FEWER MILLIONAIRES.

Auckland Star, Volume LIV, Issue 174, 24 July 1923, Page 12

FEWER MILLIONAIRES.

Millionaires in America are- on the decline, according to the latest official revenue income returns. The official figures just issued at Washington show that only twenty-one Americans are reported to possess net incomes of 1,000,000 dollars or more for the year 1921, as against 206 in 1916, and sixty in 1914. The drop in the millionaire class is attributed to their large investment in taxtfree securities and there is a movement afoot to discontinue the further issue of such securities, or, in any case, strictly to limit then. It is complained by working men and the middle classes that they must pay income-tax to the limit, whereas the rich are able to buy taxfree securities and escape the greater part of the burden. The total income loss on this account in 1921 as compared with 1020 is placed at over £800,000,000. The average net income per reporting individual is, roughly, £600. Four persons in the United States had incomes exceeding £1,000,000 yearly, two being Mr. Henry Ford and his eon -Kdsnl. lie largest number of return* are in New York State, which filed 16 per cent of, the total. I