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More than 8% of American adults are millionaires.

Hamartia Antidote

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Odds are you know at least one millionaire.

More than 8% of adults in the U.S. have enough assets to fit the definition, according to the Global Wealth Report 2020 by Credit Suisse. That works out to more than 20 million Americans.

Chris Hogan, radio host and author of the book “Everyday Millionaires,” surveyed more than 10,000 of those wealthy individuals to figure out their secret to success.

Hogan quickly learned that most millionaires aren’t the jet-setters you see on television.

“These are regular, hardworking, everyday people. They’re not flashy,” he said. Most of them accumulated their wealth over time by making wise decisions, according to Hogan.

And having a particular mindset almost universally contributed to their success, Hogan said. He found that around 97% of millionaires surveyed believed they were in control of their own destiny.

That is much higher than the 55% of the general population Hogan found to hold the same opinion.
 

Hamartia Antidote

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That was already debunked as it was extrapolated from surveys not actual numbers.

But since their research started circulating, some economists and sociologists have pushed back, arguing that the Edin and Shaefer’s research — which relied on surveys — underestimated the support very poor households get from welfare programs that provide benefits “in kind” rather than through cash.

That’s because many people frequently fail to tell surveyors about government programs they benefit from, meaning surveys can “underreport” assistance. The Supplemental Nutrition Assistance Program (formerly “food stamps”), in particular, is a crucial support for many of these families, and would place most above the $2/day line if respondents included them in their responses to surveys.

The most comprehensive response to date — by University of Chicago professor Bruce Meyer, his colleagues Derek Wu and Victoria Mooers, and the Census Bureau’s Carla Medalia — has just been publicly released, and concludes that true $2-a-day poverty, after adjusting the data properly, is extremely rare.

“Our best estimate of the extreme poverty rate,” they write, is 0.11 percent for individuals as of 2011. That implies that about 336,160 people are in extremely poor households, far lower than the couple million children estimated by Edin and Shaefer. The vast majority of those people, they argue, are childless adults, and the extreme poverty rate for parents is close to zero.



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...and if you are so concerned/fascinated about inequity in the US (or just the usual derailing of this thread) maybe you should start a campaign in China to take away the money from the successful people until all the 100's of millions of poor peasants catch up.
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FairAndUnbiased

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That was already debunked as it was extrapolated from surveys not actual numbers.

But since their research started circulating, some economists and sociologists have pushed back, arguing that the Edin and Shaefer’s research — which relied on surveys — underestimated the support very poor households get from welfare programs that provide benefits “in kind” rather than through cash.

That’s because many people frequently fail to tell surveyors about government programs they benefit from, meaning surveys can “underreport” assistance. The Supplemental Nutrition Assistance Program (formerly “food stamps”), in particular, is a crucial support for many of these families, and would place most above the $2/day line if respondents included them in their responses to surveys.

The most comprehensive response to date — by University of Chicago professor Bruce Meyer, his colleagues Derek Wu and Victoria Mooers, and the Census Bureau’s Carla Medalia — has just been publicly released, and concludes that true $2-a-day poverty, after adjusting the data properly, is extremely rare.

“Our best estimate of the extreme poverty rate,” they write, is 0.11 percent for individuals as of 2011. That implies that about 336,160 people are in extremely poor households, far lower than the couple million children estimated by Edin and Shaefer. The vast majority of those people, they argue, are childless adults, and the extreme poverty rate for parents is close to zero.

ah so getting tossed some scraps from food stamp programs is considered 'income' now.

maybe these are millionaires too.


since you think Vox is a reliable source maybe you can explain this as 40 million like camping, permanently, for fun.

 

KurtisBrian

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Citizens of Rome were VERY rich too. They looted, robbed, raped, plundered, killed and enslaved millions of people in Europe then in Africa and the Middle East. But the Romans had it easy, lives of pleasure and plenty. They were rich! Didn't care about anybody but themselves.

Then what happened when they took their foot off of the people they oppressed? Rome destroyed. So were they doing it right? Is that all there is? Crush or be crushed?
 
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Oracle

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It's called American dream coming true.

If you are in America and working as engineer Doctor lawyer finance, 90% will start to earn more than 0.1 million dollar a year after 5 to 8 year experience.

Business men will earn more.

And in Pakistan... Its all about survival only.

That is what they call American dream.
 

Hamartia Antidote

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ah so getting tossed some scraps from food stamp programs is considered 'income' now.

Why are you intent on splitting hairs? People of retirement age don't work either and get government benefits...are they all considered <$2 a day poor too?

All that was debunked was the number of people living on under $2 a day. Saying the surveyed people were not asked if they get government assistance. The < $2 day figure never mentions it requiring it to be work income.
 
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rent4country

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Why are you intent on splitting hairs? People of retirement age don't work either and get government benefits...are they all considered poor too?

To get an answer to your question- You must understand the wumao mindset :meeting: Irony is that his family paid big bucks for his American education. Here on PDF, he bashes us , but in China, his people call it a status symbol to be among us.
 

FairAndUnbiased

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Why are you intent on splitting hairs? People of retirement age don't work either and get government benefits...are they all considered <$2 a day poor too?

All that was debunked was the number of people living on under $2 a day. Saying the surveyed people were not asked if they get government assistance. The < $2 day figure never mentions it requiring it to be work income.

people of retirement age don't get paid in food. they get a check.
To get an answer to your question- You must understand the wumao mindset :meeting: Irony is that his family paid big bucks for his American education. Here on PDF, he bashes us , but in China, his people call it a status symbol to be among us.

Using US data reported in US media from US government and academic sources regarding the US economy is bashing?
 

KurtisBrian

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so then it's not money as they are not paid in legal tender. it's like being paid at a company store in scrip.

they are being paid in loaves of bread. Rome was doing a similar thing when it was about to fall. Tossing bread to the mob. Rome is the mob.

foreshadowing the future; Heavy Metal movie, short "Mob Rules!"
 

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