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So You Want To Be A Millionaire? This Is How Long You Have To Wait

Tyler Durden's picture




 

The chart below, from the Economist, takes a look at how long it would take an individual from any given country to become a millionaire based on "how much the main breadwinner in an average household makes each year (before tax)." No major surprises here: the fastest spawning place for a budding millionaire, a term that has long ago lost its one-time cachet thanks to the world's central banks who have pumped some $14 trillion into the market, is the US, while those hoping to hit the vaunted seven figures in Bulgaria, Mexico and Romania would need to wait about 2-3 average lifetimes before they hit their monetary goal.

 

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Tue, 02/12/2013 - 09:55 | 3236315 N. B. Forrest
N. B. Forrest's picture

Where are Hong Kong and Singapore?

Tue, 02/12/2013 - 09:57 | 3236325 Wile-E-Coyote
Wile-E-Coyote's picture

They were destroyed by the Asian nuclear war. Sunk without trace.

Tue, 02/12/2013 - 10:08 | 3236365 847328_3527
847328_3527's picture

I thought I was wealthy until I went to the grocery store.

Tue, 02/12/2013 - 10:22 | 3236419 gaoptimize
gaoptimize's picture

I'm investing time and in equipment to cut those trips in half by the end of summer.

Tue, 02/12/2013 - 10:34 | 3236459 FEDbuster
FEDbuster's picture

I am already a Zimbabwe multi-trillionaire, my kids will be US multi-trillionaires someday, too.  Trust in the Bernak to  make us all millionaires.

Tue, 02/12/2013 - 11:08 | 3236566 Jaspergers
Jaspergers's picture

Where's Greece?

Tue, 02/12/2013 - 11:52 | 3236716 fourchan
fourchan's picture

where is the x axis?

Tue, 02/12/2013 - 17:49 | 3237926 negative rates
negative rates's picture

I like today's odds on the chart. If you were inthe military in the 1950's and were asked about millionares you chucked as if you really didn't want to be one. And then the old man came home during hurricane gloria in 1985 and said we, (the US), had just crossed the theshold of having one million, millionares.

Tue, 02/12/2013 - 10:22 | 3236421 Beam Me Up Scotty
Beam Me Up Scotty's picture

""how much the main breadwinner in an average household makes each year (before tax).""

"Before tax" is the keyword.  How long does it take "after tax".  Its like Amazon.  Lots of top line revenue, but they can't bring anything to the bottom line.  All your earnings belong to the government.

Tue, 02/12/2013 - 10:29 | 3236446 Urban Redneck
Urban Redneck's picture

0% tax, 0% cost of living, perhaps the Economist has cut a few too many from their payrolls

Even before taxes, if the median household income is $50,000 and the minimum cost of family health insurance is $20,000 then it would take several lifetimes to become a millionaire in the US, even before Ben and his banking brethren manage to turn mere millionaires into paupers within the span of few years...

Tue, 02/12/2013 - 11:39 | 3236672 CH1
CH1's picture

"Before tax" is the keyword.

Yes, and before regulatory burdens, lawsuits, and so on. 

This is all BS. In lots of those countries, you can make a few small donations and do as you wish. In the EU, US, UK you are ownded.

Tue, 02/12/2013 - 17:34 | 3237853 Dr. Richard Head
Dr. Richard Head's picture

All your larbors are belong to us - Central Banksters

Tue, 02/12/2013 - 10:25 | 3236430 chubbar
chubbar's picture

OT, here is what is being presented to the Supreme Court in 4 days.

"As reported here Dr. Orly Taitz filed a petition with the Supreme Court of the United States for the Obama eligibility case Noonan v Bowen. It was submitted to Chief Justice John Roberts on December 26th, 2012, and on January 9th, 2013, the petition was referred to the full court and distributed for conference scheduled for February 15, 2013. Below is the supplemental brief just filed:

EXCERPTS FROM FILED BRIEF: SUPPLEMENTAL BRIEF OF NEWLY DISCOVERED EVIDENCE

Case at hand is scheduled to be heard on February 16, 2013 (15th) in a conference of all the justices of the Supreme Court of the United States.

