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1 In 20 US Households Has Over A Million In Assets: This Is Where They Are

Tyler Durden's picture




 

Bernanke may be printing the wealth effect to the benefit of the richest 1%, but that only serves to make the already wealthiest even wealthier. When it comes to the creation of new millionaire households, the epicenter of new wealth creation is about as far from Wall Street, West Putnam Avenue or Rodeo Drive as can be. In fact, the state that saw the fastest climb up in millionaire rankings in 2013 doesn't have a single Tiffany or Saks Fifth Avenue, and the closest BMW dealership is a six-hour drive from the capital (stats which are guaranteed to change by the end of the year). Presenting North Dakota: the state which jumped 14 spots in the latest ranking of millionaire households.

Per the WSJ, which crunched the the numbers released by Phoenix Marketing International, there were 53,000 more millionaire households in 2013 compared to the year before. "About 6.15 million millionaire households are spread across the U.S., according to the report. That means 1 in every 20 households in the U.S. has more than $1 million in investable assets. Those figures don’t include the value of real estate."

As expected, the top of the overall millionaire households per capita rankings didn’t change much. Maryland was No. 1 for the third consecutive year, with 7.7% of households holding more than $1 million in assets. New Jersey, Connecticut and Hawaii followed. Those four states, in various orders, have led the rankings every year since 2006. The complete breakdown is shown on the map below.

 

It was the middle and bottom of the ranking that saw most changes, at times quite violent. Judging by the collapse in household wealth, it seems the second Nevada housing bubble has indeed popped.

Maine climbed 11 spots over a single year to No. 25 in 2013. Louisiana jumped 10 to No. 32. Meanwhile, Nevada fell 20 spots to No. 39. Arizona, Florida, Idaho and Michigan all fell by more than 10 positions. From 2011 to 2012, no state changed its rank by more than two positions.

 

The big swings may suggest economic recovery may have become more uneven last year, said David Thompson, a managing director at Phoenix. “Maine and Louisiana are two states that have seen big turnarounds in their economies,” he said. “In Nevada, the data suggests the state is still feeling the effects of the downturn.”

Nobody was a bigger winner in 2013 than the center of the shale boom: North Dakota.

In 2012, North Dakota ranked 43rd, one spot behind Alabama. Last year, it moved up to 29th, one ahead of Florida. North Dakota’s energy boom, especially in the Bakken shale region, is driving the state’s wealth gains.

 

Mr. Hullet said the energy, health care and technology sectors are all growing in the state — pushing up paychecks of both the working class and affluent. The state’s unemployment rate was 2.6% in November, according to the Labor Department. That was the lowest in the nation by a percentage point.

 

The result has been a rapid expansion of retailers, restaurants and housing, Mr. Hullet said. But Bismarck hasn’t turned into West Egg. “I’ve seen the occasional Bentley,” he said. “But mostly, North Dakota is the type of place where someone can be very wealthy and you’d never know it.”

The main difference, however, between North Dakota and other states: 'its people in the oil patch aren’t about to flaunt it. “The only way you know a Bakken millionaire is he’ll be driving a
new truck and might have taken his wife on vacation,” said Kelvin
Hullet, president of the chamber of commerce in Bismarck, the state
capital."

The results sorted: by highest number of millionaires per capita:

And the states where the creation of new millionaire households was fastest in 2013:

 

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Sat, 01/18/2014 - 15:28 | 4344289 localsavage
localsavage's picture

Dirty Harrys state last in new millionare creation....coincidene????

Sat, 01/18/2014 - 15:41 | 4344333 negative rates
negative rates's picture

Now I don't want to force you to do the math here, but the old man came home in 1985 and said "We have just crossed the threshold of having one million, millionaires in the world." Now where did all these other millionaires come from in such a short peroid of time??

Sat, 01/18/2014 - 16:11 | 4344387 Occident Mortal
Occident Mortal's picture

Phoenix Marketing International?

Hmmm...

Hardly the Rolls Royce of statistical analysis.

5% of US households have $1m of investibule funds? Net of Real Estate and debts?

Hmmmmm...

Maybe in Monte Carlo, but US mainland? Nah.

Sat, 01/18/2014 - 16:38 | 4344448 chumbawamba
chumbawamba's picture

Such critics.  If the value of Chinese trinkets and baubles is marked to fantasy then the math all works out.  Every Walmart item is valued at a minimum of $50 and most American households have thousands of such items.  Plus, how do you value human slaves?  I'll bet the wealthier families have at least one each, and in terms of productive capacity you're talking at least $50,000 a year, and that's if you make life pretty easy for them.

I am Chumbawamba.

Sat, 01/18/2014 - 16:44 | 4344464 Freddie
Freddie's picture

So on all the cheap Chinese plastic crap filled with extruded poison in my garage makes me rich?  Who knew?

Sun, 01/19/2014 - 01:17 | 4345352 Richard Chesler
Richard Chesler's picture

Thanks to scumbags like Obozo and thieves like Bernke 1 miilion bucks is not what it used to be.

Sun, 01/19/2014 - 08:01 | 4345586 GetZeeGold
GetZeeGold's picture

 

 

 

Are you ready for your bail-in?

 

Hopefully they'll hit non-flyover country first.

Sat, 01/18/2014 - 16:52 | 4344483 Occident Mortal
Occident Mortal's picture

Chinese trinkets and baubles do not qualify as investable assets, not the last time I checked anyway.

Crap from Walmart? Does all that stuff qualify for my 401K? Didn't think so.

It's saying 1 in 20 households have $1,000,000 in cash and securities.

I doubt that's even true for lower Manhattan.

Sat, 01/18/2014 - 21:57 | 4345064 BKbroiler
BKbroiler's picture

I doubt that's even true for lower Manhattan.

I doubt that's true even in the Cayman Islands.  This data seems dubious at best.
Sat, 01/18/2014 - 23:09 | 4345198 Pool Shark
Pool Shark's picture

 

 

So,...

One out of every 24 households in Alabama is worth over $1,000,000.00?

I call shenanigans...

 

Sun, 01/19/2014 - 08:08 | 4345616 negative rates
negative rates's picture

I see your shenanigans, and raise you an Alabama.

Sat, 01/18/2014 - 23:26 | 4345231 Skateboarder
Skateboarder's picture

Someone with a mil liquid in PMs and cash is a rich motherfucker. Everyone else is just claiming. Calling all paper millionaires - get your GLD and SLV here!

Sun, 01/19/2014 - 12:50 | 4345933 JR
JR's picture

Media math (WSJ) is as suspect as the paper from a private banker who rolls into town, takes a hotel room, sets up shop, and starts taking assets and labor from the people in exchange for his private notes. This is the Fed. There’s nothing more destructive.

