Office has asked the country's 17 senior prosecutors to refer all complaints about sexual abuse in the Church within the next ten days.
The move to centralise all open cases is another unprecedented step towards an official investigation.
Unlike other countries -- such as France, Germany, and Ireland -- Spain has failed to officially examine claims of paedophilia against members of the Catholic Church.
The parliament proposal for an inquiry will soon be voted on -- with a date yet to be set.
"We are going to do it, and we are going to do it well," government spokeswoman Isabel RodrÃguez told a press conference on Tuesday, adding that the executive was looking for "the best possible solution".
North Korea's Counterproductive Actions
UNITED NATIONS – U.N. Secretary-General Antonio Guterres condemns North Korea’s launch of possible an intermediate-range ballistic missile on Sunday and urges Pyongyang “to desist from taking any further counter-productive actions,” a U.N. spokesman said on Tuesday.
“This is a breaking of the DPRK‘s announced moratorium in 2018 on launches of this nature, and a clear violation of Security Council resolutions. It is of great concern that the DPRK has again disregarded any consideration for international flight or maritime safety,” deputy U.N. spokesman Farhan Haq said in a statement.
North Korea’s formal name is the Democratic People’s Republic of Korea.
The office of South Korea’s president, Moon Jae-in, called the projectile an intermediate-range ballistic missile and condemned the test as a violation of United Nations Security Council resolutions. On Monday, North Korea confirmed that the projectile was the Hwasong-12 intermediate-range ballistic missile. Flight data suggested it was the North’s most powerful launch since November 2017, when it tested an intercontinental ballistic missile that flew much higher.
Mr. Moon warned that North Korea could soon end the self-imposed moratorium on long-range ballistic missile and nuclear tests that its leader, Kim Jong-un, announced in 2018. Last week, Mr. Kim suggested that his government might resume such tests. READ MORE...
EU's Green Investment Controversy
Defining nuclear and gas as sustainable has led to calls of greenwashing, threats of legal action from some EU countries and a lot of column inches dedicated to the obscurely titled 'taxonomy' system.
But what is all the fuss about?
On Wednesday, the European Commission is set to sign off on its latest plans for the EU’s taxonomy labelling system, which helps private investors identify which energy investments are sustainable.
The aim is to direct money into sustainable energy sources and help the bloc achieve its ambitious plan of being carbon neutral by 2050.
The current proposal has caused a stir by labelling nuclear and gas as sustainable sources of energy, something that has caused outrage from green activists and organisations.
When the Commission adopts the act, the Parliament and Council will have two months to raise any objections. Failing this, it will enter into force.
A majority of MEPs or 20 out of 27 member states could block the plans, but before that happens the arguments for and against marking the two energy sources as sustainable will have to be laid out.
For many, nuclear represents the perfect opportunity to maximise energy output, while minimising carbon emissions. For others, it symbolises just another environmental problem, with a solution to the disposal of radioactive waste yet to be found.
For French MEP Christophe Grudler, there is no other alternative but to include nuclear energy as a sustainable source.
“If we want to meet the Green Deal goals, we have no choice. We have to include nuclear in the taxonomy,” Grudler told Euronews.
“The question is, do we want to meet the Green Deal goals? If we want to do it, we need decarbonised energy, like nuclear. The Commission said we need around 15% of nuclear in the energy mix in 2050 to meet the goal.”
On nuclear waste, the European lawmaker – who is member of French President Emmanuel Macron’s ‘La République En Marche!’ party – says people are working hard to find an answer to the problem. READ MORE...
Wednesday, February 2
INSULT TO TRUTH... Trudeau says...
Canada's Prime Minister Justin Trudeau has slammed protests in the capital city against Covid-19 vaccine mandates as "an insult to memory and truth".
Protestors are demonstrating for a third consecutive day over a cross-border vaccine mandate for truckers imposed by the Liberal government.
Ottawa police asked the public to avoid the downtown area on Monday, citing "traffic, noise and safety issues".
Some downtown stores, including a shopping mall, will also be closed.
Demonstrators at the so-called Freedom Convoy have been mostly peaceful but the behaviour of some members of the crowd has been strongly criticised.
Police have opened investigations into several reported incidents, including footage of a woman dancing on the Tomb of the Unknown Soldier at the National War Memorial.
Mr Trudeau said: "Freedom of expression, assembly and association are cornerstones of democracy, but Nazi symbolism, racist imagery and desecration of war memorials are not." READ MORE...
Whoopi Goldberg's Comments About The Holocaust
Whoopi Goldberg is facing a backlash after she said on a US talk show that the Holocaust "was not about race".
The actress and television personality said on ABC's The View that the Nazi genocide of the Jews involved "two groups of white people".
Critics pointed out that Hitler himself had vented his hatred of the Jews in racial terms. She later apologised.
The Nazis, who believed themselves an Aryan "master race", murdered six million Jews in the Holocaust.
'I survived two concentration camps'
The families who weren't meant to live
Holocaust row seethes as leaders gather in Israel
Monday's discussion was sparked by a Tennessee school board's ban of a graphic novel about Nazi death camps during World War Two.
Maus, which depicts Jews as mice and Nazis as cats, has won a number of literary awards.
The school board said it banned the book because its profanity, nudity and depiction of suicide was inappropriate for 13-year-olds.
Goldberg, a 66-year-old Oscar-winning actress who has been on The View since 2007, told her co-hosts: "I'm surprised that's what made you uncomfortable, the fact that there was some nudity.
"I mean, it's about the Holocaust, the killing of six million people, but that didn't bother you? READ MORE...
Civil War in Myanmar
Myanmar is seeing increasingly deadly battles between its military and organised groups of armed civilians, new data suggests. Many of those fighting the military are young people who have put their lives on hold since the junta seized power a year ago.
The intensity and extent of the violence - and the co-ordination of the opposition attacks - point to a change in the conflict from an uprising to a civil war.
Violence is now spread across the country, according to data from conflict monitoring group Acled (Armed Conflict Location and Event Data Project). Reports from the ground also suggest the fighting has become increasingly co-ordinated and has reached urban centres which have not previously seen armed resistance to the military.
Although precise death tolls are hard to verify, Acled - which bases its data on local media and other reports - has collated figures to suggest about 12,000 people have been killed in political violence since the military seized power on 1 February 2021. Clashes have grown deadlier month on month since August.
In the coup's immediate aftermath, most civilians died as security forces cracked down on nationwide demonstrations. Now, however, the rising death toll is a result of combat - as civilians have taken up arms - Acled figures show. READ MORE...