This case came from the Supreme Court of California and was brought by Presidential Candidates: Edward Noonan, Thomas Gregory MacLeran and Keith Judd against the Secretary of the State of California, seeking to stay the certification of the votes for the candidate for the U.S. President Barack Obama due to the fact that the aforementioned candidate committed fraud when he provided his declaration of the candidate and when the Democratic party submitted the certificate of the nomination due to the fact that Barack Obama is not eligible for the position, as he is not a Natural born U.S. citizen, as required by the U.S. Constitution Article 2, section 1, §5. The declaration of the candidate and the certification of the nomination were based on fraud, on Obama’s use of forged IDs, , stolen Connecticut social Security number 042-68-4425, use of a name that was not legally his use of Indonesian citizenship and based on aiding and abetting by corrupt governmental officials. most notable example of criminal aiding and abetting was signing by the chair of the Democratic Party of Hawaii Brian Schatz a falsified OCON (official certificate of nomination of a candidate) where the usual wording “eligible according to the provisions of the U.S. constitution” were removed in order to accommodate ineligible Obama.

Plaintiffs provided the Supreme Court of California and the Supreme Court of the United States with over 100 pages of official records, sworn affidavits of senior law enforcement officials and experts showing that Barack Obama is:

1. A citizen of Indonesia, as listed in his school registration #203 from Assisi school in Jakarta Indonesia. As a citizen of Indonesia Obama was never eligible and never legitimate for the U.S. Presidency.

2. Obama is using last name not legally his. Plaintiffs provided this court with the passport records of Stanley Ann Dunham, deceased mother of Barack Obama, showing that he is listed under the last name Soebarkah in her passport. He was removed from her passport in August of 1969 pursuant to the request and sworn statement of Ms. Dunham and signed by the U.S. consul in Jakarta Indonesia. As the requirement for removal as listed in the passport, is obtaining a foreign allegiance, it is believed that Barack Obama Soebarkah was removed from his mother’s passport when he obtained his Indonesian passport. Barack Obama cannot not serve as a U.S. president as the legal entity Barack Obama does not exist. The only legal entity based on the only verifiable record is Barack Obama Soebarkah.

3. Obama does not have a valid U. S birth certificate. Plaintiff provided affidavits from Sheriff of Maricopa County Arizona Joseph Arpaio, Investigator Zullo, experts Felicito Papa, Douglas Vogt, Paul Irey, showing that the image posted by Obama on Whitehouse.gov is a computer generated forgery. When there is a question of authenticity of a document, the only way to authenticate, is to conduct expert evaluation of the original document. Registrar of the State of Hawaii and Director of Health and Deputy Attorney General of Hawaii in charge of the Health Department were obstructing justice and absolutely refused to comply with any subpoenas and produce the original 1961 birth certificate and as such there was never any authentication of the alleged birth certificate. After 4 years of obstruction of Justice, it is clear that the Hawaiian officials have nothing to show and genuine 1961 birth certificate for Barack Obama simply does not exist.

Obama does not have a valid Selective Service certificate. Based on the affidavit of Sheriff Arpaio and investigator Zullo, alleged copy of Obama’s Selective Service Certificate, is COMPUTER GENERATED FORGERY. In this supplemental brief Plaintiffs are providing additional evidence, a sworn affidavit from the Chief investigator of the Special investigations unit of the US Coast Guard (ret) and former special agent of the DHS Jeffrey Stephan Coffman who attested under the penalty of perjury that Obama’s alleged selective service registration is a forgery.

Plaintiffs submitted with their TRO and complaint the Affidavits of Sheriff Arpaio and investigator Zullo and as a supplement an affidavit of the Chief Investigator of the special investigations of the US Coast Guard Jeffrey Stephan Coffman. Based on those affidavits Obama’s alleged application for the selective service is a forgery. According to 5 USC § 3328.every man born after 1959 has to register with the Selective Service and cannot work in the executive branch if he did not register with the selective service. [...]

