Good Grief. 12% of US Millionaires Are Educators (Video)

Save are teachers.

(Lou Minatti)

Those poor, deprived teachers now make up 12% of US millionaires.
And, here we thought it was the evil bankers and greedy doctors who were making all the money?

The Wall Street Journal Blog reported:

America’s millionaire population is still growing – though not by much.

The number of millionaires in America grew by 200,000 in 2011, according to a new report from Chicago-based Spectrem Group.

That sounds like a lot — especially with so many Americans still losing jobs and homes. But it represents a growth rate of only 2% – much slower than the growth in 2009 and 2010.

According to Spectrem, there are now 8.6 million households in the U.S. with a total net worth (minus principal residence) of $1 million or more. The number of households worth $5 million or more and $25 million or more also remained fairly flat, with growth of less than 2%. There are now 1,078,000 households worth $5 million or more and about 107,000 people worth $25 million or more.

The number of millionaire-households is still well below the pre-crisis high, when there were 9.2 million worth $1 million or more. (Spectrem uses surveys of more than 2,500 families for its report).

George Walper, president of Spectrem Group, said the results show that weak financial markets and the slow recovery in real-estate (especially investment real-estate for the wealthy) held back growth.

“We’re still not back to pre-crisis levels,” he said. He added that while the optimism of millionaires is increasing, “these folks are still worried.”

The report also broke down today’s millionaires by occupation and former occupation if retired. Managers make up the largest group, with 17%, followed by educators (12%), corporate executives (7%), entrepreneur/business owners (6%) and attorneys and accounts.

Obviously, it pays to teach.

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  • Swifty

    I think that this shows that college administrators and school board administrators including principals are way overpaid. I don’t believe for a minute the average teacher falls in their stratusophere.

  • Mary

    Why are all educators grouped together and specific levels/positions not given when all of the other top 3 categories are business management positions and account for a total of 30% of the millionaire categories?

  • wanumba

    #2 March 31, 2012 at 11:05 am
    Swifty commented:
    I think that this shows that college administrators and school board administrators including principals are way overpaid. I don’t believe for a minute the average teacher falls in their stratusophere
    ::::::::::::::::::::

    With college prez making $500,000 a year, yes. Still, our local town HS guidance counselor drives a LEXUS … and managed ONE college grad out of the class of over 100 HS grads.

    It’s not hard to figure out where the money is being eaten and how little return in student achievement we get.

  • Patty

    According to the American Association of University Professors, 2008-2009 salaries for college professors (excluding medical school, law school, etc.) show the private research universities at the top.

    1. Harvard 192,600
    2. Stanford 181,900
    3. Princeton 180,300
    4. Chicago 179,500
    5. Columbia 175,200
    6. Yale 174,400
    7. Caltech 172,500
    8. NYU 170,700
    9. Penn 169,400

    Other notables were:
    Duke 161,200
    MIT 160,300
    Dartmouth 154,500
    Cornell 154,300
    Brown 146,400

    http://www.collegeconfidential.com/ There is more on this site.

    Now, this doesn’t take into account, I would assume how many years of service, books the write, their raises, their speeches and compensation and they have some great retirement packages.

    Also an added note, they hawk their books in classroom and the students in some cases must purchase their books for classroom instructions.

    Now, who gets the big bucks, wait for it, LIBERAL PROFESSORS, they make up the big majority.

  • jlrlee

    I agree with Swifty. More than likely no teacher is in this group, unless they are retired and invested well. The groups should have been a little more defined. An educated (lol) guess is that all in the millionaire educator group are overpaid superintendents and tenured college professors who do research, not “education” as such.

  • Blacque Jacques Shellacque

    12% of US Millionaires Are Educators

    Shouldn’t these millionaires pay their fair share then?

  • NC Mountain Girl

    I’ve known quite a few wealthy college professors and even more executives and lawyers who would be hard pressed to come up with $1,000 in ready cash. Lawyers and marketing executives feel they have to get a new car every few years, wear fashionable clothes and patronize trendy eateries as signals to potential clients that they are indeed successful. As a result many starting out in those profession develop spending habits that can hinder the genuine accumulation of wealth. The reverse snobbery of the faculty lounge places a premium on driving the 20 year old Subaru, wearing threadbare clothes and eating at places where you bring your own beer or wine. These habits of not spending money can be equally hard to break.

