500,000 millionaires - are no more

[jimnyc]

That's insane, that's a LOT of millionaires to no longer be millionaires!!

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America’s Millionaire Ranks Shrink by 500,000 in Record Time

(Bloomberg) -- At the close of 2019, there were an unprecedented 11 million American millionaires, a reflection of the longest bull market in history thanks to ultra-low interest rates and tax cuts.

Fast forward just a few months and it’s a starkly different picture. The number of households in the U.S. above that threshold has dropped by at least 500,000 as of Friday, according to research firm Spectrem Group.

The tandem financial and health crises wrought by Covid-19 have disproportionately eroded the fortunes of the wealthy, who are more likely to own equities than the overall population. At the end of 2019, the top 1% of households owned 53.5% of equities and mutual fund shares, according to Federal Reserve statistics.

The losses affected the rich at every level, from the mass affluent to those worth more than $25 million, according to the report. The wealth destruction at the very top has been especially steep.

Rest - https://www.msn.com/en-us/finance/markets/america-e2-80-99s-millionaire-ranks-shrink-by-500000-in-record-time/ar-BB11DrqN

[Kathianne]

That's insane, that's a LOT of millionaires to no longer be millionaires!!

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America’s Millionaire Ranks Shrink by 500,000 in Record Time

(Bloomberg) -- At the close of 2019, there were an unprecedented 11 million American millionaires, a reflection of the longest bull market in history thanks to ultra-low interest rates and tax cuts.

Fast forward just a few months and it’s a starkly different picture. The number of households in the U.S. above that threshold has dropped by at least 500,000 as of Friday, according to research firm Spectrem Group.

The tandem financial and health crises wrought by Covid-19 have disproportionately eroded the fortunes of the wealthy, who are more likely to own equities than the overall population. At the end of 2019, the top 1% of households owned 53.5% of equities and mutual fund shares, according to Federal Reserve statistics.

The losses affected the rich at every level, from the mass affluent to those worth more than $25 million, according to the report. The wealth destruction at the very top has been especially steep.

Rest - https://www.msn.com/en-us/finance/markets/america-e2-80-99s-millionaire-ranks-shrink-by-500000-in-record-time/ar-BB11DrqN
I hope the ex is one of them! Yeah, I can be mean. 🥴

[Gunny]

That's insane, that's a LOT of millionaires to no longer be millionaires!!

--

America’s Millionaire Ranks Shrink by 500,000 in Record Time

(Bloomberg) -- At the close of 2019, there were an unprecedented 11 million American millionaires, a reflection of the longest bull market in history thanks to ultra-low interest rates and tax cuts.

Fast forward just a few months and it’s a starkly different picture. The number of households in the U.S. above that threshold has dropped by at least 500,000 as of Friday, according to research firm Spectrem Group.

The tandem financial and health crises wrought by Covid-19 have disproportionately eroded the fortunes of the wealthy, who are more likely to own equities than the overall population. At the end of 2019, the top 1% of households owned 53.5% of equities and mutual fund shares, according to Federal Reserve statistics.

The losses affected the rich at every level, from the mass affluent to those worth more than $25 million, according to the report. The wealth destruction at the very top has been especially steep.

Rest - https://www.msn.com/en-us/finance/markets/america-e2-80-99s-millionaire-ranks-shrink-by-500000-in-record-time/ar-BB11DrqNExactly what I thought when I saw this. That's a lot of millionaires AND millions.

[FakeNewsSux]

Sadly, I'm sure the vast majority of the 500,000 were middle class folks that spent a lifetime stoking their 401K's and IRA's to hit the $1 Million mark just as the retired only to see it flushed down the toilet as the government shut the economy down to deal with the current crises. But I'm also sure that according to the folks that weren't affected as severely, it was a small price to pay.

[SassyLady]

If they just breathe and stay calm for a few months they will be millionaires again.

[High_Plains_Drifter]

Should have bought gold instead of gambling on the stock market.

[Kathianne]

If they just breathe and stay calm for a few months they will be millionaires again.
yep, unfortunately the ex will ride it out. :laugh: