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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133 Comments

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dopey.obamite

Not a bad day.....more people are becoming millionaires, and House Majority Leader Eric Cantor got his a$$ handed to him in his primary by conservative Dave Brat.

June 10 2014 at 9:51 PM Report abuse -1 rate up rate down Reply
1 reply to dopey.obamite's comment
teaparty2implode

Dopey repukemite gets to drink more tea from the tea party which is spiked with nuts and froot loops like him.

June 11 2014 at 4:11 AM Report abuse +1 rate up rate down Reply
1 reply to teaparty2implode's comment
dopey.obamite

Your chin is spiked with nuts

June 11 2014 at 8:20 AM Report abuse rate up rate down
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
d.barack

Well this is boring, have fun with Darren and his welfare rat friends, I'm going to the beach.

June 10 2014 at 3:04 PM Report abuse -2 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
1 reply to abudotcom's comment
teabuster2

Class warfare is long over due.

June 10 2014 at 3:01 PM Report abuse -2 rate up rate down Reply
2 replies to teabuster2's comment
d.barack

Says Darren the welfare rat.

June 10 2014 at 3:02 PM Report abuse rate up rate down
dopey.obamite

Don't look now, but you're sounding like the writings of marx and engels.

June 10 2014 at 4:22 PM Report abuse -1 rate up rate down