Millionaire Population Grows by 200,000 |
| Millionaire Population Grows by 200,000 Posted: 21 Mar 2012 08:18 AM PDT America's millionaire population is still growing – though not by much. The number of millionaires in America grew by 200,000 in 2011, according to a new report from Chicago-based Spectrem Group. That sounds like a lot — especially with so many Americans still losing jobs and homes. But it represents a growth rate of only 2% – much slower than the growth in 2009 and 2010. According to Spectrem, there are now 8.6 million households in the U.S. with a total net worth (minus principle residence) of $1 million or more. The number of households worth $5 million or more and $25 million or more also remained fairly flat, with growth of less than 2%. There are now 1,078,000 households worth $5 million or more and about 107,000 people worth $25 million or more. The number of millionaire-households is still well below the pre-crisis high, when there were 9.2 million worth $1 million or more. (Spectrem uses surveys of more than 2,500 families for its report). George Walper, president of Spectrem Group, said the results show that weak financial markets and the slow recovery in real-estate (especially investment real-estate for the wealthy) held back growth. "We're still not back to pre-crisis levels," he said. He added that while the optimism of millionaires is increasing, "these folks are still worried." The report also broke down today's millionaires by occupation and former occupation if retired. Managers make up the largest group, with 17%, followed by educators (12%), corporate executives (7%), entrepreneur/business owners (6%) and attorneys and accounts. The $5 million-plus crowd, is dominated by senior corporate executives (17%) and entrepreneurs/owners (12%). Unfortunately, the categories don't include former private-equity chiefs. Do you think America's millionaire count will return to all-time highs this year?
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| The ‘Thrifty’ Billionaire Heiress Posted: 20 Mar 2012 11:57 AM PDT If wealth is relative, so is thrift.
Tamara Ecclestone, the serial handbag-buyer and heiress to part of the multibillion-dollar Formula 1 fortune, said in an interview with the The Mail on Sunday that she has always been a penny pincher. “I am a bit obsessive about it,” she said. “I turn the heating off at night and I turn the tap off when I’m brushing my teeth. Before mobile phones I used to call my parents from a phone box and reverse the charges. And I like to book airline tickets as far as possible in advance because it’s cheaper.” She said she got 20% off on her last car. “I love to get a deal. Who doesn’t love a bargain?” Of all the great PR lines by the wealthy, the “thrift” defense may be the most common. David Siegel, who built the largest new home in America, says he's “frugal.” So does Mike Bloomberg, who has just two pairs of work shoes, and buys small cups of coffee, which surely outweigh the private jet and two townhouses on the billionaire “thrift balance sheet.” Yet just with the others, Ms. Ecclestone's thrift defense stands in stark contrast to her real life. We know this, because of a recent documentary, which shows her parading around in her mansion, flying around in her jet, buying a million-dollar bathtub (made from Mexican crystal) and taking her five dogs to the doggie spa at Harrods. During one scene, she commissions an elevator to be built in her home for one of her Ferraris. Her collection of Hermes handbags is worth an estimated £500,000. (Tamara is not to be confused with her sister, Petra, who recently bought the $100 million mansion in California.) Her spending even came under attack by a member of the Australian parliament, who criticized taxpayer funding of the Melbourne F1 race – and thus, the Ecclestone family fortune. The parliament member said in the documentary that Ms. Ecclestone “sets out to prove that she isn’t a ‘pointless, quite spoilt, really stupid, vacuous empty human being’. Her attempt is not entirely successful.” Ecclestone's dad, Formula 1 boss Bernie Ecclestone shot back: “Any money that my children have got, they didn’t steal,” he said. “I’d like him to say what he said to me face-to-face. He is a person of little if any consequence and we shouldn't be bothered by him.”
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