  • Patty

    Actually these professor over time make more than some Doctors. And remember is you have a College student you really need to check and see what their professor is teaching YOUR kid.

    I have and my son said, he has never heard so many liberal opinions in his life being taught in the classroom. And some professor are more interested in writing books, they actually are writing them in the Classroom. Parents are paying them the big bucks for this.

  • Patty

    http://chronicle.com/article/What-Private-College/129979/

    GO HERE, THIS IS A REAL HEAD SPINNER. UNBELIEVABLE.

  • Patty

    1. Constantine N. Papadakis
    Drexel University (1995–2009)
    Full profile →
    $4,912,127

    +202%

    2. William R. Brody
    Johns Hopkins University (1996–2009)
    Full profile →
    $3,821,886

    +349%

    3. Donald V. DeRosa
    University of the Pacific (1995–2009)
    Full profile →
    $2,357,540

    +118%

    4. Henry S. Bienen
    Northwestern University (1995–2009)
    Full profile →
    $2,240,775

    +78%

    5. Nicholas S. Zeppos
    Vanderbilt University (2007–Present)
    Full profile →
    $1,890,274

    –21%

    http://chronicle.com/article/What-Private-College/129979/

    GO HERE, THIS IS A REAL HEAD SPINNER. UNBELIEVABLE.
    I post a section of this site.

  • democraps suck

    And we the tax payers have overpaid their pensions and their sorry lame a$$es way too long…f’n unions

  • tahDeetz

    Piss-poor return on investment.

    tD

  • forest

    Greedy fat cat college administrators and faculty raking it in while they raise tuition 9% per year and claim they have to do it because mean Republicans won’t subsidize them enough or whatever. And all this so they can brainwash students who are going into massive debt for their dubious degrees.

    The whole higher ed scam needs to be destroyed.

    Wait, did I say “destroyed”? I meant to say “fundamentally transformed”, of course.

  • Rock

    Explains why the teachers and unions in Wisconsin are in full blown panic over Gov. Scott Walker. Guess they fear the gravy train is running out of track.

  • anonymous

    In Missouri:

    http://www.missourieducationwatchdog.com/2011/08/more-millionaire-pension-information.html

    Most are administrators. They are all public employees.

  • Actually, the article says, “…followed by educators (12%)…” not “teachers”. School management usually derives from the ranks of teachers, but no longer have classroom responsibilities.

    A young Liberal friend recently lost her position as a school counselor because there was no more money to pay her. At the same time, the district superintendent got a raise of $50,000. Her part of the raise was $28K. She’s not so Liberal now.

  • Rock

    Educators/Progressives/Socialist getting rich in a capitalist system how disingenuous of them……

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  • Here in Louisiana teachers make different amounts in different parts of the state. The more affluent parts of the state starting teacher pay is around $23,000 a year. And there are step raises teachers get the longer they are there, of course, but teachers approaching their retirement can make around $50,000 a year. But it’s no secret that what comes out of their paychecks every month is hidious. Louisiana has the biggest insurance scams running that our former governor went to prison for ten or fifteen years and he was a known crook and didn’t even try to hide it. He made his money off insurance company kickbacks from the crooked insurance company’s he and his crook friends started just to make a bunch of money and that’s it. They would collect premiums, but not pay out hardly any claims at all and screw people badly. Then when the law was about to catch up with them they would all of a sudden go bankrupt over night and everyone would scatter like roaches with the light turned on.

    Teacher health insurance is around $300 – $350 a month, minus dental which is additional. That is a rip off because I was working at a company that had around 400 employees and we had the exact same insurance with the same coverage for $55.00 a month. There are over 20,000 teachers in Louisiana, now what’s wrong with that picture. The state is collecting millions a month from teachers for health insurance that should cost alot less than a company on the same plan, same company, same coverage than a company with 400 employees, don’t you think?

