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The number of millionaires in the U.S. keeps rising. The latest estimate is that there are now about 240,000 persons with net assets of over a million dollars. This amounts to one tenth of one percent of the population but in total assets this small band owns a staggering 417 billion dollars worth of property after deducting for debts. That is 12 percent of all the personal net worth in the U.S.
The idea that these wealthy people put a large part of their assets into State and local bonds to escape federal income tax turns out to be a myth. Tax exempt securities actually account for less than 5 percent of their net assets and about the same proportion as their
91.9%