Last week's census data documented that poverty is growing and the national median income is declining. 22% of US children live in poverty, while social security keeps the poverty rate for senior citizens to 9%.
While poverty grows, America is home now to 10 million millionaires or 3% of the 309 million population. These are individuals with net worth of 1 million dollars or more.
The millionaire population is projected to grow rapidly over the next 10 years. CNBC reports today that Deloitte Financial Services believes that America will be home to 20 million millionaires by 2020. If so, given projected population growth, more than 5% of Americans will be across the million dollar threshold.
CNBC also reports that 20% believe that they could become millionaires. The health of stock and real estate markets will have a lot to say about whether those dreams and hopes are achieved.