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Fidelity, the largest 401(k) provider in the US, has just released its third-quarter analysis titled "Building Financial Futures" that outlines the number of 401(k) millionaires hit a new high during the pandemic, reported WaPo. Fidelity said client balances of more than one million dollars for 401(k) accounts increased to 262,000, up 17% from the previous quarter. The number of IRA millionaires also increased to 234,000, up 15% in the quarter. Both breached the highs recorded in4Q19 when Fidelity reported 233,000 401(k) millionaires and 208,000 IRA millionaires.Market performance was primarily the reason for increases in 401(k) account balances in 3Q20. Despite...

A few weeks ago, I was talking to a relatively high-level sports executive about the election, which is to say we were discussing something terrible Donald Trump had said or done. We agreed that Trump was likely to lose. “But he could always still win — even Nate Silver says that,” I remarked. The executive then said something that stunned me, though the more and more I think about it, the more sense it makes. “If Trump wins, or if he refuses to concede, I’m telling you right now: There won’t be any sports for a month,” he said. “Maybe...

New Jersey Gov. Phil Murphy on Thursday announced a new deal with fellow Democrats to hike taxes on the state's wealthiest individuals and couple that with a one-time tax rebate for lower-income households. Under the plan, the state's gross income tax rate on individuals earning between $1 million and $5 million would increase from 8.97% to 10.75%. Wages over $5 million are already taxed at the top marginal rate of 10.75%. Someone earning $4 million would pay roughly $71,200 more in taxes each year, while someone making $1 million would see an increase of about $17,800 per year. Murphy's administration...

What’s NFL Sunday? You mean rich Democrats who hate and slander their fans playing football. Count me out! — Mark R. Levin (@marklevinshow) September 13, 2020

In response to a video in which Oprah Winfrey encourages white people to admit they are racist, radio legend Rush Limbaugh pummeled the popular black author and former television host. "This country is defined by people who came from nothing, like she did," Limbaugh said on his national broadcast Wednesday. "How in the world did she do it with so much white privilege and so much racism? Who in the world screwed up and let The Oprah become a billionaire? Which one of you white people made that mistake? Was it one of the King brothers who was her first...

The world’s wealthiest people are also the most mobile.High net worth individuals (HNWIs) – persons with wealth over US$1 million – may decide to pick up and move for a number of reasons. In some cases they are attracted by jurisdictions with more favorable tax laws, or less pollution and crime. Sometimes, they’re simply looking for a change of scenery.Today’s graphic, using data from the annual Global Wealth Migration Review, maps the migration of the world’s millionaires, and clearly shows which countries are magnets for the world’s rich, and which countries are seeing a wealth exodus.The Flight of the...

Late Monday night President Donald Trump tweeted that he would be halting immigration to the United States during the Wuhan coronavirus pandemic. He expanded on that decision during Tuesday's White House Coronavirus Task Force briefing, saying immigration will be suspended for the next 60 days. Failed presidential candidate Beto O'Rourke (D) took to Twitter to criticize the president's decision. Beto made the claim that Trump is "attempt[ing] to distract us from his total mismanagement" of the Wuhan coronavirus.

The term "millionaire" once inferred that a person was part of society's upper crust, able to enjoy luxuries most only dreamed of, including vacation properties and early retirement. The Gilded Age of the 1980s was all about flaunting excess, as echoed in movies like The Wolf of Wall Street and television series like Dallas and Dynasty. Back then one was perceived to be "rich" if he or she had an income of around $100,000, according to a USA Today article released on May 22, 1987. How Many Millionaires Are There in the U.S.? By 1989, American millionaires had become quite...

The staff, the ad spending, the campaigning -- Michael Bloomberg was going to do all of this to defeat President Donald Trump already. Doing it as a 'candidate' excempts him from limits on PACs and political donations. There is very good reason to believe Michael Bloomberg isn’t actually running for president.Of course, there is plenty of evidence to the contrary. For one, he declared he is. He’s also hired more than 1,000 staff and is still expanding, offering salaries far above campaign averages. This week, he became the first of the declared candidates to have campaigned in all 14 states...

Rep. Don Beyer (D-Va.) and Sen. Chris Van Hollen (D-Md.) on Thursday rolled out a proposal for a “millionaires surtax,” amid a growing interest from Democrats in increasing taxes on the wealthy. “This is a bill designed to address two major problems of public policy: the lack of revenue, and inequality,” Beyer said on a call with reporters. “It’s a laser-focused solution that requires those who benefited the most from the economy to contribute in a way they simply haven’t been asked to before.” The lawmakers’ bill, which is being co-sponsored by Sen. Sherrod Brown (D-Ohio), would create a 10-percentage...

Donald Trump Jr., a man who shares the same name as the President of the United States and is currently the executive vice president of the Trump Organization, said with a straight face on Wednesday night that he wished his name was Hunter Biden so he could “make millions off my father's presidency.” During an appearance on Fox News’ Hannity to hawk his upcoming book Triggered, Trump Jr. quickly turned his sights on the impeachment inquiry his father is currently facing. After Trump Jr. called it a “sham” and claimed “the reasonable people in the middle” support his dad, Sean...

