|
Articles

America Has More Millionaires Than Ever

Published in Business and Economy .

Despite excessive government involvement in the American economy, entrepreneurs still find ways to improve everyone’s living standards. And consumers have rewarded them handsomely according to recent reports.

Bloomberg detailed how the number of wealthy individuals in America hit a new high in 2018. A survey from the Specrtrem Group found that roughly 10.2 million households had a net worth within the range of $1 million and $5 million. This number of households is about the same population size as Portugal or Sweden. These latest figures are a 2.5 percent increase from 2017.

Spectrem Group President George Walper, however, did point out that the rate of growth for the number of wealthy households in America has been slowing down because of  “weakening global economic growth and a contentious U.S. political environment.”

Additionally, “ultra-high net worth” households — households possessing assets between $5 million and $25 million — grew to 1.4 million, representing a 3.7 percent increase.

Households with assets higher than $25 million grew by 0.6 percent to 173,000. Despite signs of slowing growth, the number of America’s wealthiest has doubled since the Great Recession started.

Even with a highly regulated economy, America still demonstrates how even shackled capitalism can still yield tremendous results. American entrepreneurship still finds ways to innovate in spite of the obstacles, like its burdensome tax code and out of control regulatory state, in front of it.

A society that maintains a strong degree of respect for private property like the U.S. can still thrive economically, as it has demonstrated over the past century.

Nevertheless, this system can still be perfected by scaling back the size of government on all fronts. Sadly, many people don’t realize how much red tape the American economy must put up with. Some estimates show that regulatory compliance costs the economy $1.9 trillion annually. So before political figures like Alexandria-Ocasio Cortez declare capitalism to be “irredeemable”, let’s start actually making it easier for people to make a living for once.

If we want to crush poverty and create a wealthier society, we should break free from the regulatory shackles that hold millions of businesses and individuals down. There is no bigger obstacle to creating wealth than government intervention.


World's Smallest
Political Quiz

Take the Quiz

Login for the
Best Experience

Password Reset Confirmation

If an account matching the email you entered was found, you will receive an email with a link to reset your password.

The Advocates logo

Welcome Back.

No account? Create one

Click "Sign Up" to agree to The Advocate's For Self Governments' Terms of Service and acknowledge that The Advocate's Privacy Policy applies to you. You also consent to receive our email newsletter which you can opt out of at any time.

The Advocates logo

Join free or login to save results.

Save your results & progress. It's free, forever.

Already have an account? Login

Click "Sign Up" to agree to The Advocate's For Self Governments' Terms of Service and acknowledge that The Advocate's Privacy Policy applies to you. You also consent to receiving our email newsletter which you can opt out of at any time.

The Advocates logo

Sign in with email.

Forgot your password?

The Advocates logo

Sign up with email.

Note: Your password will be generated automatically and emailed to the email address you specify above.

Take the world's smallest political quiz.