Eight Million Millionaires in America
How are the more than eight million millionaires in America taking advantage of their wealth?
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The wealthy are consuming luxury goods at an unprecedented level as well as travel and real estate. More signicantly, however, philanthropy is becoming an ever increasing activity among the rich. Every day, in the US, 115 new nonprofits, not including religious organizations are being created. There are more than a million registered 501c3 organizations.
Not only has total philanthropy increased - to $260 billion in 2005, according to Giving USA's annual data - but wealthy Americans are becoming increasingly involved and sophisticated in their giving. A year ago, Barron's reported that over the previous six years, the number of family foundations nationwide increased by more than 60 percent and were expected to increase to more than 33,000.
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