Andrew Yang is widely identified as a “hi tech entrepreneur,” leading many people (including me) to assume that he is worth many millions of dollars, and independently wealthy. That made sense considering his plan to give a thousand bucks a month (borrowed, of course) to everyone (and it’s not clear to me if legal or illegal aliens qualify).But according to information in this column by James Freeman in the Wall Street Journal, he isn’t more than middle class, at least by the standards of Silicon Valley.  Julie Bykowicz reported in the Journal in May: Democratic presidential candidate Andrew Yang, a self-described...

An interesting new angle has emerged in the Jeffrey Epstein case. In August, the New York Times offered the following tidbit from Epstein. Mr. Epstein then meandered into a discussion of other prominent names in technology circles. He said people in Silicon Valley had a reputation for being geeky workaholics, but that was far from the truth: They were hedonistic and regular users of recreational drugs. He said he’d witnessed prominent tech figures taking drugs and arranging for sex (Mr. Epstein stressed that he never drank or used drugs of any kind). Back then, the Times was looking into Epstein's...

It sure pays to be a DC grifter. The Obamas are reportedly purchasing a 29-acre, 7,000 square foot $14.85 million mansion in Martha’s Vineyard. The home is currently owned by Boston Celtics co-owner Wyc Grousbeck. The Martha’s Vineyard estate (pictured below) was previously listed for $22 million, but the Obamas are paying less than the current listing price according to “multiple island sources.”

Sanders’ Song: ‘Leave It To Us Millionaires’ ‘Sanders on Steyer’s 2020 bid: ‘Tired of seeing billionaires trying to buy political power’. (The Hill, July 8, 2019) LOL! From Senator Bernie Sanders, whose Golden Rule seems to be it’s A-Okay to be a millionaire, but not a billionaire. Millionaires and billionaires have been trying to buy political power down through millennia—and sometimes enrich Socialist hangers-on like Bernie Sanders, who “somehow’ ended up with two mansions when he ran in DNC primaries back in 2016.

Gloria Vanderbilt left almost all of her estate to her youngest son, Anderson Cooper — and nothing to her estranged middle son, Chris Stokowski, according to her will. The document, filed Monday in Manhattan surrogate court, says the recently deceased socialite fashion icon’s eldest son Leopold “Stan” Stokowski will get her Midtown pad in a co-op at 30 Beekman Place, but “all the rest” of her property goes to the CNN host. Vanderbilt — the great-great-great-granddaughter of railroad tycoon Cornelius Vanderbilt — died June 17at age 95 after being diagnosed with advanced stomach cancer. It wasn’t immediately clear exactly what...

Gloria Vanderbilt left almost all of her estate to her youngest son, Anderson Cooper — and nothing to her estranged middle son, Chris Stokowski, according to her will. The document, filed Monday in Manhattan surrogate court, says the recently deceased socialite fashion icon’s eldest son Leopold “Stan” Stokowski will get her Midtown pad in a co-op at 30 Beekman Place, but “all the rest” of her property goes to the CNN host. Vanderbilt — the great-great-great-granddaughter of railroad tycoon Cornelius Vanderbilt — died June 17 at age 95 after being diagnosed with advanced stomach cancer. It wasn’t immediately clear exactly...

Democratic presidential contender Bernie Sanders announced he will release 10 years of his tax returns and revealed he is a millionaire thanks to his best-selling book 'Our Revolution.' 'I wrote a best-selling book,' he told The New York Times. 'If you write a best-selling book, you can be a millionaire, too.' Sanders said he would release his returns by Tax Day on Monday and said he hoped President Donald Trump would do the same. 'On the day in the very immediate future, certainly before April 15, we release ours, I hope that Donald Trump will do exactly the same. We...

Cuomo says only ‘very rich people’ can afford to drive into Manhattan By Carl Campanile April 4, 2019 | 9:46pm | Updated April 4, 2019 | 11:37pm Gov. Andrew Cuomo defended congestion pricing on Thursday, saying most motorists won’t be affected because only “very rich people” can afford to drive into Manhattan. “Outer-borough residents are not driving their cars into Manhattan. That’s not how they come in,” Cuomo said at the Association for a Better New York. “I’m a Queens boy. Only very rich people can drive into Manhattan. You have to pay the toll. You have to pay parking...

The largest donors on the left will be given a 'private briefing on investigations' into President Donald Trump by House Jud. Committee chairman 'Jerrold Nadler' during a 'secretive' Texas gathering this week, according to documents obtained exclusively by the Washington Free Beacon. 'The Democracy Alliance', a group of millionaire and billionaire funders of the liberal movement,is holding its Spring Partner Retreat and Strategy Conference at the Four Seasons hotel in Austin, where security has been patrolling the meeting areas since Wednesday. As always at the group's secretive meetings, all programming is off the record and closed to members of the...