millionaires

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Obama Backs Senate's Millionaires Tax

Says jobs bill will guard against Europe debt crisis fallout

(Newser) - President Obama delivered another plea for his jobs bill today, and said he approved of the 5% surtax on millionaires the Senate came up with to pay for it. “I’m fine with the approach they have taken,” Obama said at the press conference, though the New York ...

Senate Dems Float 5% Millionaires' Tax

Instead of the raft of tax changes President Obama proposed

(Newser) - Senate Democrats today proposed a 5% surtax on all income above $1 million as a way to pay for President Obama’s jobs bill—throwing out Obama’s more intricate suggestion for eliminating various tax deductions for the wealthy, oil companies, and other businesses. The surtax would hit all income,...

If We Took Buffett's Advice, How Much Would It Help?

Quite a bit—but it likely won't happen

(Newser) - Warren Buffett made waves yesterday when he told the federal government to stop "coddling" him and other wealthy Americans and raise taxes on the rich. His plan would roll back the Bush tax cuts on people who earn more than $1 million and on capital gains and dividends income,...

Warren Buffett: Raise My Taxes, Please

Let's have some real 'shared sacrifice'

(Newser) - Washington keeps talking about “shared sacrifice”—but it's not asking the mega-rich to join in, writes Warren Buffett in the New York Times . “While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue...

Millionaires Have 39% of the World’s Money

Less than 1% of the world's population controls almost half of the money

(Newser) - If you're wondering where all your money has gone, odds are a millionaire added it to his or her pile. Although millionaires make up just 0.9% of the world's population, they control 39% of its wealth—up 2% since 2009—according to a report by Boston Consulting...

Did 'Friday' Really Make Rebecca Black a Millionaire?

Forbes was wrong about the singer's payday, writes Annie Lowrey

(Newser) - Thanks to a song that’s inspired unrestrained hatred, Rebecca Black has been proclaimed a millionaire by no less an authority than Forbes —but that’s unlikely, writes Annie Lowrey in Slate after a quick analysis. For one thing, "Friday" has sold 30,000 copies, Billboard says; Forbes...

Four in 10 Millionaires Don't Think They're Rich
Four in 10 Millionaires Don't Think They're Rich
Poll Numbers
Mar 14, 2011 5:25 PM CDT

Four in 10 Millionaires Don't Think They're Rich

Many say they'd need $7.5 million to feel really wealthy

(Newser) - Poor millionaires. Sure they have more money than around 98% of the population—but does that really make them rich? Around 42% of them don’t think so, and fret over their retirement savings, according to a new survey from Fidelity Investments. “They are still worried about outliving...

Millionaire Finds Kid's Lost Credit Card, Charges Pizza

Dentist had $250 in cash on him

(Newser) - So a millionaire dentist stumbles across some student's lost credit card in a parking lot, and promptly goes inside the store to ... charge $40 worth of pizza? That's the sad-sack story of Richard Ludwig, according to Florida cops, who found him inside Mia Pizza Pasta Kitchen waiting on two pies...

Program Teaches Rich Kids How to Be Rich

6-week program will instruct scions how to handle wealth

(Newser) - Wealthy parents, worry not—your kid no longer has to end up like Billy Madison . Not, that is, if you enroll him in Global Fellows in Social Enterprise, a new internship for the scions of the mega-rich. The idea is to teach the college-age participants how to deal with money,...

Tax Cut Showdown: Dems' Two Options

Must win centrists as Bush cuts expire

(Newser) - When it comes to tax cuts, the Democrats’ options are few. Politically speaking, it’s too late to force the expiration of Bush cuts on those earning more than $250,000. But Dems have two notable choices, writes David Leonhardt in the New York Times : one, to let the Bush...

'Patriotic Millionaires': Raise Our Taxes

A handful of the wealthy form fiscal responsibility club

(Newser) - Some of the country’s richest people are asking President Obama to raise their taxes. More than 40 millionaires have signed onto a group called “ Patriotic Millionaires for Fiscal Strength ,” advocating a rollback of the Bush tax cuts for anyone earning more than $1 million a year. “...

More Than Half of Senators Are Millionaires

And Max Baucus, Debbie Stabenow out of the red

(Newser) - If you’re looking for a recession-proof job, try running for Senate. The combined personal fortunes of the upper chamber members rose 4% to $680 million last year, according to financial disclosure information reviewed by Roll Call . More than half of all senators, 54 lawmakers, are worth more than $1...

Millionaire Population in America Grows

Number of households with more than $1M in assets up to 5.5M

(Newser) - The number of millionaires is on the rise again. The population of rich Americans has been growing over the course of the year, even as the economy has stuttered over the first half of 2009 and poverty has increased . In the 12 months ending in June, the number of American...

US Millionaires Jump 16% as Market Rebounds

Ranks of rich, ultra-rich rising again

(Newser) - They've had a rough couple of years but America's rich are now getting richer again, according to a report from the Spectrem Group. The number of households with over $1 million in assets—not including the primary residence—jumped 16% last year to 7.8 million. The 69% rally in...

College Bosses Earn Record $1M+ Pay

Despite recession, school leaders' pay grows—with tuition

(Newser) - Lean times can go to the back of the class when it comes to college presidents. A record 23 of them raked in more than $1 million last year, up from nine in 2007. Not so surprisingly, many of presidents reigned at institutions among the 58 which charged more than...

How to Spend Your $333M Mega Jackpot

Lottery pot now tops $333M

(Newser) - With the Mega Millions jackpot at $333 million, ABC News investigates the best ways to spend it:
  • A new pad: "I would think they'd want to own a truly extraordinary home," says a real-estate agent. How about 3 townhouses in Greenwich Village, at just $16 million a pop?
...

Israel to US: We Won't Halt Housing in Jerusalem

(Newser) - Amid intense US-Israeli negotiations over settlements, Israel today brushed off Washington’s request to stop an American millionaire's housing project in East Jerusalem, the Jerusalem Post reports. Palestinians have complained that it would change demographics in the Arab-dominated area. But Obama "had crossed a red line" in asking...

Judge Quashes Trump's Suit Against Author

The Donald took issue with being called mere multi-millionaire

(Newser) - Donald Trump will have to live with being regarded as somewhat less astronomically wealthy, the Philadelphia Inquirer reports, after a judge today dismissed his defamation suit against Timothy O’Brien, author of TrumpNation. O’Brien estimated that Trump is worth $150-$250 million; Trump says he’s worth billions, and claimed...

Credit Crisis Snips Ranks of Super Rich

Millionnaires' club gets smaller as investments plummet in value

(Newser) - Won't somebody think of the poor millionaires? The global financial crisis has hit the world's "super rich" hard and left many of them merely extremely wealthy, the Financial Times reports. The number of "ultra high net worth individuals" with over $30 million to invest shrank by nearly...

What Really Happened in Astor's House

Millionaire's former staff say abusive son bilked her of $60M

(Newser) - A new book about Brooke Astor portrays the New York philanthropist as a frail, paranoid 105-year-old pressured to give up her fortune. Drawing on notes from Astor's former staff, Mrs. Astor Regrets describes son Tony Marshall's alleged bilking of her millions. Astor's staff "filled 30 journals over four years...

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