#4 IN CONCLUSION:

4. Justices Kagan and Sotomayor should recuse themselves from this consideration due to the fact that they are appointees of Barack Obama and if the court rules that he was not eligible for office, their very nomination becomes questionable, as such their opinion might be biased. [...]

Tue, 02/12/2013 - 11:20 | 3236601 machineh
machineh's picture

'he is listed under the last name Soebarkah'

We've been calling him 'Barry Soetoro' all these years. Now it turns out his real name is 'Soebarkah'??

Shit, I give up ... too much dodging and weaving.

Tue, 02/12/2013 - 11:35 | 3236654 Ignatius
Ignatius's picture

Wouldn't it be great if this actually solved anything?

Theatre.

I hate Obummer for countless reasons that have nothing to do with his origin.  He's a calculating, cynical power monger like most all the rest.

Tue, 02/12/2013 - 11:41 | 3236680 MachoMan
MachoMan's picture

Based upon the scribd link, the Orly guy really isn't fit to write briefs in front of the SCOTUS...  it's pure theater...  total nonsense.  While I believe that everyone should adopt his or her own writing style, it must also be tailored for the venue and audience, especially when attempting to be persuasive.  The document is disorganized, with virtually no legal foundation or citation, and makes conclusory remarks in a rant like fashion....  I wouldn't expect a good result from this style of writing...  as a general observation, the phrase "pick your battles" comes to mind... 

Tue, 02/12/2013 - 12:24 | 3236831 Hongcha
Hongcha's picture

A down arrow for the birth cert tedium and I am surprised this cut & paste diatribe still gets a favorable review.  We are way, way past this.

Tue, 02/12/2013 - 17:37 | 3237860 PhysicalRealm
PhysicalRealm's picture

Please excuse the OT post, but wanted to make sure everyone saw this:

Fake Silver Eagles Surface Amid Rising Precious Metals Values
http://www.thedailysheeple.com/buyer-beware-fake-silver-eagles-surface-amid-rising-precious-metals-values_022013

Tue, 02/12/2013 - 09:58 | 3236328 icanhasbailout
icanhasbailout's picture

Southeast Asia

Tue, 02/12/2013 - 10:00 | 3236334 zorba THE GREEK
zorba THE GREEK's picture

My cousin became a millionaire after day trading for only 2 weeks.

When he started, he was a billionaire.

Tue, 02/12/2013 - 11:22 | 3236611 machineh
machineh's picture

Why doesn't he just make $82 an hour on the internet like my mom does?

Tue, 02/12/2013 - 12:08 | 3236777 Sudden Debt
Sudden Debt's picture

All I did was give my bank account info to the former President of ZaKaZulluLand in return for 500 million bucks!

Tue, 02/12/2013 - 14:35 | 3237278 Half_A_Billion_...
Half_A_Billion_Hollow_Points's picture

Bernanke makes $120,000,000.00 on the Internet. Per hour.

Tue, 02/12/2013 - 11:39 | 3236668 Ignatius
Ignatius's picture

A farmer wins a million dollars and is asked "what you gonna do now?"

"Oh, I'll farm it till it's gone."

 

Tue, 02/12/2013 - 17:53 | 3237943 thisandthat
thisandthat's picture

A comment here: "The only way to make a small fortune from investing (as non bank employed person) is to start with a large fortune."

Tue, 02/12/2013 - 10:12 | 3236350 Al Gorerhythm
Al Gorerhythm's picture

Southern China and Southern Malaysia, respectively.

Just playin'.

Tue, 02/12/2013 - 10:12 | 3236385 AGuy
AGuy's picture

Also missing Zimbabwe. it took just fractions of a second for even the very poor to become millionaires. The way Congress is running up the debt, within a decade or less all  americans will become multi billionaires, if not trillionaires. Forward!

