Dick -
Yes that's done on a net asset value. That means alot of these
millionaires, especially, have all of their wealth in their property
which the mortgage is paid off. I can vouch for the fact that eventhough
my Dad's house is now worth 10 times what he paid for it 20 years ago, it
doesn't mean he has a pile of cash in the bank!
Cheers,
Alan
'53 BN1 '64 BJ8
On 1/24/06, Richard Hosmer <rahosmer@citlink.net> wrote:
>
> The current US population is almost 296,000,000. If there are 8,200,000
> millionaires, that is just 2.77 per cent. I would have thought it would be
> higher. Many senior citizens are living in fully-paid-for homes totaling
> well over half a million, without counting any savings or possessions.
>
> And, certainly, I know that there are MANY who are desperate - but, we're
> not talking AVERAGES here - just raw numbers.
>
> I wonder how millionaire status is determined? Can't just be income.
>
> Well, I'm not going to WORRY about it - it's too late!! :-)
>
> Dick Hosmer
> 1962 BT7 Tricarb (driver)
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