And we’re now seeing the beginning of the coming landslide against these fiat notes.

These are crooked notes; these are promises with no backing.

As for the PMI numbers being “crunched”  Per the WSJ,  it took San Jose police more than a week to run down a registered sex offender and registered arsonist for setting  at least 12 arsonist fires in five days  – almost all within a block of the registered arsonist’s trailer home.

A patrol sergeant finally spotted the registered arsonist — and sex offender — living in the area of the fires, while scanning criminal databases, taking more than a week for what should have been done in minutes.

So be careful believing the magic of government databases and crunched numbers, down to the last millionaire in America. 

Also, being the politicized MSM, it had to be pointed out that the deranged white man (take a look at his pix if you don’t believe me) was “terrifying a working-class immigrant neighborhood in San Jose.”

As for whom he was terrifying in another high-profile local arson case for which he was convicted more than a decade ago for setting 16 fires in the Santa Clara County (California) foothills or in the early 1990s when he was charged with misdemeanor arson for setting fire to forest debris in and around the Grand Canyon, the media hasn't said.

And in the sad state of modern journalism, the SJ Mercury convicts the man before the trial.

http://www.contracostatimes.com/news/ci_24925035/san-jose-arrest-serial-arson-suspect-brings-relief

Sun, 01/19/2014 - 15:20 | 4346364 rabbitusvomitus
rabbitusvomitus's picture

My wife is very upset now that she discovered we are not millionaires even though we own two properties valued over a million and without mortgages. I guess we can't count them as investments. Oh well I suppose we should be applying for welfare now. 

Sat, 01/18/2014 - 16:08 | 4344391 ACP
ACP's picture

So the states with the most jacked up finances have the most millionaires.

Sat, 01/18/2014 - 16:12 | 4344399 pitz
pitz's picture

I bet that most of the alleged "millionaires" are those on the public dole in some form or another. 

Sat, 01/18/2014 - 16:46 | 4344470 Freddie
Freddie's picture

See VA and MD filled with govt gangstas plus the fiat ponzi bankster & hedge fund states like NJ, NY, CT are some of the biggies.  Effing vermin.

Sat, 01/18/2014 - 17:19 | 4344532 JLee2027
JLee2027's picture

Yup. I live in MD, so when the bubble pops, it's going to get interesting.

Sat, 01/18/2014 - 18:50 | 4344710 Son of Captain Nemo
Son of Captain Nemo's picture

I'm your neighbor "underneath" and I can honestly say that the 'beltway bandits' are sweating mighty heavily these days.

Upon the Snowden revelations and it really didn't have anything to do with that at all other than wreaking what was already unraveling as early as 2011, the likes of NG, GD, Raytheon, Lockheed, BAH... and all the lampreys that suck off of them in the subcontracting category have been watching the programs getting cut and reorganized under ever more monolithic service contracts.  It's been bleeding well before the NSA scandal broke and Ed Snowden only made it worse for the international business especially telecom that AT&T and Verizon are servicing and may end up losing because of their nepotism with the '3 letter crowd'.

By and large the ivory tower that is Washington D.C./Virginia/Maryland are spending "happy", even though they know something deep down is terribly wrong.  Life is good cause Google, "Twatter" and Facebook are making it possible to go on that extra vacation to the caribbean or buying that brand new BMW, even though layoffs in the contracting consulting sectors of .gov are rampant.  Where are they going?  All of the "cloud service" titans like Amazon are hiring and the healthcare services industry (yes if you can believe that) which only demonstrates how absloutely clueless they truly all are.

Little do they know or care that they are staring at the "iceberg of all iceberg's" ahead!

Couldn't happen to a nicer bunch.

Sat, 01/18/2014 - 20:13 | 4344878 I need Another Beer
I need Another Beer's picture

U R spot on Captain !! Thx

Sat, 01/18/2014 - 22:16 | 4345097 Son of Captain Nemo
Son of Captain Nemo's picture

Isn't it a tradgedy that we couldn't have 'reversed engines' full throttle 10 years ago when we saw where this out of control and beyond corrupt government of ours was headed?  You would think that the people who live and work in the 'belly of the beast' would alert the rest of the Country if not the rest of the World by now and collectively say they had had enough -but No they keep drawing a paycheck and act as if it will continue unabated without harm to anyone else let alone themselves.

I live in "it" And if any of you in the other States have the mind and decide you want to wipe it off the map for posterity I'll completely understand.

You should.  It's more useless than tits on a bull!

Sun, 01/19/2014 - 00:52 | 4345337 Nehweh Gahnin
Nehweh Gahnin's picture

Dude ... neighbor underneath.  It's nice to see someone accept their complicity.  I've accepted mine.  About wiping the map ...

Sun, 01/19/2014 - 07:08 | 4345578 Pinche Caballero
Pinche Caballero's picture

From the son of captain nemo

"Plenty of food and entertainment but atwhat price?...

... Any volunteers out there to pick a book for inspiration when we take on the likes of China and Russia togehter with our NATO buddies guarding our six'?

Please provide the list...

Too funny!"

Finally registered on ZH due to the above question. I have learned much at this site through the years, and I appreciate critical thinking, a seeming lost art. I have some recommended reading that could go on your list, most of which can be found on amazon.com, excepting a few PDF documents. Have sent a request to contact you.

Sun, 01/19/2014 - 12:17 | 4345876 Son of Captain Nemo
Son of Captain Nemo's picture

Welcome aboard Pinche!

What we are witnessing is epic with no equal in terms of the financial apocalypse that is coming our way. 

You could debate when it actually got started or how long we've been in it, i.e. whether it began 12 years ago with the first market collapse before 9/11 or after the TARP bailout in 2008 -it doesn't really matter.  One thing most of the readership agree on here is that we are in the final draw down stages of a condition which has been deliberately created and that the last rail of this thing when it snaps is going to be unparalleled.  Trying to pick friend and adversary alike to the U.S. will be too difficult in my opinion to call but if the BRICS are any indication of the new financial paradigm taking shape, I'd say we have a choice.  We can either maintain the "status quo" and continue to bully everyone else who doesn't see it our way? Or we can share the provisions and accomodate our new seat and beginning at the table without the confrontation that we know we can't win anyway.

I think the struggle moving East is filled to the brim with unintended consequences and regrets that we are seeing played out.  The central planners in the West still want it all for themselves but the poor choices they have made over the last 40 years and what they have already given away and compromised make it clear that their intended roadmap is not achieving the desired outcome they had hoped for.  I think it's going to land somewhere in the middle (as it almost always does throughout history) and as rabid as the players may be in the Anglo-Israel American Enterprise in getting what they want, they know that if they go too far they will lose it all which inevitably means they come full circle back to a position of "compromise".

