As Stocks Rise, So Does the Number of Millionaires
Black Enterprise Magazine July/August 2018 Issue

stocks riseNow that the U.S. stock market has reached a record-breaking high, the number of millionaires is not too far behind.

The number of American households worth $1 million or more – excluding the value of their homes – surged to nearly 9 million, just shy of the 9.2 million households during pre-recession days. The stock market crash during 2007 and 2009 caused the rankings of millionaires to plummet to as low as 6.8 million households in 2008. Now that number is at 8.99 million.

However, the spike in U.S. millionaires is a stark contrast to those who are not. More than 12 million Americans are still unemployed, incomes are flat and more than 40 percent of the jobless have been out of work for six months or more.

Read more at Washington Post.

Join the Conversation

Gerren Keith Gaynor (@MrGerrenalist) is a freelance journalist based in New York City. He has been published in the New York Times, ESSENCE magazine, EBONY.com, New York Amsterdam News, Loop21.com and Newsone.com. Gaynor received his master degree in Journalism from Columbia University and his bachelor's in English from Morehouse College.


MORE ON BlackEnterprise.com