The number of wealthy households in the U.S. reached a new high last year, roughly equivalent to the entire population of Sweden or Portugal. More than 10.2 million households had a net worth of $1 million to $5 million, not including the value of their primary residence, according to a survey by the Spectrem Group. That’s up 2.5 percent from 2017.
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The number of Americans in the wealthiest category has more than doubled since the Great Recession, the survey found, even as the rate of increase has eased.
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While I am sure there are those who would decry the “concentration of wealth,” especially if they are not millionaires themselves, the real story here is how wonderful the free-market system is that gave these millionaires the opportunity to make a fortune, while the Swedish system did not do the same for their citizens.
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