I concur with you that this is truly one of the most informative sites you will visit because it's focus and the people in the professional business ranks and financial community that comment here are some of the best informed and influential.

We'll keep in touch

Sun, 01/19/2014 - 02:35 | 4345411 willwork4food
willwork4food's picture

I live in Tidewater Va. Its getting a little rough here. More bank robberies, fights, killings in the bad parts of town. But mostly the good parts are still good & growing.

 

Sun, 01/19/2014 - 11:46 | 4345828 kaiserhoff
kaiserhoff's picture

I lived in Williamsburg when I first moved to Virginia.  The changes are tragic.  Welfare exploding, middle class in retreat.

  Still, a strikingly beautiful part of the world.  Parts of the York River always remind me of California. 

                                                                         Good luck to you and yours.

Sat, 01/18/2014 - 19:45 | 4344820 NOTW777
NOTW777's picture

it would be interesting to know how many of these households collect food stamps or other welfare

Sat, 01/18/2014 - 22:59 | 4345183 daxtonbrown
daxtonbrown's picture

I wrote the only biography of Dirty Harry Reid. The media blackballed it. My best source was his campaign manager from the early days (65 to 75) who picked up bags of cash from pimp Joe Conforte at the Mustang Ranch.

http://www.futurnamics.com/reid.php

Sun, 01/19/2014 - 13:31 | 4346050 JR
JR's picture

What’s worse than pimping, picking up bag money from the Mustang Ranch, rewarding mobsters and spreading pornography and prostitution? Using fake polls to reach the Senate of the United States where you can sell out your countrymen and your country.

Americans desperately need to stop believing or listening to the pollsters, the creators of false news, and the electors of criminals.

Your book - HARRY: Money Mob & Influence In Harry Reid's Nevada - is explosive material and shows why a hated figure like Harry Reid reaches the halls of power. I quote: 

When I started to write my book on Reid in the middle of 2009, I of course immediately called Don and asked if he had any stories about Reid. Don* had a haymaker:

I was in Reno during the (1970) Lt Governor's race and Harry called and said to go down to the River House (casino), and see Joe Conforte. I was interested in Conforte, because at that time he was bringing in San Francisco pollsters during the elections. He hired polling outfits, which was pretty unusual considering he was a well known pimp. We were able to get one big poll. I had run races where pollsters made lots money off us, but Conforte's polls were better. Conforte looks like a Damon Runyon pimp. We hit it off pretty well. George Knapp (Channel 8 Reporter) did a report on him recently down in Brazil, Conforte doesn't look like he's aged at all.

Well Conforte says to me, "I want you give this to Harry Reid." And he hands me a big fat envelope. One time Conforte took me to this double-wide trailer. It was pretty opulent and attached by a secret door to the Mustang Ranch. Conforte had a whole wall of huge paper shopping bags with money sitting there and had me help count it out. Conforte also took me out to his car one time and showed me a whole trunk full of absentee ballots filled out for Harry. He actually offered me the opportunity to open the ballots to check them if I wanted, but I didn't want my fingerprints on there. So, you could say Harry Reid's campaign was partially oiled by the sweat of Mustang Ranch whores. Interview, Don Williams, 10-27-2009

*“Don Williams [is] a well known and respected (sometimes feared) Democratic political consultant in Nevada who had run Harry Reid's early campaigns from 1965 (Hospital board) through 1968 (State Assembly), 1970 (Lieutenant Governor) and finally a defeat in 1974 for Senate against Senator Paul Laxalt." -- Daxton Brown

Sun, 01/19/2014 - 09:45 | 4345669 Jannn
Sat, 01/18/2014 - 15:29 | 4344290 HulkHogan
HulkHogan's picture

I can't wait to become a millioniare. Then I'll pay all of you to find my sunken boat.

Sat, 01/18/2014 - 15:57 | 4344367 mjcOH1
mjcOH1's picture

Hey, we'll all get to be millionaires.   Two loaves of bread and you'll be a multi-millionaire.

Sat, 01/18/2014 - 18:30 | 4344681 cynicalskeptic
cynicalskeptic's picture

millionaire, schmillionaire....

We're all gonna be TRILLIONAIRES - just like Zimbabwe

Inflation, bitches.

 

 

Easy yo pay off trillions in debt when a loaf of bread costs $100,000,000

Sat, 01/18/2014 - 23:14 | 4345206 Pool Shark
Pool Shark's picture

 

 

I'm already worth over $100 trillion.

Got mine here:

http://www.providentmetals.com/zimbabwe-100-trillion-dollar-note-uncirculated.html

Sun, 01/19/2014 - 08:09 | 4345617 negative rates
negative rates's picture

Can you say "perivatives"

Sun, 01/19/2014 - 03:44 | 4344930 laomei
laomei's picture

Eh, $1m is only about 600w now, that's really not all that much to be honest with ya.  600w will buy a decent-sized apartment in a major city, or a nice villa in the burbs.  Most of this so-called wealth is just on paper, it doesn't actually exist, we're talking about 401ks and other market-linked "assets".  The moment even a small portion dared to start turning that paper into cash, the entire system would collapse.  That being said $1m over here will get you a nice $60k a year in tax-free interest via short-term bank investments that are insured by US firms.. meaning if it all went to shit, the US is on the line for something they could never manage to pay out, which would incur yet another bailout ensuring it would be paid out.  

Sat, 01/18/2014 - 15:29 | 4344292 e2thex
e2thex's picture

They left out the State of Bliss.

Sat, 01/18/2014 - 15:39 | 4344328 kaiserhoff
kaiserhoff's picture

and what about the other 7 states?

Sat, 01/18/2014 - 15:51 | 4344354 mrdenis
mrdenis's picture

Obama hasn't named them yet ...Oh just make them the 7 dwarfs 

Sat, 01/18/2014 - 16:00 | 4344374 Yenbot
Yenbot's picture

They left out the State of Bliss.

And the State of Jefferson...

Sun, 01/19/2014 - 11:49 | 4345834 mofreedom
mofreedom's picture

Cali split into 8:  50 - 1 + 8 = 57.

Sat, 01/18/2014 - 15:30 | 4344296 Sudden Debt
Sudden Debt's picture

not bad! So... explain the crisis again to me?

Sat, 01/18/2014 - 15:36 | 4344321 kaiserhoff
kaiserhoff's picture

Over 1 million in assets...,

   and over 4 million in liabilities;)

Sat, 01/18/2014 - 15:44 | 4344341 Sudden Debt
Sudden Debt's picture

SO THEIR TOTAL WEALTH IS 5 MILLION*?!? WAW!

