Author Topic: NYT Article - The Millionaires are Fleeing  (Read 3222 times)

dude

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NYT Article - The Millionaires are Fleeing
« on: June 04, 2018, 10:04:12 AM »
Interesting article. Surprised to read that there's only an estimated 15 million millionaires in the world (with 5 million of them being in the U.S. alone), given the number of them I've seen in this forum. In a world of 7.6 billion people, that's some seriously rare company.

https://www.nytimes.com/2018/06/02/opinion/sunday/millionaires-fleeing-migration.html?action=click&pgtype=Homepage&region=CColumn&module=MostViewed&version=Full&src=mv&WT.nav=MostViewed


ChpBstrd

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Re: NYT Article - The Millionaires are Fleeing
« Reply #1 on: June 04, 2018, 02:46:47 PM »
Quality of governance, low corruption, and respect for human rights seem to be present in the places people move their money to, and absent from the places they flee. Havens like Australia could grow wealthy just by having better governance than other places. If only American voters understood so much of their prosperity is tied to the past quality of their governance systems, they might understand how recent political developments have undermined the economy.

DreamFIRE

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Re: NYT Article - The Millionaires are Fleeing
« Reply #2 on: June 04, 2018, 04:06:31 PM »
The economy is humming along pretty well, actually, and helped to make me one of them.

Bucksandreds

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Re: NYT Article - The Millionaires are Fleeing
« Reply #3 on: June 04, 2018, 05:22:54 PM »
The economy is humming along pretty well, actually, and helped to make me one of them.
Obviously, the above poster was speaking of the long term potential lack of faith in U.S. institutions which may occur due to undebatable/intentional undermining by the POTUS. No one thinks your immediate situation is at risk.

DreamFIRE

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Re: NYT Article - The Millionaires are Fleeing
« Reply #4 on: June 04, 2018, 05:30:00 PM »
The economy is humming along pretty well, actually, and helped to make me one of them.
Obviously, the above poster was speaking of the long term potential lack of faith in U.S. institutions which may occur due to undebatable/intentional undermining by the POTUS. No one thinks your immediate situation is at risk.

He actually said, "undermined," past tense.  Anyway, I'm not worried about it.  Everything is fine.  Don't worry yourself sick about it.
« Last Edit: June 04, 2018, 05:32:28 PM by DreamFIRE »

DocMcStuffins

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Re: NYT Article - The Millionaires are Fleeing
« Reply #5 on: June 04, 2018, 06:13:51 PM »
From the people I know who have come from a foreign country and have moved to the USA (my reference due to this being my homeland) they moved due  to:

1. Asset safety
2. Taxes
3. Family

Can the government or corruption can my assets: Move
Is the government taking too much of my revenue: Move
Can I give my family (children) a better life: Move

This are all self made millionaires.

Most fall into those. It has very little to do with who is the president / prime minister at that moment.

inline five

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Re: NYT Article - The Millionaires are Fleeing
« Reply #6 on: June 04, 2018, 06:56:54 PM »
Roughly 10% of all US households have seven figure net worth (more than ten million households here alone). Not sure where the author got their data from.

India has a huge black market where hardly anyone pays taxes, the government is trying to change that. Just look at many businesses owned by immigrants here in the US, many are "cash" or even "cash only"...hmmmm..
« Last Edit: June 04, 2018, 07:00:23 PM by inline five »

undercover

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Re: NYT Article - The Millionaires are Fleeing
« Reply #7 on: June 04, 2018, 07:23:36 PM »
There's 15M millionaires in the USA alone so roughly 1/20 people are millionaires. That sounds about right when you consider most millionaires are only millionaires because they're married.

maizefolk

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Re: NYT Article - The Millionaires are Fleeing
« Reply #8 on: June 04, 2018, 07:32:00 PM »
15M millionares in the USA would be consistent with the number Credit Suisse publishes (14.2M US based millionaires in 2014). Using the same metric, they estimate ~35 millionaires total around the world.

Other estimates from places like Capgemini and Boston consulting come up with about 15 million worldwide, and about 5 million in the USA.

The biggest difference seems to be whether you're looking at $1M in investable assets or $1M in total net worth (which would include things like home equity in your primary residence). Credit Suisse used the latter definition, the other two estimates used the former.

My guess is that the nytimes article is also using the $1M in investable assets definition since they're also getting ~15M worldwide millionaires.

dude

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Re: NYT Article - The Millionaires are Fleeing
« Reply #9 on: June 05, 2018, 11:53:08 AM »
15M millionares in the USA would be consistent with the number Credit Suisse publishes (14.2M US based millionaires in 2014). Using the same metric, they estimate ~35 millionaires total around the world.

Other estimates from places like Capgemini and Boston consulting come up with about 15 million worldwide, and about 5 million in the USA.

The biggest difference seems to be whether you're looking at $1M in investable assets or $1M in total net worth (which would include things like home equity in your primary residence). Credit Suisse used the latter definition, the other two estimates used the former.

My guess is that the nytimes article is also using the $1M in investable assets definition since they're also getting ~15M worldwide millionaires.

The article references "net assets," which I took to mean net worth.

These guys (as of yesterday!) estimate just shy of 15 million in the U.S., based on household net worth.

https://dqydj.com/how-many-millionaires-decamillionaires-america/