 

 

Tue, 02/12/2013 - 10:25 | 3236415 Al Gorerhythm
Al Gorerhythm's picture

Only the priveleged few benefit from counterfeiting, the dopey savers who expect that their money will be held safely for them in a savings bank being the mark. Fractional reserve banking is embezzlement of the currency saver's property rights, using counterfeited (unearned) currency as a means of buying goods at today's prices with money created from thin air. They are legally protected where if you or I do it we are looking at jail time. How can there morally be two judical outcomes for perpetrating the same crime?

Tue, 02/12/2013 - 10:53 | 3236502 tango
tango's picture

The worst aspect of the non-saving attitude is not the lack of capital (although capitalism requires capital).  It is the mindset that rises - the loss of balance, discipline, and order, the decline of long-term planning, the instant emergency mentality we have today when the vast majority have less than a month of savings and must immediately seek governmental help.  Worse, this rotting core is infection out kids who think they no longer have to save because, you know, nobody they know socks away anything.  

Tue, 02/12/2013 - 11:24 | 3236590 Al Gorerhythm
Al Gorerhythm's picture

Morality sets standards and requires no written law, unless the natural code of civilized interaction (trust) is broken. The moral decay (lack of trust) grows particulary when those holding positions of trust in government, sanction moral infringments by powerful bankers.

Property (purchasing power) stolen by fraudlently created tokens of trust (money) when established as a norm through government legislation, can only propel a populace down the same path. To fight it is illegal. To copy their deeds is illegal. Little wonder that immorality from the "kings" of society induces the same moral decay in the provincial quarter.

Tue, 02/12/2013 - 10:10 | 3236377 Oldrepublic
Oldrepublic's picture

The Southeast Asian city-state has retained the honor of having the highest percentage of millionaires in the world, according to a new report from the Boston Consulting Group. Singapore had 188,000 millionaire households in 2011 – or slightly more than 17% of its resident households. Effectively, that equates to more than one in every six Singapore households having disposable private wealth of over US$1 million, excluding property, businesses and luxury goods. If those were included, it would likely push the number of millionaire households even higher, since property in Singapore is among the world’s most expensive.

http://blogs.wsj.com/searealtime/2012/06/01/singapore-no-1-for-millionai...

Tue, 02/12/2013 - 10:14 | 3236397 zorba THE GREEK
zorba THE GREEK's picture

Wouldn't it be ironic if S&P downgraded U.S. debt again, since the government is going after them.

The best defense is a good offense.

Tue, 02/12/2013 - 10:16 | 3236402 Freewheelin Franklin
Freewheelin Franklin's picture

Where are Hong Kong and Singapore?

 

That was my first thought.

 

 

Tue, 02/12/2013 - 11:08 | 3236568 Hobbleknee
Hobbleknee's picture

What is the point in using pre-tax numbers?!?!?!?!?!?!

Denmark has one of the highest tax rates in the world.  Forget about becoming a millionaire there.

Tue, 02/12/2013 - 14:30 | 3237241 Svendblaaskaeg
Svendblaaskaeg's picture

"Denmark has one of the highest tax rates in the world"

..but..but we have highest prices in EU!

Tue, 02/12/2013 - 17:40 | 3237875 Hobbleknee
Hobbleknee's picture

And "free" health care only costs them 80% of their income.

Tue, 02/12/2013 - 09:57 | 3236318 Wile-E-Coyote
Wile-E-Coyote's picture

And by that time all it will do is buy you a virtual loaf of bread. No one will be able to afford the real thing.

Tue, 02/12/2013 - 10:05 | 3236358 zorba THE GREEK
zorba THE GREEK's picture

The way the Fed is printing, a 1000 Grand candy bar will cost its name.

Tue, 02/12/2013 - 10:44 | 3236474 Aegelis
Aegelis's picture

Epic, thank you for this ^_^

Tue, 02/12/2013 - 09:57 | 3236321 malikai
malikai's picture

Soon it will only take a week.

Tue, 02/12/2013 - 10:04 | 3236345 GetZeeGold
GetZeeGold's picture

 

 

Converting it into gold will take years however.

Tue, 02/12/2013 - 10:23 | 3236422 NidStyles
NidStyles's picture

Alchemy is hard work.