Sat, 01/18/2014 - 15:46 | 4344346 One And Only
One And Only's picture

Wealth is how much gold and bitcoin you have.

Sat, 01/18/2014 - 17:03 | 4344504 localsavage
localsavage's picture

Bitcoin is going to make a few people rich anda lot saying WTF? just happened.

Sat, 01/18/2014 - 23:35 | 4345245 Bunga Bunga
Bunga Bunga's picture

Right, not everyone can become rich, but wealth did never stick to a certain clan, there was always substantial rotation throughout history. Many of those who are wealthy today, will miss the train. There were always winners and losers - this time, no different.

Sat, 01/18/2014 - 17:19 | 4344535 CrashisOptimistic
CrashisOptimistic's picture

 

Worse than that.  The $1 million in assets depends on NAR valuation of the house.

Sat, 01/18/2014 - 15:31 | 4344301 One And Only
One And Only's picture

Something is happening in Maine.

Aside from that I have no concerns.

Sat, 01/18/2014 - 15:35 | 4344309 29.5 hours
29.5 hours's picture

I know statistics cannot lie but I really have a hard time accepting that so many of my neighbors have that much in investable assets, ex real estate, ex debt.

Maybe soon when the inflation hits, but not now...

 

Sat, 01/18/2014 - 15:54 | 4344358 kaiserhoff
kaiserhoff's picture

Agreed.  If this really is sans real estate, it's definitely FUBARED somehow.   Probably taken from tax or investment account data, a ridiculously misleading sort.  Maryland has a lot of poor, dumb fucks.

Sat, 01/18/2014 - 19:02 | 4344735 giggler321
giggler321's picture

North dakotaians like Bitcoin?

Sat, 01/18/2014 - 16:17 | 4344403 GooseShtepping Moron
GooseShtepping Moron's picture

I had the very same reaction at first, but then I realized that I don't live in a millionaire's neighborhood. I can imagine the numbers for my state being just about right, judging from what I know of the demographics of the major metropolitan corridor. Even some of my in-laws have probably swelled the ranks of the 10club, although I have tactifully refrained from inquiring too closely into their financial statements.

 It is, alas, still an additional straw laid across my increasingly bowed back, to learn that so many people are inhabiting a world that I probably will never see.

Sat, 01/18/2014 - 19:02 | 4344734 Moe Hamhead
Moe Hamhead's picture

How many in-laws do you have ?

If you don't mind my asking !

Sat, 01/18/2014 - 16:31 | 4344433 Winston Churchill
Winston Churchill's picture

You never know.

I have a multi billionaire client that lives very modestly in view of his means.No ostentation at all,even

got rid of his vanity license plate.

The billionaire next door.

Sat, 01/18/2014 - 16:57 | 4344488 kaiserhoff
kaiserhoff's picture

Had a similar experience, Winston.  I was doing a title search on eight acres, and found out a neighbor lady owned about 10% of Albemarle County, at the time one of the richest in the country.

Still, those of us who do tax work, know in a rough way, who owns what.  There is nothing like that kind of unencumbered liquidity in this country.  Doubt there ever was.

 

Sat, 01/18/2014 - 15:33 | 4344311 FeralSerf
FeralSerf's picture

A million doesn't buy what it used to.

What are the percentages adjusted by the TRUE rate of inflation?

Sat, 01/18/2014 - 15:47 | 4344345 Sudden Debt
Sudden Debt's picture

with a high value interest rate of 0,85% that gives you 8500 bucks a year extra to spend.

Sat, 01/18/2014 - 16:12 | 4344396 pitz
pitz's picture

Only a complete fucking moron lends money to a "bank" for 0.85%. 

Sat, 01/18/2014 - 16:27 | 4344419 aphlaque_duck
aphlaque_duck's picture

before tax

Sat, 01/18/2014 - 15:37 | 4344319 Big Brother
Big Brother's picture

Fastest per capita growth in millionaires, state-owned bank, and mainly a resource-ag economy - coincedence?

Sat, 01/18/2014 - 15:53 | 4344356 atomp
atomp's picture

OIL!!! Black Gold!
North Dakota... Coffee?

Sat, 01/18/2014 - 15:54 | 4344359 HyperinflatmyNutts
HyperinflatmyNutts's picture

I call Bullshit!!   I have to know well over 100 people and none of them have investable assets that come even close to a $1 million and I live in Boston, Ma

Sat, 01/18/2014 - 17:56 | 4344603 TheReplacement
TheReplacement's picture

I know many near Boston.  They tend to be business owners, doctors, and lawyers.  Often they will be a combination, doctor who owns his own practice, for example.  I also know people who look like bums but own multiple beachfront rentals.  There is a lot of old money around Boston.  A good many of the really rich do no work at all, they inherited it all.  Some have a job at Dad's company but they do nothing of use besides creating more work for the admin staff by breaking things and complaining.

There is a lot of wealth around Boston.  There is a great deal of disparity around Boston.  If you are in the wrong pocket you may never see, and realize it, a really rich person.  If you do want to see one just find where they park:

http://www.huffingtonpost.com/2013/06/14/boston-parking-spots-lisa-blumenthal_n_3441390.html

Sat, 01/18/2014 - 16:01 | 4344363 falak pema
falak pema's picture

So libertarians; this is the true nirvana of Pax Americana : Manifest Destiny.

As Geronimo found out it's not something to be shared, unless you be a Skull and Bone cum Kappa Beta Phi !

PS : Is 5% (one in twenty) the true ratio of the glory class?

If so wow! You guys have raped a lot more people than I thought. Of course if the net worth is in stone its not liquid and sitting in an off shore bank. 

Thats more like Europe. We are truly stone henged.

Sat, 01/18/2014 - 16:28 | 4344422 Spastica Rex
Spastica Rex's picture

It's the 80% vs the 5% + their enablers.

peaseants, gentry, nobility

Middle Ages 2.0 coming soon.

Sun, 01/19/2014 - 05:52 | 4345546 trader1
Sun, 01/19/2014 - 16:12 | 4346499 tip e. canoe
tip e. canoe's picture

time to inhabit invisible planets

Mon, 01/20/2014 - 14:54 | 4348671 trader1
trader1's picture

there are plenty of "invisible planets in our minds" ;-)

though, i've been thinking lately that the future to preserve the human race lies outside earth.

if we continue emitting C02 into the atmosphere at the same trend rate, we're going to eventually make our current spaceship uninhabitable for human life.  

elon musk is talking about vegetarian colonies on Mars in the 2020s, but who knows what other interesting places we discover before then.

