As I'm doing some research, I come across some interesting things.
There's a great WSJ blog called "The Wealth Report" by Robert Frank, who wrote an excellent book called "Richistan" in which he makes a case that the world's wealthy have essentially formed a shadow (let's call it virtual as it sounds nicer) nation "where the top 1% control $17T in wealth, have their own health care system (concierge doctors), travel system (private jets, destination clubs) and language. (”Who’s your household manager?”)."
As this chart shows, the US is cranking out multimillionaires at a record pace with super-rich (more than $10M) households doubling in the past decade. What's scary is that doubling the amount of people who have more than $10M per household (from 300K to 600K) means there's $3,000,000,000,000 less available for the other 98% of the of the households as MONEY IS A COMMODITY and can only be possessed by one person OR another.
Another 5M households gathered up $1M of wealth for another $5T and our nation's 1,000 Billionaires added another Trillion desperately needed dollars to their household budgets to pay for, according to travel and liesure; Yacht Rentals, Villa Rentals, "Experimental Excursions", Luxury Cruises, Vacation Home Rentals, Spa Services.. (and have you seen the price of Cristal these days?). The cost of the AVERAGE high net worth individual's summer spending on these luxury items was $1.2M.
|Summer Activity||Average Planned Spending|
|Out-of-home spa services||$61,000|
While you hear a lot of talk of wealth creation for all, our M1 money supply (before the Fed stopped measuring it's out-of-control growth) was adding "just" $1Trillion a year to the global economy. If the wealthy households gained $9T in value over the past 10 years, EVEN WITH THE FED MINTING AN AVERAGE OF $500B PER YEAR IN NEW MONEY, then the other $4,000,000,000,000 HAD to come out of the other 98% of US households.