Tue, 02/12/2013 - 11:10 | 3236573 DosZap
DosZap's picture

0% tax, 0% cost of living, perhaps the Economist has cut a few too many from their payrolls

Even before taxes, if the median household income is $50,000 and the minimum cost of family health insurance is $20,000 then it would take several lifetimes to become a millionaire in the US, even before Ben and his banking brethren manage to turn mere millionaires into paupers within the span of few years...

Soon it will be totally out of reach for the average bear in the 50-70k range WAIT until you see the specifics of ODumboCare.'

It specifically states that the gov can access your personal bank funds, and make withdrawls, w/out you even having a say.

 

 

Tue, 02/12/2013 - 09:57 | 3236322 Al Gorerhythm
Al Gorerhythm's picture

It would only take the stroke of a pen to borrow that much into existence. Much easier than earning it. Who does that these days? 

Tue, 02/12/2013 - 09:57 | 3236323 Super Broccoli
Super Broccoli's picture

oh the good old time of Mugabe where everyone was a billionnaire :-)

Tue, 02/12/2013 - 09:58 | 3236326 Inthemix96
Inthemix96's picture

Cayman Isles?

Politicians?

Switzerland?

Judges?

Police force?

Anyone?

Tue, 02/12/2013 - 09:58 | 3236327 mvsjcl
mvsjcl's picture

Zimbabwe is like what, 8 seconds?

Tue, 02/12/2013 - 09:59 | 3236330 new game
new game's picture

zimbobby, overnite, japan a half year(as projected) and america-guessing a couple of years...

Tue, 02/12/2013 - 09:59 | 3236331 babylon15
babylon15's picture

Q: How do you become a millionaire???

A: Start with a billion dollars, and buy an airline.

 

(old joke)

 

Tue, 02/12/2013 - 12:00 | 3236741 Sudden Debt
Sudden Debt's picture

:)

But it's still good :)

:)

Tue, 02/12/2013 - 10:01 | 3236332 francis_sawyer
francis_sawyer's picture

A million here, a million there... Pretty soon you're talking about enough to buy a can of catfood for grandma...

Tue, 02/12/2013 - 12:10 | 3236781 mercenaryomics
mercenaryomics's picture

And not too long after you'll be trying to buy cans of grandma. 

Tue, 02/12/2013 - 12:13 | 3236792 Sudden Debt
Sudden Debt's picture

I don't know... I think grandma can take care of her own...

Tue, 02/12/2013 - 10:01 | 3236336 LukeWorm
LukeWorm's picture

And after tax? Norway and Denmark, for example, would have quite a different position then.

Tue, 02/12/2013 - 10:05 | 3236355 W74
W74's picture

Which they're OK with now, but wait until the country becomes more than 10% Norse....then there will be problems as hard-working and educated Norwegians, having no problem with taking care of their fellow Norse, the elderly, infirm etc. will have a lot of problem taking care of the third-world inside their own borders.

Tue, 02/12/2013 - 10:17 | 3236405 EscapeKey
EscapeKey's picture

Sweden:

According to Eurostat, in 2010, there were 1.33 million foreign-born residents in Sweden, corresponding to 14.3% of the total population

Norway:

As of 2012, an official study shows that 86.2%[5] of the total population are Ethnic Norwegians and more than 660 000 individuals (13,2%)[5] are migrants and their descendants (110 000[5]second generation migrants born in Norway).

Denmark:

According to 2012 figures from Statistics Denmark, 89.6% of Denmark’s population of over 5,580,516 was of Danish descent.[1][2] Many of the remaining 10.4% were immigrants

Tue, 02/12/2013 - 13:08 | 3236983 Overfed
Overfed's picture

I don't understand why those people tolerate their government's attempts to destroy their own culture.

 

Tue, 02/12/2013 - 10:21 | 3236417 EscapeKey
EscapeKey's picture

Well, you won't be able to get a like-for-like comparison, regardless.

Health insurance, for instance, is free in those countries you mentioned. But you pay very dearly for these in the US. Yes, you don't have to have it, but if you have a family one might claim you gamble with your family's health by not having it.