Sun, 01/19/2014 - 16:42 | 4346559 tip e. canoe
tip e. canoe's picture

time to inhabit invisible planets

Sat, 01/18/2014 - 17:15 | 4344526 NidStyles
NidStyles's picture

Except Libertarians are the only ones that are and have been against American Exceptionalism. You lefties though are doing a bang up job of keeping the course after Wilson, FDR, Kennedy, Johnson, and not the past 20 years...

Sat, 01/18/2014 - 17:19 | 4344534 Spastica Rex
Spastica Rex's picture

Except Libertarians are the only ones that are and have been against American Exceptionalism.

We anarchists beg to differ.

Sat, 01/18/2014 - 17:58 | 4344615 TheReplacement
TheReplacement's picture

Do you know why anarchists will never have a world they like?  They can't get organized.

Seriously, anarchists will always get crushed.  It's the nature of things.

Sat, 01/18/2014 - 19:13 | 4344756 Spastica Rex
Spastica Rex's picture

I was responding to NidStyels' contention, not to some hypothetical statement on the likelihood that "anarchists" will  someday realize a world that a homogenous "they" (who?) will like.

I'm personally not crushed - seriously. That's good enough for me.

Sat, 01/18/2014 - 20:00 | 4344849 falak pema
falak pema's picture

According to ZH parlance the libertarians are some sort of residual tribe of old Virginians spawned under Jefferson from puritan roots who believe that anarcho capitalism and the "invisible hand" of Great White Man's Market will keep the world on an even keel and avoid Big Business or Big State from running the show into the ground. As a particular trait this tribe hates "south paws"; lefties.

This tribe, some sort of cross-breed between Austrian yodelers and bible carrying "tea-totalers", has decreed "the answer lies in the soil we toil" not in chinese cheepski labour hand of fu manchu poisoned fruit; which feeds the Neocon gravy pump in today's uber rich world. 

I won't argue with invisible hand or austrian yodeling. We all know the Sound of Music was great movie and Five Fingers a spy mystery of Manckiewicz's visible art. 

What I can't understand is how these yodelers can claim that gold is what makes a man's WORD nay even his ACTS come true as if the purity rubs off from metal to frail flesh.

I always thought people never lied so much as when under the spell of gold. 

If they lie these days for fiat think what it would be like for gold! 

Sat, 01/18/2014 - 20:05 | 4344858 akak
akak's picture

Falak, you use a great many words to say very little, and most of that rather poorly and/or ambiguously.

After several years of reading your rambling, cryptic posts, I am FINALLY going to say it: State your points and arguments CLEARLY and CONCISELY, or shut the fuck up already.  This is a forum for public discussion, not an artsy-fartsy poetry symposium.

Sat, 01/18/2014 - 20:30 | 4344918 falak pema
falak pema's picture

agreed, your opinion is just what it is. SO whats your topic?

Mine is Libertarianism has no real political foundation. And free markets and gold standards have been totally shown to be dysfunctional; something libertarians think is written in stone. 

Can't find that stone can you? One example where its worked. 

And, I never tell a man how to write his stuff. Its just a question of principle.

Free is speech; even when some screech. 

Sat, 01/18/2014 - 20:41 | 4344932 akak
akak's picture

 

And free markets and gold standards have been totally shown to be dysfunctional

Shown by whom?  Statists such as yourself, who desire power and control over others?  Because history demonstrates clearly and unambiguously the exact OPPOSITE of your specious lie.  Freedom works, slavery fails.

Are you stupid, ignorant or just evil?  Or some combination of the three?

I suspect the latter.

Sat, 01/18/2014 - 22:33 | 4345138 Spastica Rex
Spastica Rex's picture

What a bunch of crap. Don't agree with someone? Must be because they’re evil.

Histrionic BS.

Your  prosaic smugness is way more pretentious than any of FP's purple prose.

Sun, 01/19/2014 - 01:23 | 4345362 NidStyles
NidStyles's picture

You are an admitted socialist here, that means that your entire point of view is based upon Histrionics. Unless you some how missed what Histrionics actually is, and how it's derived from Dialectic Materialist philosophy....

 

Fuck me, the US can't even get decent fucking Socialists that actually understand the origins of their own philosophy, no wonder it's such a fucking mess.

Sun, 01/19/2014 - 12:07 | 4345863 Spastica Rex
Spastica Rex's picture

You got nothing but invective, dipshit.

Sun, 01/19/2014 - 01:20 | 4345360 NidStyles
NidStyles's picture

Politics is an invention of bankers to keep people from slaughtering them as they rob the world blind.

 

So yes sir, keep pushing those political opinions onto everyone.

Sun, 01/19/2014 - 08:35 | 4345628 Musashi Miyamoto
Musashi Miyamoto's picture

Anarchists can, will and continue to organize against the machine. I will admit that the vast majority of self identifying anarchists are punks and posers but the real shakers are out there and like to keep a low profile. You have to understand that these guys make a tiny footprint because these days an anarchist is just as bad as terrorists in the eyes of the MSM.

Today hundreds of millions work in the black market and over a billion squat. Lawlessness is real. Of course in the white preppy neighborhoods with the white picket fences, green lawns, two cars and a nice stable job people can read the newspaper and think they know the world... Travel and look for it, even in the USA anarchy is alive... People that live in books and numbers can't see a carrots length past their nose.

Sun, 01/19/2014 - 01:18 | 4345357 NidStyles
NidStyles's picture

Libertarians are the only real anarchists.

Sun, 01/19/2014 - 10:30 | 4345708 trader1
trader1's picture

bullshit.

most "libertarians" are theoretical = LINO = libertarian in name only - hardly anarchists who conform and continue to participate in the status quo.  

Sun, 01/19/2014 - 12:27 | 4345871 Spastica Rex
Spastica Rex's picture

Acolytes of St. Ayn.

Religion is religion, even if it's the Invisible Hand that one is worshipping.

I wonder what the Libertarian party line is on Anabaptist groups like the Hutterites and the Mennonites? Do they have the freedom to live the way they choose?

Come on NidStyles - you're a true Libertarian flag waver, let us know.

And Niddy, since "Libertarians are the only true anarchists," does that make you a true socialist? The mind boggles.

Sun, 01/19/2014 - 13:49 | 4346084 Creepy Lurker
Creepy Lurker's picture

Wow. I'm pretty sure none of you actually understand what a libertarian actually is.

Libertarian Viewpoint in One Easy Lesson:

Government has 3 legitimate functions. Period.

