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Politics : Formerly About Advanced Micro Devices
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To: SilentZ who wrote (229848)4/19/2005 1:05:23 AM
From: TimF  Read Replies (2) of 1573682
 
No one in my family has over 1 million in assets. In fact, I'd bet that no more than a couple percent of the population does

I wouldn't be so sure with the rise of housing prices. Very few people have either $1 million a year in income or $1 million of liquid assets, but its not unusual anymore of a house to be at least .5mil. Sure the houses are often mortgaged but I wouldn't be surprised to see more than a couple of percent have a million dollars of assets all around.

5 years ago I made a $3500 down payment on my house, now I probably have something like $160k or more in equity, and my house isn't that large or in any way special. Then you add in retirement accounts and other wealth. If a million is still very rare now it won't be for many more years barring a collapse in the housing market. I'm not saying its common to have or to pass on that much money but $1mil in assets doesn't equal an extreme amount of wealth anymore.

Tim
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