Furthermore, lots of other non-essentials are priced in already in European countries.

Tue, 02/12/2013 - 14:24 | 3237227 Svendblaaskaeg
Svendblaaskaeg's picture

Denmark: from 36,5% to 59.5%, VAT 25%, tax on cars 180%, energy about 300%

Have been working like a dog for 40 years, the last 20 years 14 hours a day, 6 days a week

Think I'm about half there, will have to work 40 years more, banksters took a bite of my saving, never again, slowly converting to PM's

 

Tue, 02/12/2013 - 10:02 | 3236337 espirit
espirit's picture

If I re-hypothecate my stack 100 to 1 in current fiatsco, I'm already a meeellionaire!

Tue, 02/12/2013 - 12:05 | 3236761 Sudden Debt
Sudden Debt's picture

YEP!!!

but... it's just to bad you don't have the right DNA to do so...

 

Tue, 02/12/2013 - 10:02 | 3236338 Lost Wages
Lost Wages's picture

Oh damn. I was supposed to be a millionaire by now.

Tue, 02/12/2013 - 10:05 | 3236342 Racer
Racer's picture

By the time you have used your several lifetimes, a million is only enough to buy a carrot top... why save for your pension when you are young because they inflate so much that £1000 gets you more today than in 30 or 40 years

Tue, 02/12/2013 - 10:04 | 3236347 youngman
youngman's picture

The key word here is wait....so you just have to wait....well hell...that is easy...I am going to get a beer and wait....the phone is going to ring too....and maybe buy a lottery ticket...

Tue, 02/12/2013 - 10:05 | 3236351 847328_3527
847328_3527's picture

The Bronx?

Tue, 02/12/2013 - 10:05 | 3236352 spooz
spooz's picture

Simon Black (Sovereign Man) thinks Chili is the best place to be, from yesterday on ZH:

"Personally, I think it’s hard to beat Chile– modern, advanced, civilized, and booming. Chile has great healthcare, better education options for the kids, and things just… work. Many expats living in Uruguay are starting to realize this and are gradually relocating across the Andes."

It takes more than 150 years to become a millionaire in Chili.  If that is the model we are looking for, shouldn't we be taxing the fuck out of high incomes?

Tue, 02/12/2013 - 10:11 | 3236379 Dr. Engali
Dr. Engali's picture

Simon Black posts his gold filled world traveling fantasies from his mom's basement.

Tue, 02/12/2013 - 10:19 | 3236408 Oldrepublic
Oldrepublic's picture

quote from Doug Casey: It’s estimated the average Chilean has more net worth than the average American now.

Tue, 02/12/2013 - 10:27 | 3236431 NidStyles
NidStyles's picture

You can not get ahead by predicting what is already a prosperous nation. You have to predict the next one.

Tue, 02/12/2013 - 10:05 | 3236353 jonan
jonan's picture

i choose..."TAKE IT ALL!"

Tue, 02/12/2013 - 10:05 | 3236357 derek_vineyard
derek_vineyard's picture

and dr. evil was holding the world hostage for 'one million dollars'

Tue, 02/12/2013 - 10:08 | 3236363 Dr. Engali
Dr. Engali's picture

Before Ben get's done we will all be trillionaires. I look forward to my first trillion dollar bill with obummer's face on it so I can promptly wipe my ass.

Tue, 02/12/2013 - 10:16 | 3236403 espirit
espirit's picture

There will be no shortage of toilet paper.  Just food.

Tue, 02/12/2013 - 11:30 | 3236501 djcando
djcando's picture

It's not a bill, it's a COIN! 

Tue, 02/12/2013 - 17:39 | 3237873 espirit
espirit's picture

Reuseable?

Tue, 02/12/2013 - 10:08 | 3236364 EscapeKey
EscapeKey's picture

Norway, Denmark... where the fuck is Sweden?

Tue, 02/12/2013 - 10:13 | 3236390 Al Gorerhythm
Al Gorerhythm's picture

Northwestern Europe.