1. Protection of it's own borders via a volunteer military.

2. Enforcement of voluntarily entered contracts via a court system. (Which incidentally has no other function.)

3. Keeping the public peace via a severely restricted police force, i.e. they stop assaults occuring on the street, but they do not bust people for smoking pot.

 

Spaz, there is no "party line" on Anabaptists (or anyone else) that I'm aware of. If they aren't hurting anyone else why should we give a damn?

If anyone is telling you different, they are full of shit.

Sun, 01/19/2014 - 16:03 | 4346472 Spastica Rex
Spastica Rex's picture

I have no problem with libertarians, or even Libertarians. On the other hand, there are very few purity tests, L/libertarian or otherwise, that I would personally pass.

NidStyles is full of shit.

 

Sat, 01/18/2014 - 15:56 | 4344364 MedicalQuack
MedicalQuack's picture

Well this looks like a case of quantitated justification...folks that only analyze and don't write code get duped..."oh those numbers and formulas have to be right as they published the model and it has a square root in it and it's been in the news in dozens of place, must good stuff"...<grin>.

Keep pulling this stuff apart for what it is...I live in the OC in California and sure there's a lot of them here and I'm far from being one for sure, but I really do question the ratios here...quantitated justification numbers that could be nonsense...and I wonder if WSJ is going to be using the "journotbot" soon..software is called High Tail, very interesting stuff when you have the capability of bot to write news...scary...as a bot could take this story and republish/rewrite it to avoid all plagiarism and darn pretty soon with repetition you too will be drinking the Kool-Aid..

http://ducknetweb.blogspot.com/2013/12/quantitated-justification-for-bel...

You know what though if the journbot gets more circulation, that will stand to pump up readers here for sure...where's the truth...

Sun, 01/19/2014 - 01:05 | 4345346 Real Estate Geek
Real Estate Geek's picture

Lots up in SF too.  Whoever used the ATM ahead of me (probably intentionally) left their receipt in the machine.  They had $393,000.  In checking.

Sun, 01/19/2014 - 10:32 | 4345711 trader1
trader1's picture

that depositor looks like a great candidate to bail-in the bank when it suffers liquidity/solvency problems.  

 

Sat, 01/18/2014 - 16:02 | 4344376 Heroic Couplet
Heroic Couplet's picture

You don't look at any state in the United States unless you also include and reveal who has money sitting in offshore accounts. I appreciate the "both Democrats and Republicans are responsible" slogan. Take Kentucky. At present, Kentucky does not have a single Democrat US Senator. For the two Republican US senators, McConnell and Randy Paul, you look at their public disclosure statements for how much they are on the take from various lobbyist groups, then you disclosure how much money they each have sitting in offshore accounts. That's the total accounting for the state of Kentucky including Appalachia. Puts the BS right into focus.

Sat, 01/18/2014 - 16:05 | 4344382 Spungo
Spungo's picture

Print enough money and everybody can be a millionaire!

Sat, 01/18/2014 - 16:08 | 4344389 pitz
pitz's picture

BMW's?  The only thing they're good for is turning rich into poor.  Many a dentist and young "baller" been caught in the trap of those overpriced and under-performing pieces of junk.

Sat, 01/18/2014 - 17:30 | 4344548 The_Ungrateful_Yid
The_Ungrateful_Yid's picture

Back in the day I used to call BMW's (black mans' wishes), now I call them overpriced junk. My gf had a 2011 M5, cost her an easy 2 grand a year in maintenance. You cant even return the rotors when you need a brake job. Beautiful car but a nightmare on your finances over time.

Sat, 01/18/2014 - 16:09 | 4344392 socalbeach
socalbeach's picture

Useless article if it doesn't include all assets, like real estate, and doesn't subtract off liabilities like loans.

Sat, 01/18/2014 - 16:09 | 4344393 runthenumbers
runthenumbers's picture

I suspect the way they did this study was to include pension fund assets.  That is how the number is so big for CA.  We have some 2 million pulbic employees, and any cop or firefighter near retirement or retired would definitely qualify.

Sat, 01/18/2014 - 16:42 | 4344458 max2205
max2205's picture

Even lifeguards are millionaires in CA

Sat, 01/18/2014 - 16:29 | 4344425 SandiaMan
SandiaMan's picture

I'm a thousandair and thats the truth!

Sat, 01/18/2014 - 16:30 | 4344427 LMAOLORI
Sat, 01/18/2014 - 16:37 | 4344440 pitz
pitz's picture

Of course the Keystone will be built.  Do they really think that millions of barrels per day of oil are going to be stranded in Canada because of a few landowners and enviro-cry-babies? 

Sat, 01/18/2014 - 17:12 | 4344521 LMAOLORI
LMAOLORI's picture

 

 

 

Well we need jobs and energy.  In our area there was a big controversy over a sand mining operation that's moving in - there was a recall election (anti-fracking folks lost).

 

But my bigger point was the oil wasn't sitting it was moving via railroad  but  obama was against a pipeline before and given all the other crony policies I could easily see him changing his mind - warren buffet gave him 1 Billion good reasons with that donation.

Sat, 01/18/2014 - 18:02 | 4344626 TheReplacement
TheReplacement's picture

Is there a line on that in Vegas?  Smells like easy money.

Sat, 01/18/2014 - 16:50 | 4344442 darteaus
darteaus's picture

Here in Silicon Valley, it's a couple on Social Security in a house bought in the '80s for $120K, and now paid off.  Technically, they are millionaires-after a lifetime of making their house payments-because they sit on a "tear down" 3br/2ba.  They have little income, but they're "rich".

So, since the insatiable maw of government spending must be fed (or politicians [gasp!] lose their power], their wealth must be "scrutinized", i.e. attacked.  Next up as will be those with: gold, a IRA or 401K over $100K, a non-minimum wage job, etc.

Sat, 01/18/2014 - 17:02 | 4344501 aphlaque_duck
aphlaque_duck's picture

Oh please. Prop 13 + inflation made them into a parasite class, and now that con is falling apart. 

Sat, 01/18/2014 - 17:37 | 4344567 darteaus
darteaus's picture

Yup, as I said, their wealth is under attack.

Why is it "greed" to keep what you earn, but it's not greed to try to take what someone else earned?

This envy was seen as destructive a long time ago: "Thou shalt not covet thy neighbor's goods."

 

Sat, 01/18/2014 - 20:06 | 4344863 aphlaque_duck
aphlaque_duck's picture

Prop 13 = taxes for one class, but not for another.

Each man has the right to reclaim what was taken from him by force. But I don't think the beneficiaries of prop 13 can call themselves victims. They had a good run.

After a century of global planning, who can say any more what was rightfully earned. If you objected to the rules, then you are not to blame. All you can do now is buy the shiny and hope they let you live until the rebuilding.

