In the economic news today comes a study that says the world now has 9 million millionaires and the United States is doing very well because it has a third of them. Robert Frank who writes Wealth Report column in the WSJ believes that the fact that we have more millionaires is really excellent, because now that wealth is trickling down.
I mean, one of the impacts of having all this wealth is more and more trickle-down. ... But what we are seeing is a growing economy built around the wealthy. There is in America today a shortage of yachts, a waiting-list for Ferraris, for gulf-stream jets. The starting salary for a butler today is $80,000. There's so much demand at the high end for services and products that serve the wealthy that it is creating jobs and economies for the rest of America.
Doesn't that just make your day?