MORE DOLLAR MILLIONAIRES

Dominion, Volume 22, Issue 75, 21 December 1928, Page 10

MORE DOLLAR MILLIONAIRES

According to the United States Treasury Department, the number of persons whose income exceeds 1,000,000 dollars per annum has greatly Increased. In 1914, 60 individuals reported an annual income of one million dollars or more. The number increased to 120 in 1915 and to 200 in 1910. Then the United States got into the war and a period of increasing income tax. As a result, large fortunes went Into tax exempt securities in non-productive fields. The number reporting an annual income of 1,000,000 dollars or more dropped steadily until the bottom was reached in 1921, when there were only 21 millionaires. Then a readjustment downward in taxation resulted in an increase from 21 in 1921 to 75 by 1924; to 207 by 1925; to 231 by 1926; and to 283 in 1927. The last is a new high record. Of the great fortunes made by Individual Americans. Rockefeller’s around 1,000,000,000 dollars was the first. He gave away half that sum to philanthropic and other purposes. Andrew Carnegie gathered much of his wealth from the sale of Ills steel works to the United States Steel Corporation for something over 400.000,000 dollars. Forty years ago Jay Gould left nearly 100.000,090 dollars. The Astor family made an almost incalculable sum out of their Canadian fur business. The Vanderbilts piled up many millions of dollars from their Interests in railroads. Then there are Henry Ford, Andrew Mellon, John D. Rockefeller, junior, J. P. Morgan, and a host of others. Great Britain had 562 millionaires (sterling) last year, with a combined Income of £55.812.673. The Rothschild, Coats, Wills, and Joel families have each more than one millionaire. Amongst others whose fortunes run into seven figures are Lord Melchett. Lord Kylsant, Lord Inchcape, Sir John Ellerman, and Lord Vestey.