Sat, 01/18/2014 - 16:38 | 4344443 q99x2
q99x2's picture

Here today gone tomorrow.

But this is a very encouraging report because 5% of the population are direct enemies and targets of the globalists. That means that the massive number of millionaires represent a formidable defense against the NWO (the bankers, the globalists and the worst sorts of vermin to crawl and slither). Poor people got no money but they want to fight just the same. We've got a force at our disposal to defeat every single globalist wherever they nest.

Sat, 01/18/2014 - 16:38 | 4344449 Caveman93
Caveman93's picture

53% more cost in housing to move to ND from NC. Sorry, past time I stop chasing moar bubbles.

Sat, 01/18/2014 - 16:44 | 4344463 tasmandevil
tasmandevil's picture

The Bank of N-Dakota being state-owned is not mentioned in the article or comments..?

Sat, 01/18/2014 - 16:45 | 4344467 buzzsaw99
buzzsaw99's picture

Fuck the other 95% we got ours bitchez.

Sat, 01/18/2014 - 16:50 | 4344478 Papasmurf
Papasmurf's picture

A million isn't that much if you're retired.

Sat, 01/18/2014 - 16:58 | 4344493 shepherd
shepherd's picture

Tell that to half the people in America who have nothing.

Sat, 01/18/2014 - 17:49 | 4344593 walküre
walküre's picture

When the system implodes the paper wealth, equity in houses, stocks and all that will be completely worthless. Maybe the people who have nothing will be able to come out ahead as they just don't know any different and they can emerge as leadership and lead from experience.

Sat, 01/18/2014 - 18:16 | 4344655 TheReplacement
TheReplacement's picture

That sounds great except they all went to public school and think the answer is more government.

Sat, 01/18/2014 - 22:00 | 4345075 Papasmurf
Papasmurf's picture

Many who have nothing have gone through a dozen new cars, ATVs, boats and all manner of other non-essentials instead of preparing for their future.  Cry me a river.

Sat, 01/18/2014 - 23:17 | 4345215 samcontrol
samcontrol's picture

having an atv and a boat is preparing for the future dipshit.

Sun, 01/19/2014 - 03:07 | 4345452 idontcare
idontcare's picture

When TEOTWAWKI comes, the odds are you, I, and everyone on this board won't make it even with an ATV, a boat, canned food, ammunition, a fortress, a moat full of gators, electrified walls, etc etc etc.  When it all goes, you'll be  saying  "bye, bye" just like everyone else.

Sun, 01/19/2014 - 07:25 | 4345590 samcontrol
samcontrol's picture

wtf is titwanker ?

you may be right , and i' ll have to say " chau" , but I don't give a shit, I have stared at death.q

as long as I can run over at least one of these ass neighbors i have.

Sun, 01/19/2014 - 08:11 | 4345619 negative rates
negative rates's picture

Now we're even.

Sat, 01/18/2014 - 22:51 | 4345164 I Write Code
I Write Code's picture

Yeah but tell it to the retiree who has $1m cash but no other retirement plan than social security, compared to someone who "retires" at age 50 from a civil service job with a $60k/year payout (much less some of these pathological California cases that are 2x or 3x that or more).  At today's interest rates the NPV on that is about a zillion.

And just wait until the feds seize all private retirement accounts for the good of the people.

Sun, 01/19/2014 - 01:02 | 4345341 Jam Akin
Jam Akin's picture

NPV?  Govt pensions are fine until they stop paying out in currency with any purchasing power.

Sun, 01/19/2014 - 03:02 | 4345443 idontcare
idontcare's picture

Especially when you have to risk it all to get the same rate of return which you would have gotten in a risk free MMA 10 years ago.  $1M might have been the threshold for high net worth in 2000.  Now the threshold is $10M and even with $10M, you won't get very many private bankers calling you first with the best high return, low risk products out there.

Sat, 01/18/2014 - 17:40 | 4344575 10mm
10mm's picture

Most of the states with $$$ have tough gun laws against their citizens.

Sun, 01/19/2014 - 01:25 | 4345365 are we there yet
are we there yet's picture

That is to help the robbers redistribute the the wealth.

Sat, 01/18/2014 - 17:46 | 4344586 walküre
walküre's picture

$1+ million "assets"

What are they including in these assets? Houses and stock portfolio?

yeah, good luck with that when equity is negative and the system implodes.

Sat, 01/18/2014 - 17:49 | 4344594 bonin006
bonin006's picture

This place:

http://politicalcalculations.blogspot.com/2013/01/the-distribution-of-ne...

says in 2010 5% of US households had TOTAL assets of over $900,000, so like many of you suspect, 5% having over $1,000,000 investable assets seems too high.

Sat, 01/18/2014 - 18:38 | 4344690 Hungarian Pengos
Hungarian Pengos's picture

Some asshole paid me 10,000 bitcoins for a pizza.  Now I'm a millionaire 10 times over.

Sat, 01/18/2014 - 20:06 | 4344862 novictim
novictim's picture

STOP!  This article is complete BULL SHIT.  This is part of a misinformation campaign

 

The latest meme in radical Conservative Economics is that there is really -no- dramatic shift toward wealth inequality.  The message is supported by a poorly defended contention that the calculations of many many economists that find wealth inequality...are wrong.  

 

Of course, this lie is not supported by its own the evidence as presented and it flies in the face of dozens of well respected economic journals.  Never the less, the BIG LIE once repeated sufficiently often and vociferously enough can effect perceptions which is the goal...and of course the end point is lower taxation for the wealthy.

Sat, 01/18/2014 - 21:04 | 4344972 honkadoo
honkadoo's picture

Wonder where some of ZH's readers stack up here.  Surely a lot of readers are traders and are pretty good. If you're good enough to trade on your own, you've probably done well in 2013. ZH has great content but sometimes you see comments that are angery at what is of course a broken system but in the context of this article and state ranking, many here probably did well overall.

Sat, 01/18/2014 - 21:39 | 4345034 stiler
stiler's picture

Maine probably has done better under the leadership of Gov LePage, who is a tough sob who pulled himself out of poverty despite the sorry leftists like Baldacci whining that their failing welfare state cant continue-- to fail.

Sat, 01/18/2014 - 21:43 | 4345042 W.M. Worry
W.M. Worry's picture

These are useless statistics. You need to include demographics. You wouldn't expect many under 30 YO households to make the cut or young single parent households. While most over 60, healthy, never divorced, educated, unaddicted households would almost certainly have 1M in assets. I do and I feel like a poor relation among my peer group. 

