By Rick Kahler via Iris.xyz
A few weeks ago I wrote about the increasing use of the term “Investor Class” as an inaccurate and generally disparaging synonym for the rich.
The same day I wrote that piece, a reader sent me an article by Christopher Ingraham that appeared December 7, 2017, in The Washington Post. It was titled, “Economy is creating millionaires at an astonishing pace. But what’s it doing for everyone else?” In it he refers to another group that he calls the “Millionaire Class.”
Ingraham references a paper, issued in November 2017 by New York University economist Edward N. Wolff, that finds the number of households with a net worth of $1 million (measured in constant 1995 dollars) increased from 2.4 million households in 1983 to 9.1 million in 2016, a growth of 279%. The total number of households increased by 50% during this period, meaning the number of millionaires increased at over five times the rate of increase of the overall population. Keep in mind that all these numbers refer not to income but to net worth—the total value of a household’s assets (including retirement accounts, homes, and other property), minus debts.
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