By Samuel Gonzalez
Jun 26, 2024, 16:59 PM EDT
There are 22 million rich people with assets worth more than $1 million in the United States, according to data from Zippia, a portal with job listings. This represents 8.8% of the country’s total population and a large 39% of the millionaires in the world. The important thing here is not how many have a large monetary fortune, but rather the impact this generates on the nation’s economy and, therefore, how that affects each of us, who do not have those amounts in our bank account.
According to Capgemini’s Global Wealth Report, the number of millionaires in the United States increased significantly in the last year. The country added 500,000 millionaires last yearand this specific segment grew by 7.3% in 2023.
The total wealth of This group of wealthy people grew by $26.1 billion dollars7% more than in 2022.
“The solid economic resilience, cooling inflationary pressures and a formidable stock market rally “Americans fueled the push,” the report says. “The S&P finished the year with a 24% gain, while the Nasdaq Composite rose nearly 43%, boosted by revitalized technology stocks. “Interest in AI catalyzed the tech rally, boosting U.S. stocks.”
Current conditions not only benefit millionaires, These help improve the economy in generalincluding that of many people in the United States.
According to an economist at the American Institute for Economic Research, Peter C. Earle, wealthy Americans own businesses, either directly or indirectly. This situation is the engine of the country’s economy, since new sources of employment are created and sustained.
History shows us the disdain that is shown to the figure of wealthy people. On many occasions, they are related to illicit activities, such as cheaters or tax evaders. In fact, the Internal Revenue Service (IRS) seeks to the richest taxpayers in the country pay more taxes or establish mechanisms to prevent them from evading them.
However, despite all these myths, which speak of greater knowledge about how money works and the tools that the law allows, the reality is that Many millionaires are entrepreneurs and build successful businesses. If they do not exist or do not start a business, the chances of getting a job will be lower.
An additional way millionaires help the economy is through tax revenue. Even with the instruments to reduce their contributions, in general, Millionaires tend to pay more taxes compared to people with lower incomes.
With that income, the government generates bigger and better public programsmany of them with social features, such as Social Security or SNAP food stamps.
These benefits do not hide the sun with a finger: the concentration of wealth among the richest in the country also have led to greater income inequality in the U.S.
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