In his weekly address, Barack Obama lamented the high cost of education. I wonder if he would be shocked to find out that today’s new millionaires are educators:According to a report released last week by the Spectrem Group's Millionaire Corner, the number of millionaire households in the U.S. rose 2% last year to 8.2 million. And capturing the greatest number of millionaire households were ones that included a manager as a breadwinner.
But while managers are tops on the list, accounting for 17% of households with $1 million to $5 million in net assets excluding their primary residence, educators are close behind with 12% of the millionaire pie, according to the report.
That's right -- educators.
What gives these occupations their relatively large slice is that many are living in dual-income households, says George Walper, president of the Spectrum Group.
Compare that to other high-paying jobs such as attorneys, doctors, or dentists, which only account for 2% of the millionaire pool. People in those ultra-demanding occupations are often the sole breadwinners in their families, with spouses or partners holding down the fort at home. And when it's time to retire, the payout may be less.
Let’s just hope that dual-incomes are the reason for educators being ranked as the new millionaires. Public service is a calling; it shouldn’t be a profit center.
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