BusinessBusinessinequalityIncome Inequality

Most Millionaires Are 'Concerned' About Inequality

Most millionaires are concerned about inequality, and nearly half support a higher minimum wage and more taxes on the rich, according to a new survey.
CNBC
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From CNBC:

Most millionaires are concerned about inequality, and nearly half support a higher minimum wage and more taxes on the rich, according to a new survey.

The survey, from PNC Wealth Management, found that 64 percent of millionaires are "concerned" about economic inequality in America, and about half of those millionaires are "extremely concerned."

Yet millionaires see themselves as part of the solution to inequality rather than a cause.

Fully 49 percent support raising the minimum wage, compared with 38 percent who oppose an increase. A surprising 44 percent of them support raising taxes "on the top income earners," versus 41 percent who oppose.

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And when it comes to other solutions, 69 percent say they support charities focused on poverty and hunger in the U.S., while 64 percent said they support scholarship and other educational opportunities for low-income children.

"These findings show the wealthy realize that our society is better when everyone is in the game and earning—and that economic inequality can have negative consequences," said Thomas P. Melcher, executive vice president and head of Hawthorn, PNC's family office.

Indeed, the survey seems to contradict the popular narrative these days that the rich have become a self-interested oligarchy with Washington in its pocket. The survey found that 31 percent of millionaires have given to a political party, and only about 10 percent give $1,000 or more.

Granted, people sometimes tell pollsters what they think they should say, rather than what they actually think or do. And the very rich—billionaires or those with eight-figure fortunes—might respond differently. Someone with $1 million in assets might support higher taxes on top earners because they're not a top earner.

In this poll, which was conducted in September, 476 people were surveyed who had $1 million or more in assets.

Still, the survey reinforces earlier surveys that show that millionaires are more like the rest of the voting population in their views on inequality and raising taxes at the top.