Tue, 02/12/2013 - 10:29 | 3236448 GMadScientist
GMadScientist's picture

If a Swede moves to London for less egregious taxation, and becomes a meeeeelionaire, is he counted for Sweden or Britain?

Tue, 02/12/2013 - 10:37 | 3236463 EscapeKey
EscapeKey's picture

In today's Keynesian world - both!

Tue, 02/12/2013 - 10:10 | 3236376 Shizzmoney
Shizzmoney's picture

How long does it take to be a millionaire?

Depends on whose dick you are sucking.....

Tue, 02/12/2013 - 10:31 | 3236451 GMadScientist
GMadScientist's picture

How long does the average loan interview take?

The affectation of wealth (a favorite American hobby), is entirely unimpressive, and not unlike that little Reich fellow standing on a tall box.

Tue, 02/12/2013 - 10:12 | 3236384 Azannoth
Azannoth's picture

I am too young to even remember when being a millionaire(in single digits) meant being actually rich

Tue, 02/12/2013 - 10:34 | 3236458 GMadScientist
GMadScientist's picture

I'm old enough to know that I'd never want to trade places with them.

 

Tue, 02/12/2013 - 10:14 | 3236392 JP McManus
JP McManus's picture

I thought I just needed to get elected to Congress...

Tue, 02/12/2013 - 10:13 | 3236394 Peter Pan
Peter Pan's picture

Interesting chart but I am sure the unemployed youth in Spain and other nations would like to know how long it will take THEM to become millionaires based on THEIR income or lack of it.

A more interesting statistic would be to compare the growth rate in the number of millionaires in the USA with the growth rate in the number of food stamp recipients over the last 5 years.

 

Tue, 02/12/2013 - 10:18 | 3236407 GMadScientist
GMadScientist's picture

Bah....averages.

Eliminate all the people you damn well know aren't going to be allowed to be millionaires in the US (bottom 90%) and run the numbers again.

Tue, 02/12/2013 - 10:21 | 3236418 Inthemix96
Inthemix96's picture

Sod it.

I would rather have sweet fuck all than do what some folk would for the "Green".

Fucking over you're fellow man has consequences boyo's.  And you will find out in short order what they are.  You listening bernankes?  Eventually you will small man, give it time.

Tue, 02/12/2013 - 10:27 | 3236424 Donnie Duvanie
Donnie Duvanie's picture

Well, all I know is that Romanians are fucked. [See Chart]

Tue, 02/12/2013 - 10:27 | 3236438 NEOSERF
NEOSERF's picture

Therefore the bottom of that chart is where you want to retire to with your savings after you sell your house.

Tue, 02/12/2013 - 10:32 | 3236454 GMadScientist
GMadScientist's picture

A castle for you! A castle for you! A castle for...YOU!

Tue, 02/12/2013 - 10:36 | 3236462 taketheredpill
taketheredpill's picture

The Economist. 

Seriously?

The chart is supposed to imply that an average person in the US has an actual chance of becoming a Millionaire?

Chart SOCIAL MOBILITY and the US and UK drop to the bottom.  As expected.

Tue, 02/12/2013 - 10:43 | 3236470 Seasmoke
Seasmoke's picture

It only took Lokiboy less than a week to become a millionaire. What is taking the rest of you so long ?

Tue, 02/12/2013 - 10:47 | 3236485 Aegelis
Aegelis's picture

Millionaire?  I just want to break even by the time I die.  They can put on my tombstone "Paid in Full" and I'd be good to go.

Tue, 02/12/2013 - 13:35 | 3237076 ZeroAvatar
ZeroAvatar's picture

My tombstone will read:   "For Sale By Ower".

Tue, 02/12/2013 - 17:42 | 3237893 espirit
espirit's picture

You will if you opt for plan "A" organ harvest.

Tue, 02/12/2013 - 10:53 | 3236503 Stuck on Zero
Stuck on Zero's picture

Forget the million.  I'd just like a Federal pension.  It's worth a lot more.

