AMERICA HAS LOST 129,000 MILLIONAIRES IN 2011

6/15/12
Here is a question to ask every liberal. They believe that endless government spending will eventually bring America out of the Great Obama Depression. Could we have some evidence to support that theory? Greece has spent and borrowed until it could borrow no more. And Greek officials cannot tax any more, either. Corporations go bankrupt if they have too much debt. Nations simply have an economic collapse. Our debt is now at 103% of our Gross Domestic Product.
America’s millionaire population declined last year for the first time since the financial crisis, according to a new report.
The population of U.S. millionaire households (households with investible assets of $1 million or more) fell to 5,134,000 from 5,263,000 in 2011, according to The Boston Consulting Group’s Global Wealth study. Total private wealth in North America fell by 0.9 percent, to $38 trillion. The ultra-rich were the largest losers in dollar terms. Households in North America with investible assets of more than $100 million saw their wealth decline 2.4 percent. Their population declined slightly to 2,928 from 2,989. The main reason for all this wealth loss? Stocks.
Last year’s stalled stock market shrunk the population of millionaires and nicked the fortunes of existing millionaires. According to BCG, the amount of wealth held in equities declined 3.6 percent last year. While the United States lost nearly 130,000 millionaires, the rest of the world added 175,000 millionaires. There are now 12.6 million millionaire households globally, according to BCG.
The country with the highest “millionaire density” – proportion of population who are millionaires – was Singapore. More than 17 percent of Singapore’s households are millionaires. New York State accounted for the biggest migration exodus of any state in the nation between 2000 and 2010, with 3.4 million residents leaving over that period.
Net migration amounted to 1.3 million, representing a loss of $45.6 billion in income. More than 600,000 New York residents moved to Florida over the decade. The Sunshine State’s more lenient tax system – taking nearly $20 billion in adjusted growth income with them.Over that same time period, 208,794 Pennsylvanians moved to Florida, taking $8 billion in income. Because the state does not have an individual income tax, an estate tax, nor an inheritance tax. Between 2009 and 2010 alone, 40,195 New York residents moved to Florida, taking $1.3 billion in income.According to the group. The Empire State was ranked highest for tax burden every year from 1977 until 2006. New York State has a progressive personal income tax rate ranging from 6.45 percent to 8.82 percent for those earning over $2 million. Sales varies by county, and is between seven and eight percent. In Manhattan, the sales tax is 8.875 percent.
New York also levies a gasoline tax at 49.0 cents per gallon and a cigarette tax of $4.35 per pack, along with an additional $1.50 per pack in New York City.New York is also one of 17 states plus the District of Columbia that collects an estate tax, with a $1 million exemption and a progressive rate from 0.8 percent to 16 percent.
The Tax Foundation ranked the Golden State sixth highest in the nation for state and local tax burden in 2009.Between 2000 and 2010, the most recent data available, 551,914 people left California for Texas, taking $14.3 billion in income. Texas has no state income tax or estate tax.A total of 48,877 people moved to Texas from California between 2009 and 2010 alone, totaling $1.2 billion in income. Another 28,088 from California relocated to Nevada and 30,663 to Arizona, a loss of $699.1 million and $707.8 million in income respectively.Overall, California had the most departures between 2009 and 2010 – 406,883 people, representing a loss of $10.6 billion in income. Over that year 365,763 people moved there, representing a net loss of 41,120 residents.Since 2000 1.2 million more people have left California than have moved there, the second biggest net loss, after NewYork ,Florida, meanwhile, had a negative net migration of 966,934 between 2000 and 2010.
Texas also has a negative net migration – 807,552.

SOURCE: ROBERT FRANK

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