12% of US Millionaires Are Educators
Those poor, deprived teachers now make up
12% of US millionaires.
And, here we thought
it was the evil bankers and greedy doctors who were making all the money?
The Wall Street Journal Blog reported:
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 principal
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).
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
Obviously, teaching is
not just 'for the kids' anymore.
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