Sat, 01/18/2014 - 22:15 | 4345104 q99x2
q99x2's picture

Looks like a termperature distribution map. Who wants to spend their life in the house freezing while they make money.

That's no way to live.

Sat, 01/18/2014 - 22:35 | 4345142 zenharmonics
zenharmonics's picture

North Dakota is the only state in the union running a surplus.  The reason?  A public banking system.   Educate yourself:

http://www.yesmagazine.org/new-economy/the-north-dakota-miracle-not-all-...

 

 

Sun, 01/19/2014 - 05:26 | 4345532 Seer
Seer's picture

Educate yourself:

http://taxfoundation.org/article/federal-spending-received-dollar-taxes-...

2005 data shows that North Dakota ranked 6th in receipt of federal tax dollars.  Paid in $1.00 and get back $1.68.  Pretty good return.

Sun, 01/19/2014 - 12:06 | 4345861 novictim
novictim's picture

North Dakota is on welfare.  It is not a donor state but is a reciever state for Federal assistance.

 

Sun, 01/19/2014 - 12:48 | 4345927 dexter_morgan
dexter_morgan's picture

Well, if Van Jones says YES magazine is awesome then you know it's good.......

 

http://voices.washingtonpost.com/44/2009/09/06/van_jones_resigns.html

Sat, 01/18/2014 - 22:40 | 4345147 I Write Code
I Write Code's picture

1.  A million bucks ain't what it used to be.  A million bucks today is what maybe $100,000 was when I was a kid.  Or maybe $50,000.

2.  Why exclude real estate?  HOW exclude real estate - if someone has a $1m house in Los Angeles (1400 square feet built in 1932 on 1/8 of an acre), and borrows $800,000 against it, then they get over the "investible funds" hurdle, but not if they don't borrow?

3.  And just where do they get their purported data anyway?  Has the NSA been plucking my unshredded credit card bills from the trash again?

Not that I'm arguing with it really, just sort of wondering, and not greatly caring.

Probably more meaningful and angst-generating if the filter is $10m not $1m.

Sat, 01/18/2014 - 23:08 | 4345197 teslaberry
teslaberry's picture

This article is meaningless in  a society leveraged up the ass with EVERY MAJOR ASSET CLASS PRICED THROUGH A MORTGAGE OR DEBT MARKET. the number and distribution of ultra-rich folks is obviously on the coasts and texas.  

the 'millioinaires' are landed peasants we call upper middle class . for most of the , their millionair status can easily disappear. it is only a number after all, a number attached to a car, home, business, or a set of securities in most cases.  and those prices are all dependent on debt markets. 

can those prices go up? sure , but in this overleveraged puffed up economy , higher prices doens't really make them wealthier because after all, if everyone tries to sell at the same time---those prices drop. 

and the odds of the panic sale are of course slowly increasing as debt markets are strung up by monopoloy mandarin money.

 

Sat, 01/18/2014 - 23:16 | 4345211 samcontrol
samcontrol's picture

funny how nobody mentions qe and this article.
qe was designed for Americans to RE gain the wealth they lost in the last derailment .
I mean if some of you are not filthy rich then the US loses it's world power status , it has nothing to do with subs
it has everything to do with how wealthy Americans are and are perceived worldwide..

Sun, 01/19/2014 - 00:03 | 4345275 Atomizer
Atomizer's picture

Consumer Credit - G.19

http://www.federalreserve.gov/releases/g19/Current/

Vital Signs Chart: Americans Take On More Credit-Card Debt

http://blogs.wsj.com/economics/2013/07/09/vital-signs-chart-americans-take-on-more-credit-card-debt/

How does one define wealth to debt obligations? Are these individuals buying high end products in cash or financing? Again, what is the definition of wealth for these individuals?

 

Sun, 01/19/2014 - 00:24 | 4345303 sgorem
sgorem's picture


(1) Vast Stretches Of Impoverished Appalachia Look Like They Have Been Through A War

(2) WEST VIRGINIA.............TWENTY NINE THOUSAND, THREE HUNDRED AND SIXTY SEVEN MILLIONAIRES....... So, in which one of the articles is the most bullshit spread? .......Impoverished Millionaires..................?

Sun, 01/19/2014 - 02:10 | 4345387 Atomizer
Atomizer's picture

Stay on top of old news to see who repeats it again. Then, go in for the kill..  :)

 

3 West Virginia Coal Plants to Close

Multitude of woes drive WV's cleanest coal-burning power plant to bankruptcy

 

Think electric powered cars & Google buying Rat’s Nest.

Sun, 01/19/2014 - 07:58 | 4345611 Catullus
Catullus's picture

Perhaps those people are contractors and corporate lawyers that work in DC or Bethesda. They only work 3 days a week in the city if they decide to show up.

Sun, 01/19/2014 - 02:17 | 4345400 bobcromwell
bobcromwell's picture

Every Zimbabwean's are billionaire

Sun, 01/19/2014 - 02:27 | 4345405 Serenity Now
Serenity Now's picture

If you exclude real estate, then you make a lot of people (especially in the South and other rural areas) look poorer than they are.  Many of those people own their land outright (and a lot of it).

A real balance sheet looks like this:

ASSETS - LIABILITIES = OWNERS EQUITY

Using that formula, the number of millionaires per capita would be much closer to zero.

This article is meaningless.

Sun, 01/19/2014 - 02:47 | 4345419 Atomizer
Atomizer's picture

You’re correct. Another obvious observation, no corporate car dealerships. Just small resellers turning the keys over to someone who cannot afford a 25K automobile.

Cullman Liquidation < video on their housing market in 2009. They don’t fuck around in the south by asking if you have a EBT card. Simply amazing!

 

Sun, 01/19/2014 - 03:12 | 4345460 Seer
Seer's picture

That video is biased!  They're claiming that mobile homes only come in two pieces (halfs)- wrong! :-)

If that guy thinks he's tough weilding a chainsaw with one hand let's see him try it while balancing inside a raised tractor bucket!  Note to self: don't try That again! (balance was tricky, ended up finishing a cut and let the saw come down on one of the loader arms a bit- slight trace of a story there, quick way to dull a chain)

Sun, 01/19/2014 - 03:48 | 4345494 Atomizer
Atomizer's picture

Seer,

 

Behind the scenes in making commercial video. Would you like me to ship you a sock, duct tape or Obama's penis pump?

 

How We Sell Trailers- Making the Cullman Liq Commercial

Sun, 01/19/2014 - 05:06 | 4345525 Seer
Seer's picture

"Because walking and pointing is epic."  Ha ha!

"I've been in this business for twenty years and I'm about to get out."

Do NOT follow this link or you will be banned from the site!