 

Tue, 02/12/2013 - 11:02 | 3236541 yogibear
yogibear's picture

Bernanke and the fed want to make everyone a millionaire. Bernanke and the Federal Reserve banksters intend to make the street people millionaires through printing and inflation very soon.

Impoverish the elderly.

Tue, 02/12/2013 - 11:07 | 3236560 aleph0
aleph0's picture

Average time for "main breadwinner in an average household" - BEFORE TAX - to become a millionaire ?

So according to the chart, 50% of the OVER 68 year-olds in the  top 11 nations should be millionaires by now.... BEFORE TAX.

That is the REAL message IMO.

 

 

Tue, 02/12/2013 - 11:07 | 3236563 FinancialQueen
FinancialQueen's picture

Is that based on how much they earn each year before or after they actually pay to live? How can you become a millionaire in x# of years if the amount of money you make isn't saved or invested? Am I missing something here? Is there a secret to this chart?

Tue, 02/12/2013 - 15:20 | 3237430 e-recep
e-recep's picture

it's a manipulative chart by the economist magazine. don't read much into it.

Tue, 02/12/2013 - 11:58 | 3236721 Sudden Debt
Sudden Debt's picture

Is that BEFORE or AFTER TAXES?!

I mean... it would take about 11 years for me to EARN a million

22 years AFTER TAXES

and if I save 1/3 of my salary, which is a lot => 66 YEARS!!!

AND THAT'S IN THE EMPIRE OF BELGIUM!!! THE RICHEST COUNTRY IN EUROPE!!!

AND I MAKE ABOVE AVERAGE!!

my ass...

 

AND THE FED PRINTS THAT EVERY 30 SECONDS!!!

Tue, 02/12/2013 - 11:53 | 3236722 Monedas
Monedas's picture

What is a "Millionaire"  .... 50,000 count $20 gold coins (40K trounces of gold) .... or 20,000 count $50 Buffaloes (20K trounces of gold) ?   A million in FRN is only 606 trounces of gold !

Tue, 02/12/2013 - 11:57 | 3236731 Sudden Debt
Sudden Debt's picture

you can't even make a golden toilet with 600 ounces...

 

Tue, 02/12/2013 - 12:06 | 3236768 Monedas
Monedas's picture

It would take about 600 trounces to make a "Leninaire" deluxe bed pan !

Tue, 02/12/2013 - 11:58 | 3236735 e-recep
e-recep's picture

no wonder the jobs are fleeing the usa.

Tue, 02/12/2013 - 12:13 | 3236793 uncle_vito
uncle_vito's picture

Easy to become a milliionaire if you do not spend anything and save everything you make.   For most Americans, that will be the day!

Tue, 02/12/2013 - 12:20 | 3236811 John Law Lives
John Law Lives's picture

The chart illustrates average times it takes to earn $1 million.  That does not make someone a "millionare".  Taxes and other basic costs of living will siphon much of that away even if you are frugal.  Mike Tyson reportedly earned nearly $300 million in his career, and he reportedly squandered all of it.

Tue, 02/12/2013 - 13:39 | 3237089 ZeroAvatar
ZeroAvatar's picture

Being a 'Millionaire' simply means you're then qualified to clean Blankfein's toilets.

Tue, 02/12/2013 - 14:02 | 3237142 besnook
besnook's picture

when i was a kid dad made 18-20 grand/year and we were considered well off. we kids dreamed of making 50 grand/year because that was the interest return on a million dollars. fast forward to today. a quarter mil/year won't buy nearly what 50 grand bought back then and you need 3 mil to get the 50grand interest return(ok, dividend funds pay around 3%), chump change. with an accurate inflation count you are losing 5-10% of that/year. meanwhile .gov employees are retiring on multimillionaire pensions for a risk free life. more power to them but what the fuck did they do to deserve that?

Tue, 02/12/2013 - 14:42 | 3237297 Dingleberry
Dingleberry's picture

I heard you can become one pretty quick in Zimbabwe.

Tue, 02/12/2013 - 14:49 | 3237316 reTARD
reTARD's picture

Precisely, he who prints the most gets "wealthy" the fastest.

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