Every Two Days a Millionaire Becomes a Billionaire

Every two days last year, a multi-millionaire in the world became a billionaire, according to a new report released by Oxfam. It's called a rigged global economy and this is how it works:

Why This ‘Patriotic’ Millionaire Wants to Raise Taxes on the Rich

‘We own Congress. We own the White House. We wealthy people are running the country.’ — Here's why self-described Patriotic Millionaire Stephen Prince wants to raise taxes on the rich.

Stephen Prince is a multi-millionaire who made his fortune as the CEO of National Business Products, a company that manufactures plastic gift cards for retailers across the country. Unlike most millionaires, however, he is calling to reform the tax code and make the wealthy pay their fair share. By taxing the rich, Prince believes we can provide Medicare for All, mandate a living wage for workers, and eradicate income inequality. Prince got brutally honest in this video for NowThis explaining that the rich are in charge — in Congress and in the White House — and they are acting in their own interest for their own benefit. Prince believes that raising the minimum wage will increase consumption and we're better off putting money into the hands of people who will spend it in the economy than those at the top who already have plenty of money. Prince also says that the wealthy people in charge do not car if the economy improves just if they're making more money.

The Ka-Ching Dynasty! - China

Brazil's Millionaires Increasing in Numbers
Brazil's booming economy has helped bring millions of more citizens into the country's middle class population in the last decade.

According to a new report, the upper class is also rapidly expanding with 19 new millionaires a day in the world's fifith largest economy.

Gabriel Elizondo reports from Sao Paulo, Brazil.

News Hub: Millionaires Control 39% of World's Worth
WSJ's Robert Frank details a new survey showing millionaires are back in force, controlling nearly 40% of the world's wealth

Etats-Unis : le nombre de millionnaires a augmenté
lePARISIEN.fr: Les riches ignorent la crise. A croire même qu'elle leur profite... Aux Etats-Unis, en tout cas, les millionaires (en dollars) sont de plus en plus nombreux. Selon une étude publiée mardi par la société de conseil Spectrem Group, leur 
nombre a augmenté de 16% en 2009, alors qu'il avait chuté de 27% l'année précédente.

En 2009, environ 7,8 millions de ménages américains disposaient d'avoirs équilanets ou supérieurs à un million de dollars, sans compter le capital investi dans leur résidence principale. C'est donc 1,1 million de ménages en plus qu'en 2008, année où l'économie atteignait son plus bas niveau depuis 2003 et où le nombre de millionnaires américains chutait.

«Bien que (le nombre de millionnaires) soit encore loin de son record de 9,2 millions de personnes en 2007, la hausse observée cette année (2009) n'en constitue pas moins une nouvelle bienvenue pour une économie encore en phase de reprise», a commenté George Walper Junior, président de Spectrem Group. >>> Ph.L. | Mercredi 10 Mars 2010

Britain's Millionaire List Shrinks in Face of Recession
THE GUARDIAN: UK has 242,000 millionaires, down from a peak of 489,000

Britain's millionaires' row has nearly halved in size due to the slump in property and share prices.

The number of millionaires in the UK has fallen from 489,000 at the peak of the economic boom in 2007 to 242,000, reducing the elite club to 2003 levels. Soaring property prices stoked a boom in the British rich list but the collapse in the housing market has suddenly reduced the net worth of thousands of former property millionaires.

The Centre for Economics and Business Research (CEBR) said a very large number of people had entered the lower echelons of the rich list due to the runaway property market and had dropped straight out again once prices faltered, falling 17.7% in the last year.

"Having just crept over the threshold, most of these people have crept back under it again - many, perhaps, without ever knowing that they had become millionaires for a temporary period," said Douglas McWilliams, the chief executive of CEBR.

Owners of buoyant share portfolios have also seen their asset base deteriorate, with a 70% drop in City bonuses also playing a part in the decline. >>> Dan Milmo | Wednesday, May 27, 2009