Money Minute: U.S. Again Tops List With Most Millionaires

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I'm not sure if you'll find this to be encouraging, or if it makes you angry. Here goes: the rich got a lot richer last year.

Boston Consulting says the number of households worldwide that now qualify as millionaires rose by 19 percent last year. That brings the total to 16.3 million millionaires, meaning more than 1 of every 100 households has assets topping a million dollars. The U.S. continues to top the list, but China is the fastest growing home to new millionaires.

On the other end of the income scale, a strong majority of Americans now favor raising the minimum wage. A CNNMoney survey found 71 percent support a boost from the current federal minimum of $7.25 an hour.

A separate survey, this one from Wells Fargo (WFC), finds millennials are really struggling. About 50 percent of the 18- to 34-year-olds in the country are allocating half of their income to pay down debt. Credit cards account for the biggest chunk of their debt.

America's three automakers are joining art lovers in trying to save Detroit's extensive art collection from being sold. They've pledged a total of $26 million to save the Detroit Institute of Arts collection. That brings the total raised so far to $70 million, still about $30 million short of the goal. And even if the money is raised, the city's creditors could oppose the deal in bankruptcy court.

Here on Wall Street, the Dow Jones industrial average (^DJI) and the Standard & Poor's 500 index (^GPSC) edged to record highs again on Monday. The Dow gained 18 points, the S&P 500 added nearly 2 points, and the Nasdaq composite (^IXIC) gained 14.

Finally, GoDaddy is ready to go public. The Internet domain registration firm has filed for an initial public offering. The company made a name for itself with TV ads during recent Super Bowls featuring scantily clad women. But those ads may not be as revealing as its balance sheet. The company has lost nearly $400 million over the past two years.

-Produced by Drew Trachtenberg.


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joper201

In the last 5 years the 1% has seen a 31% increase in their income. COULD THAT BE THE REASON FOR SO MANY NEW MILLIONAIRES????

In the same time period the Middle Class saw a $2500.00 decrease in annual income AND many of the Middle Class sunk into poverty.

NAME ONE POLICY of obama's which has effected the income of the ONE % OTHER TTHAN TO ENRICH THEM.

NAME ONE POLICY of Obama's which has created JOBS or helped the poor and Middle Class.

There have been 11 previous "inherited recessions".

ALL ELEVEN were well on the way to recovery by the end of the second year of the new Administration.

WHY is obama 4 YEARS LATE with absolutely no end in sight??

Could it be that obama is doing the POLAR OPPOSITE of what EVERY President, both democrat AND REPUBLICAN, DID TO CURE THEIR "INHERITED RECESSION"?

June 10 2014 at 4:25 PM Report abuse +1 rate up rate down Reply
Iselin007

It was sad hearing about how hard it was for her because they were broke, yet she could of went to one of those rent to own stores.

June 10 2014 at 4:09 PM Report abuse +1 rate up rate down Reply
Iselin007

The nerve of someone to rate my post down because I posted negatively about the crooks. It's a wonder that there is any one with any integrity left that hasn't got their sticky fingers in the cookie jar.

June 10 2014 at 4:04 PM Report abuse rate up rate down Reply
Iselin007

If somebody won a million or more in a lawsuit as compensation, they should not be confused with some dishonest jerk that hooked and crooked their fortune.

June 10 2014 at 3:33 PM Report abuse rate up rate down Reply
mcnic95

nice ... the rich got richer and the middle class choked.

A "special thanks" to all our elected officials.

June 10 2014 at 3:25 PM Report abuse rate up rate down Reply
1 reply to mcnic95's comment
ybob555

But under who's administration has this happened? I don't think this is the the Bush, Clinton, Nixon Or Kennedy administration anymore. It's the OBAMA administration.
The Democrats hold the power of the Presidency & the Senate which is 2/3's of the government, so tell me how the Republicans ( who you equate with the rich) are running things?

June 10 2014 at 3:50 PM Report abuse rate up rate down Reply
Dan Buckles

These are paper millions holding inflated assets propped up by fiat currency.

June 10 2014 at 3:24 PM Report abuse -1 rate up rate down Reply
Dan Buckles

Fraud and debt are our leading economic indicators............of or future.

June 10 2014 at 3:22 PM Report abuse -1 rate up rate down Reply
abudotcom

Its time to redistribute the wealth….

June 10 2014 at 2:45 PM Report abuse rate up rate down Reply
spohncspohn

if you want to judge yourself by how much money you have remember this 1st your family will be torn apart fighting over it with or without a will. 2nd you cant take it with you and if you do well its just buried.3rd what is the lesson you teach the ones you give the money to? eventually the poor are going to get sick and tired of carrying the U.S.A.. then all the money in the world wont help you because it wont be worth the paper it is printed on. headed that way now. i own my own company and i do ok, but im no millionaire. probably because i give my money to those that need it. so i may never be a millionaire on the books. im glad a bunch of people enjoy what we do. remember money dont make the man.

June 10 2014 at 2:27 PM Report abuse -2 rate up rate down Reply
crimeslawyer

We have winners and losers. The libs want everyone to be a loser.

June 10 2014 at 2:06 PM Report abuse +2 rate up rate down Reply
1 reply to crimeslawyer's comment
teaparty2implode

What a bunch of BS. Yeah,....and conservatives wants everyone to be a nut case.

June 10 2014 at 2:13 PM Report abuse -1 rate up rate down Reply
1 reply to teaparty2implode's comment
teaparty2implode

Yes ,.the tea party is full of nut cases.

June 10 2014 at 2:30 PM Report abuse rate up rate down