Ed Driscoll

I Blame Haliburton

Super-rich population surges in 2006: survey“, Reuters reports:

The survey by Chicago-based Spectrem Group found that the number of U.S. households with more than $5 million rose from 930,000 in 2005. In 1996, there were only 250,000 U.S. households in the “ultra-rich” category, Spectrem said.

“The past few years have been nothing but astounding for wealthy Americans,” said Catherine McBreen, managing director of Spectrem, a consulting group that researches the affluent and retirement markets.

McBreen said the surge in household growth is underpinned by economic growth in recent years, which has fueled both stock market gains and also the market for private companies. She also ascribed gains to rising real estate valuations and favorable tax policies.

“The wealthiest households are the business owners,” said McBreen. She also said broader ownership of stocks has helped overall household wealth.

Shocka!* I need Reuters to tell me that broad stock and business ownership has helped to grow the economy?


* A term that America’s youth frequently used in the first decade of the 21st century, before Don Imus’ firing caused the overculture to undergo a cathartic introspection of America’s “Gangsta”-based rap culture and its ubiquitous misspellings.