Sunday, May 13, 2007

The Miracle of Asset Price Inflation (and the nightmare of widening inequality) imply that we have millionaires of relatively modest means these days

Giuliani left office on Dec. 31, 2001, with relatively modest means. His final ethics report to the city listed gross assets of between $1.16 million and $1.83 million in 2001;

This is a cost of inflation that I hadn't considered. To be rich these days your wealth has to be in the tens of millions. Mere millions are upper middle class (unless it's all in the house where you really live and which didn't cost much when you bought it, in which case it is perfectly possible to be a blue collar regular guy working class stiff millionaire). So what do you call the rich ? tensofmillionaires ? dozensofmillionaires ? I think the technical term would be decamillionaires which does have a nice alliteration with decadence.

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