    That’s just a example of the scams, rip offs, and pay under the table that goes on in a state with the highest amount of money going into education than any other state in the country. There are more millionaires than you can shake a stick at and most of them are in administration, and college professors, deans, and let’s not forget about all those FOOTBALL COACHES. Just guess how much LSU’s head coach makes. His salary is undisclosed!! That’s how much he makes. LSU Football Dept. has so many millionaires working for it, and contributing into it that just the Football Dept. owns it’s OWN BANK!!! to hold all the money for it. Louisiana has more colleges and universities than any other state per capita. As a matter of fact we’ve got so many that the separate part of the state budget is over thirty percent of the annual budget of the entire tax base.

    Here in the past month the re-elected governor has declared he is combining Louisiana Tech University with LSU-Shreveport in order to try to rein in some of the huge money being spent on education. Except it’s not education, it’s a huge money making business that has multimillion dollar industries that feed off of it!

  • Patty

    OT-

    Sonia Sotomayor Shocking Ignorance.

    The liberal Supreme Court justices have demonstrated profound and shocking ignorance of the American health care system. Here’s one of the most jarring examples:

    “What percentage of the American people who took their son or daughter to an emergency room and that child was turned away because the parent didn’t have insurance,” asked Sotomayor, “… do you think there’s a large percentage of the American population that would stand for the death of that child — (who) had an allergic reaction and a simple shot would have saved the child?”

    I have a precise answer for Justice Sonia Sotomayor.

    The percentage of American people who took their son or daughter to an emergency room and were turned away because the parent didn’t have insurance is exactly zero.

    No person, whether American or not, is ever turned away from an emergency room for lack of health insurance. Ever.

    This simply does not happen.

    Read more: http://www.americanthinker.com/blog/2012/03/justice_sonia_sotomayors_shocking_ignorance.html#ixzz1qidBcKD0

    http://www.americanthinker.com/blog/2012/03/justice_sonia_sotomayors_shocking_ignorance.html

  • Patty
  • And that sign being held up by someone, is it supposed to say: “SAVE “OUR” TEACHERS”, or what? Is there some significance in the letters “A R E” that anyone knows that is an ancronim for something? Or is it supposed to spell “OUR”? If they thought they were saying something and misspelled it badly, why didn’t someone correct them before they went outside with that sign?

    What’s the matter, liberals don’t correct others because it would be “JUDGEMENTAL”? Otherwise that sign is stupid and shows what our kids are being taught in school. The teachers are so dumb that they didn’t even know they misspelled “OUR” but instead spelled “ARE”?

    Or is that “eubonic’s”?

  • cee2

    My husband is one of those millionaire educators. Of course, I worked full time as well often making more than he did until my health gave out from working 20 hour days at work and home. We saved a minimum of 10% of our gross salaries every year and often closer to 20% since we knew we would have no pension from either of our employers. I can count on one hand the number of real vacations we took in over 40 years of marriage;visiting relatives does not count as a “real” vacation. My car is 12 years old; his is 6. We bought a modest house and furnished it inexpensively or with hand-me-downs and gifts. My idea of dining out is takeout Chinese or a burger.

    We both are livid about the high cost of higher education. Faculty salaries are not where the money is going. It is going to “staff”. There are more people in the fund raising department than in 5 relatively large academic departments. Fewer than 1/2 of the people in the faculty and staff directory are involved in the classroom. Our son in business made over 1 and 1/2 times (actually closer to 2 times) what his father made in academia last year.

    With retirement fast approaching, our million may not last long enough.

  • bg

    ++

    what do billionaire’s pay (other than
    for their president select that is..s)??

    Crony Capitalism

    “a tyranny of the elite”

    ==

  • bg

    ++

    re: #25 March 31, 2012 at 2:15 pm bg

    Crony Capitalism

    [The largest banks are actually bigger than they were when he took
    office. And earned more in the first two-and-a-half years of his term
    than they did during the entire eight years of the Bush administration.]

    ==

  • bg

    ++

    cee2 #24 March 31, 2012 at 2:06 pm

    does “staff” translate to “unions”??

    thanks..

