The number of millionaires rose to a record level in 2005, and more than 1.1 million of them can be found in just 10 counties.
By Jeanne Sahadi, CNNMoney.com senior writer
March 29, 2006: 11:37 AM EST
Nationwide, households with a net worth of at least $1 million excluding primary residences rose 8 percent to a record high 8.9 million, according to an annual report by TNS Financial Services, a market research and polling firm.

The firm's survey found that the millionaire households had an average net worth, excluding principal residence, of nearly $2.2 million, of which more than $1.4 million was in liquid, or investable, assets.

Their overall debt levels, meanwhile, fell by 8 percent, from $179,000 to $165,000.

Who's heading these households? TNS found the median age of the head of millionaire households is 58, and 45 percent are retired. Roughly 19 percent own in whole or part a professional practice or privately held business.

The millionaires next door
Ten counties across America with the highest number of millionaire residents.

Rank County No. of millionaire households
1 Los Angeles County, CA 262,800
2 Cook County, IL 167,873
3 Orange County, CA 113,299
4 Maricopa County, AZ 106,210
5 San Diego County, CA 100,030
6 Harris County, TX 96,593
7 Nassau County, NY 78,816
8 Santa Clara County, CA 75,371
9 Palm Beach County, FL 69,871
10 Middlesex County, MA 67,552

Tuesday, January 9th, 2007
Study: Dems '100 Hours' Agenda Does Little to Address Economic Divide Between Whites and People of Color
Newly in charge House Democrats are set to begin their first "100 legislative hours" today. They have promised to pass a series of bills that they say amounts to "a New Direction for America." The Democratic agenda includes increasing the minimum wage, cutting the interest rate on student loans, reducing the price of prescription drugs and ending some subsidies to big oil companies.
But a new study has found that this agenda does little to address the economic divide in this country between whites and people of color and that the impact of the legislation will not change the economic inequalities between the races. The report is titled "State of the Dream 2007: Voting Blue, Staying in The Red" and is being released today by United for a Fair Economy.

MEIZHU LUI: Yes. The minimum wage was last raised in 1997, and we also found that Congress raised its own wages eight times during that same period of time. But even if you look at that minimum wage raise to $7.25 an hour in 2009, that will not even bring people up to the level of poverty. In fact, we found that if you increase the minimum wage by 70 cents for every year, it would take up to the year 2013 to even reach the poverty level.

Now, people of color are disproportionately minimum-wage earners. However, they are also twice as likely -- African Americans are twice as likely to be unemployed as whites. So if the Democrats of this new administration doesn't do something about unemployment -- it's been a long time since we had a commitment to full employment -- we're going to still see people living under poverty, and that will not stop the declining of folks with more middle class jobs. And, as you know, the layoffs in auto and other manufacturing sectors have hit African Americans particularly hard.....

Report: Gates Foundation Causing Harm With the Same Money It Uses To Do Good

Is the world's largest private philanthropic organization causing harm with the same money it uses to do good? That's the question hanging over the charity of Microsoft founder Bill Gates and his wife Melinda today. The Los Angeles Times has revealed the Bill and Melinda Gates Foundation has made millions of dollars each year from companies blamed for many of the same social and health problems the Foundation seeks to address.
The Gates Foundation has an endowment of more than $31 billion. The investment mogul Warren Buffet has pledged an additional $30 billion delivered in incremental sums. Since its inception six years ago, the Foundation has committed more than $11 billion to programs around the world. This includes major grants for vaccine and immunization programs, HIV and AIDS research, and public education here in the United States.

But the LA Times investigation reveals the Gates Foundation's humanitarian concerns are not reflected in how it invests its money. In the Niger Delta -- where the Foundation funds programs to fight polio and measles - the Foundation has also invested more than $400 million dollars in companies including Royal Dutch Shell, Exxon Mobil Corp, and Chevron. These oil firms have been responsible for much of the pollution many blame for respiratory problems and other afflictions among the local population.

The Gates Foundation also has investments in sixty-nine of the worst polluting companies in the US and Canada, including Dow Chemical. It holds stakes in pharmaceutical companies whose drugs cost far beyond what most AIDS patients around the world can afford. Other companies in the Foundation's portfolio have been accused of transgressions including forcing thousands of people to lose their homes; supporting child labor; and defrauding and neglecting patients in need of medical care.

Overall, the LA Times says nearly $9 billion in Gates Foundation money is tied up in companies whose practices run counter to the foundation's charitable goals and social mission. And that number may be understated - the Gates Foundation has not provided details on more than four billion dollars in investments it says are loans.

The Gates Foundation refused to talk to the LA Times about specific investments and whether it planned to change its practices. We also contacted the Gates Foundation for comment but we did not get a response.

Across the nation, foreclosures and defaults are rising as mortgages that were once affordable are now expensive albatrosses as the introductory "teaser rates" that made the loan possible end and higher interest rates kick in. Some housing specialists worry that the mortgage industry – with more than 20 companies already in bankruptcy – will raise its lending standards so high that would-be homeowners with less-than-perfect credit will be frozen out. There is even some concern that the pullback in lending will extend the slump in the nation's housing market.

"It's the most serious threat to the economy," says Mark Zandi of Moody's Economy.com. "It has the potential to set the housing market back another big notch since there could be a whole class of people who can't get credit."

At issue is a class of mortgages that lenders call "subprime" because they do not qualify for the lowest or prime interest rate. These are designed for high-risk borrowers, those with fixed incomes, or those who have had credit problems in the past. Since 1998, more than 6 million Americans have borrowed in this way, according to the Center for Responsible Lending (CRL). The majority of these loans are adjustable-rate mortgages (ARM) that are tied to changes in interest rates.

One in five loans subprime

That's a dramatic increase in only a decade. In 1995, subprime mortgages represented a niche market: less than 5 percent of mortgages originated. Today, Wall Street analysts estimate they make up from 18 percent to 24 percent.

Advocates contend they've made it possible for millions of Americans who in the past would not be able to qualify for a mortgage to own their home. But critics contend they've also become open to abuse, in part because qualification standards are now so low.