Patters

http://go.reuters.com/newsArticle.jh...s/domesticNews

NEW YORK (Reuters) - The number of U.S. households boasting a net worth of at least $5 million swelled to an all-time high in 2005, according a report released Wednesday by consulting firm Spectrem Group.

The report, "Affluent Market Insights 2006," is based on data gathered through mail and surveys of 1,014 respondents from September 2005 to November 2005.

Spectrem, which specializes in the affluent and retirement markets, said a record 8.3 million U.S. households are worth at least $1 million, excluding the value of a primary residence.

This is the second-consecutive year of record growth in the category, topping the 2004 mark of 7.5 million households.

The Ultra High Net Worth category, which is comprised of households worth at least $5 million, not including the value of a main residence, surged 26 percent in 2005 to 930,000.

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Walking around west Cambridge last weekend, I noticed most of the homes that were having renovations done were the very expensive ones, ones that cost in excess of $3 million. And I saw many homes like that which were having landscaping, restoration, underground parking, or other enhancements done. I went to an open house (just for the heck of it) in the "best" area, where a 3/4 acre lot with a modern house that needs to be torn down is being sold for $5.5 million. The wealthy are doing very well, while the number of middle class homes (condos mostly) with renovation trucks parked outside seems to have diminished a lot. I think the Democratic claim that Bush's tax plan aid the rich at the expense of middle class is true, and I think it's unfair.

Those of you who oppose the progressive income tax I think are being taken for a ride. The rich have you blaming the poor or the "government" for your economic problems, yet as the article implies the rich aren't doing anything different, but they're getting disproportionately wealthy. That's not fair. They have many more built-in advantages. The richer you are the more stuff you get.

Chevy

Couple becomes rich .... Couple builds equity in their home ... Couple pays trade/craftsmen to perform the work ... Couple pays for materials ...

Couple uses the money ... And this is bad?

It is not a crime to be rich or successful ... It's a goal we all should be working towards.

Patters

It's not a crime to be rich and successful, and it is something that's worth working towards. But, the system should do what it can to give people of all income brackets equal opportunities. When you reach a certain level of wealth, you literally do not have to do anything to get richer. I'm not against that, but I think there comes a point where the very wealthy can contribute more towards health care, education, keeping our neighborhoods safe, etc. The wealthy do a fine job taking care of themselves, and the middle class should try to do the same. The rich will take care of themselves even if the middle class demand they pay a larger share.

Chevy

The wealthy contribute by paying property, consumption, and income taxes.

Also, the system is geared towards the principle of effort sometimes equals reward. There are no guarantees.

PatsWickedPissah

Patters means...
From each acording to their means.
To each according to their needs.

BelichickFan

Good to see that Patters' jealousy is alive and well.

DarrylS

Couple gets wealthy off of real estate and stock market, new president comes in and protects their wealth by establishing tax breaks for them and their family...they use savings to invest in Haliburton and everyone lives happily ever after in their multi million dollar house.

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"Being the best doesn't mean you always win. It just means you win more than anyone else".. tweet from Kurt Warner to Tom Brady.

FreeTedWilliams

Where to start...

OK first off inflation, more millionaires, because things cost more, people get paid more.

Housing prices, everyones house is worth more, they keep going up, because as they say in the real estate business, God isn't making any more of it.

Couples, absolutely, hell if I didn't have a wife, I would have blown half my cash in Vegas, fast cars, and cheap women. SO yes, you do make more when you are married, because two (or more) can live basically for the same price as a single person.

This is great news! More Americans are getting rich, I can't see how anyone thinks this is bad? Did they committ some crime doing this? of course not, they simple worked hard, some had some good luck. It is not a crime to be sucessful!!

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wistahpatsfan

No arguement here. I like money, but I don't think I love it enough to get there.

All_Around_Brown

couple moves their business offshore...evading taxes.

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