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Before You Go

America's Richest States
10. California(01 of10)
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> Median household income: $60,190> Population: 38,332,521 (the largest)> Unemployment rate: 8.9% (4th highest)> Pct. Below poverty line: 16.8% (16th highest)A typical California household earned more than $60,000 last year, higher than the national median of $52,250. While California incomes have yet to return to 2009 levels, they have — just as nationwide income levels have — risen from 2012 levels. Although the state has some of the wealthiest residents nationwide, nearly 17% lived in poverty last year, the only rich state with a poverty rate above the national rate of 15.8%. The disparity is likely due to severe income inequality among the state’s more than 38 million residents. California’s Gini coefficient was higher than that of all but three other states last year. The state’s unemployment rate of 8.9% last year, despite declining from the year before, remained among the highest nationwide. (credit:Sean Gallup via Getty Images)
9. Minnesota(02 of10)
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> Median household income: $60,702> Population: 5,420,380 (21st largest)> Unemployment rate: 5.1% (9th lowest)> Pct. Below poverty line: 11.2% (7th lowest)While Minnesota is the ninth-richest state in the U.S., just 4.9% of households earned more than $200,000 annually, roughly in line with the percentage nationally. Minnesota’s income distribution was less skewed towards the wealthy than that of most states. Its Gini coefficient was lower than that of 39 other states last year. The percentage of residents without health care was 8.2% last year and also among the lowest. However, the state’s insurance exchange, set up under the Affordable Care Act, has been rife with problems, including software glitches during the exchange’s rollout and the recent withdrawal of its most popular, and lowest-cost, insurers. (credit:Image by Doug Wallick via Getty Images)
8. Virginia(03 of10)
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> Median household income: $62,666> Population: 8,260,405 (12th largest)> Unemployment rate: 5.5% (13 lowest)> Pct. Below poverty line: 11.7% (9th lowest)Nearly 8% of Virginia households earned more than $200,000 last year, more than in all but a handful of states. Like many wealthy states, Virginia residents’ incomes remained effectively unchanged last year compared to 2012. Like a number of wealthy states, Virginia’s unemployment rate of just 5.5% last year was much lower than the national rate of 7.4%. Vermont was also home to a large number of particularly wealthy households. Last year, 7.8% of all households in the state earned $200,000 or more, the fifth-highest rate in the nation.Read more: America’s Richest (and Poorest) States - 24/7 Wall St. http://247wallst.com/special-report/2014/09/18/americas-richest-and-poorest-states-2/#ixzz3Dywtwezb Follow us: @247wallst on Twitter | 247wallst on Facebook (credit:Jupiterimages via Getty Images)
7. New Hampshire(04 of10)
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> Median household income: $64,230> Population: 1,323,459 (9th smallest)> Unemployment rate: 5.3% (10th lowest)> Pct. Below poverty line: 8.7% (the lowest)New Hampshire’s household median income in 2013 remained unchanged from 2012, reflecting little improvement in the residents’ standard of living. In other areas, however, New Hampshire’s economy showed improvement. Only 8.7% of the state’s roughly 1.3 million people lived below the poverty line in 2013, the lowest proportion in the country and down from 10% in 2012. High median incomes and a low poverty rate demonstrate how New Hampshire has one of the most equitable income distributions in the country. High median incomes likely also drove up home values. The median home value of $233,300 last year was among the higher levels nationwide. Just 10.7% of residents did not have health insurance in 2013, one of the lower rates in the country. (credit:Claver Carroll via Getty Images)
6. Massachusetts(05 of10)
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> Median household income: $66,768> Population: 6,692,824 (14th largest)> Unemployment rate: 7.1% (21st highest)> Pct. Below poverty line: 11.9% (11th lowest)Massachusetts is one of the wealthiest states in the U.S. and also among the nation’s most unequal. While 8.3% of state households had an income of $200,000 or more in 2013, the fourth highest percentage in the nation, 6.5% of households earned less than $10,000 last year, higher than in most of the other wealthiest states. Additionally, 12.9% of households relied on food stamp benefits last year, also higher than in most of the richest states. This figure is up considerably from 2009, when 9.4% of households relied on food stamps. On the other hand, perhaps no state, no state has a stronger track record of providing health coverage to residents than Massachusetts. Just 3.7% of the population was uninsured last year, the lowest rate nationwide. (credit:Dennis Macdonald via Getty Images)
5. Connecticut(06 of10)
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> Median household income: $67,098> Population: 3,596,080 (22nd smallest)> Unemployment rate: 7.8% (38)> Pct. Below poverty line: 10.7% (4th lowest)Connecticut is both one of the richest and most unequal states. The state is often depicted in the media as the poster child for America’s growing inequality. Connecticut’s Gini coefficient of 0.499 was the second most highest in the nation. A typical household earned roughly $67,000 last year and nearly one in 10 earned more than $200,000 in 2013, second only to New Jersey. Yet, unlike many of the richest states, the unemployment rate in Connecticut was above the U.S. rate and only changed slightly from the year prior. Connecticut is also home to a disproportionate amount of financiers. Roughly 9% of employed workers were categorized as working in finance, insurance or real estate by the Census Bureau, the second highest among all states.Read more: America’s Richest (and Poorest) States - 24/7 Wall St. http://247wallst.com/special-report/2014/09/18/americas-richest-and-poorest-states-2/#ixzz3DyzjKP7k Follow us: @247wallst on Twitter | 247wallst on Facebook (credit:SeanPavonePhoto via Getty Images)
4. Hawaii(07 of10)
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> Median household income: $68,020> Population: 1,404,054 (11th smallest)> Unemployment rate: 4.8% (8th lowest)> Pct. Below poverty line: 10.8% (5th lowest)In addition to paradisal scenery and tropical weather, Hawaii residents are also among the nation’s wealthiest. A typical household earned more than $68,000 last year, considerably higher than the national household median income of $52,250. High incomes, as well as Hawaii’s own requirements for employers to provide workers with health coverage, have made health insurance more accessible in the state. Only 6.7% of residents did not have health insurance in 2013, less than half the national proportion of 14.5%. The cost of living in Hawaii, however, was higher than in every other state last year, most because many goods need to be shipped from the mainland.Read more: America’s Richest (and Poorest) States - 24/7 Wall St. http://247wallst.com/special-report/2014/09/18/americas-richest-and-poorest-states-2/#ixzz3DyznARpe Follow us: @247wallst on Twitter | 247wallst on Facebook (credit:M Swiet Productions via Getty Images)
3. New Jersey(08 of10)
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> Median household income: $70,165> Population: 8,899,339 (11th largest)> Unemployment rate: 8.2% (10th highest)> Pct. Below poverty line: 11.4% (8th lowest)Offering easy commuting access to New York from the northern part of the state and to Philadelphia from the south, New Jersey households had the third highest median income in the country last year at $70,165. Additionally, nearly 10% of households had incomes of $200,000 or more , the highest rate in the country. In the midst of high incomes, however, there is also poverty. More than 11% of New Jersey residents lived in poverty in 2013, an increase from the year before. The portion of residents without health insurance also rose 0.5 percentage points between 2012 and 2013, one of the larger increases in the nation.Read more: America’s Richest (and Poorest) States - 24/7 Wall St. http://247wallst.com/special-report/2014/09/18/americas-richest-and-poorest-states-2/#ixzz3Dyzr3Q00 Follow us: @247wallst on Twitter | 247wallst on Facebook (credit:Jumper via Getty Images)
2. Alaska(09 of10)
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> Median household income: $72,237> Population: 735,132 (4th smallest)> Unemployment rate: 6.5% (18th lowest)> Pct. Below poverty line: 9.3% (2nd lowest)While Alaskans were among the nation’s wealthiest as of last year, 18.5% of state residents didn’t have health insurance last year, one of the highest rates in the nation. Every other wealthy state, by contrast, had exceptionally low proportions of residents without health insurance. It remains to be seen whether the Affordable Care Act will improve health coverage in the state. Otherwise, Alaskans seem to be very well off. Fewer than one in 10 residents lived below the poverty line last year, lower than in every state except for New Hampshire. Income is also distributed relatively evenly across the state’s 735,132 residents. The state’s Gini coefficient was the lowest in the country last year.Read more: America’s Richest (and Poorest) States - 24/7 Wall St. http://247wallst.com/special-report/2014/09/18/americas-richest-and-poorest-states-2/#ixzz3DyzwT1up Follow us: @247wallst on Twitter | 247wallst on Facebook (credit:Paul Souders via Getty Images)
1. Maryland(10 of10)
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> Median household income: $72,483> Population: 5,928,814 (19th largest)> Unemployment rate: 6.6% (22nd lowest)> Pct. Below poverty line: 10.1% (3rd lowest)Maryland is the wealthiest state in the nation. The median household income was $72,483 in 2013, more than $20,000 higher than the national median income of $52,250. Additionally, few states had a higher proportion of high income households than Maryland, where 8.9% earned $200,000 or more in 2013. The state also had among the lowest poverty rates in the nation last year at just over 10% of the population. But despite their relative affluence, Maryland households have not been immune to the struggles most Americans have faced in recent years. From 2009 to 2013, the state’s poverty rate and the percentage of households on foodstamps rose, while the inflation-adjusted median household income fell.Read more: America’s Richest (and Poorest) States - 24/7 Wall St. http://247wallst.com/special-report/2014/09/18/americas-richest-and-poorest-states-2/#ixzz3Dz02WWr9 Follow us: @247wallst on Twitter | 247wallst on Facebook (credit:Hisham Ibrahim via Getty Images)
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