Tuesday, March 28, 2006

Creating Millionaires:

Democrats like to argue that under Republicans only the rich get richer. However a new study by TNS Financial Services reported in the New York Times, has found that “for the third consecutive year, the number of households with more than one million dollars in net worth has risen”. The survey found that the number of millionaires in the U.S. increased to a record 8.9 million in 2005 or 8% from 2004. This follows a 33% increase in 2004 and a 13% increase in 2003.

What makes the study even more impressive is that the numbers excluded primary residence. That means that the record 8.9 million people only include liquid assets. Though the study doesn’t give a number, we could only imagine based on the latest housing boom how many millionaires there are when you include residences.

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