    ==

  • TheDefLeprecon

    Regarding “regular” teachers and their pay; I have many relatives who teach here in the crappy state of Illannoy. One of them is 59 years old and teaches in one of the worst performing districts in the state, if not the country. She makes 156,000/year teaching HS business classes. Her daughter in law has only been teaching for 4 years and makes 87,000/yr teaching jr. high. One of them just went on strike, again, Thursday. None of my relatives makes a base salary less than 87,000 for a “regular” teacher.” Add in the perks and it’s even higher. My brother in law can’t wait for his wife to retire soon so she can get a job in a neighboring district that will be waiting for her. Double dipping. They all do it. I also have a friend who just went back to school to complete her degree, in teaching, with the express purpose of getting a job in a public school before the age cutoff. Check the website openthebooks.com. It’s for Illannoy and has ALL public employee salaries on it. Including disabilty payouts and retired. Sickening. No wonder we’re broke.

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  • Blacque Jacques Shellacque

    With retirement fast approaching, our million may not last long enough.

    It won’t; Obie wants more of your money.

  • Rock

    With retirement fast approaching, our million may not last long enough.
    ………………………………………………………………………………………….

    Rest assure when WTF gets reelected he will da^^ sure make sure the entitlement junkies get their share of your retirement, hope & change and all that, yes he can.

  • obfuscatenot

    Illinois is THE most comfortable State for “educators”. For instance, our local school district hired a new superintendent 2 years ago for 5 years- FIVE YEARS! His salary was around 135,000 a year and then his retirement will be 90% and 3% raise annually with full benefits. He’s in his 50’s, so what a deal the school board made for this guy who has spent proportionally similar to Obama, ugh. The average income in our county per the 2010 census……$24,000. There are no jobs in our county because every, count on it- every single time a company wants to operate here the unions step in and threat and thug them and they end up not moving here. $24,000. Brilliant. The average teachers salary $60,000. Your every day, normal teacher -$60,000 that doesn’t include pension and healthcare benefits. Hmmm…..anybody bought and paid for? Yup. Nobody is teaching our children to think and be personally responsible. Won’t be long and our kids will be moving in with good ole teach!

  • Militant Conservative

    My Parents are the exception. I got a job in the

    Dod @ 30k upon graduation.!just a little above

    dads salary. M & D live cheap due to current

    Regulations.

  • i have worked with teachers finances for many years
    teachers tend to marry other teachers

    you add two average teachers salaries plus two tax deferred teacher annuity accounts
    and 30 years of work

    = big bucks!

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  • Texmom

    Teachers in our small town make under $60K after years of service and pay over $800 a month of that in health insurance. No raise in years. Having a lot of wealth in the county, our ISD has to send millions to be distributed to other districts (Robin Hood law). Guess all those millionaire teachers definitely don’t live around here.

  • crackermike

    When these people were students, they protested for free college edu as their “right”. Now that they are the administrators, they raise the tuition to astronomical levels in order to maximize their income. Seems as if getting stinking rich while destroying Capitalism is their new”right” Truly a generation of swine! Simply effing swine!

  • ddabble

    Did you ever think that these were educated people that invested their money well to become millionaires for their retirement? I think most of us plan on needing at least a million dollars to retire? Also, I think this is “total” assets, not income..

  • Airam

    This report angered me. I have been a public school music teacher in RI and MA for twenty years and BELIEVE ME, I will never see a million dollars. In fact, I work 2 additional jobs–just to make ends meet. I can count on one hand the educators I have worked with over the years who ‘dogged it’ and counted the days until retirement. Most of us are extremely hard-working, dedicated individuals who are trying desperately to teach children whose emotional and psychological needs grow larger each year. In these hard economic times there are no ‘perks’ and our health care costs are formidable. The most effective teacher unions are the ones who work hand-in-hand with superintendents and school committees for the common good of the children. This is the trend we’re seeing in my district. STOP TEACHER BASHING!! If you think it’s so easy, come and spend a day with us anytime.

  • Charles

    Nearly 89% of millionaires are male. Teaching is the most common occupation of a millionaire’s wife (see Millionaire Next Door). Basically, this reinforces the notion that wealth is inherited in America.