The world is good in the land of the wealthy.
The number of U.S. households with a net worth of at least $1 million jumped 16 percent last year after dipping sharply during the financial crisis, an industry consulting group said on Tuesday.
Households with a net worth of $1 million or more, excluding their primary residence, totaled 7.8 million in 2009, up from 6.7 million in 2008, according to Spectrem Group....
The study also found ultra high net worth families -- those with at least $5 million -- grew 17 percent last year to 980,000, Spectrem said.
So in a year that saw unemployment go higher and higher, while home prices dropped lower and lower, the rich made out like bandits.
On the other side of the spectrum are the working class poor.
Fewer workers report that they and/or their spouse have saved for retirement (69 percent, down from 75 percent in 2009 but statistically equivalent to 72 percent in 2008) (Fig. 11, page 14). Moreover, fewer workers say that they and/or their spouse are currently saving for retirement (60 percent, down from 65 percent in 2009 but statistically equivalent to percentages measured in other years).
An increased percentage of workers report they have virtually no savings and investments. Among RCS workers providing this type of information, 27 percent say they have less than $1,000 in savings (up from 20 percent in 2009). In total, more than half of workers (54 percent) report that the total value of their household’s savings and investments, excluding the value of their primary home and any defined benefit plans, is less than $25,000.
Such irony in these two news stories.
class warfare
I don't know what else to call this, it's a wipe out for working America.