According to a new report from Wealthinsight, there will be more than 9.5 million millionaires in this country by 2017 showing a growth rate of 68%. The amount they possess will increase by 83% to just under 40 Trillion dollars. In 2012, total millionaires in the US was over 5.2 million possessing 21.6 Trillion dollars. In 2017, China is expected to have 2.3 million millionaires possessing 9.5 Trillion dollars, far less than the US. China may overtake the US in millionaires in 2035. We welcome this millionaire explosion in the US. But all this begs the question, is President Obama's fiscal policies top down or bottom up?
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