Tags: millionaires | income | inequality | wealth

PNC Survey: 64 Percent of Millionaires Concerned About Income Inequality

By    |   Tuesday, 28 October 2014 03:11 PM

It's not just the less well-off who are concerned about growing income inequality. A survey of 476 millionaires by PNC found that 64 percent of them are concerned too.

Apparently most wealthy people care about charities as well. A total of 69 percent of millionaires
back charitable initiatives for poverty and hunger, and 64 percent support educational opportunities for children of lower-income families.

Many of the wealthy are also humble about their charitable contributions. A total of 52 percent of them don't want public recognition for their donations, while 45 percent do.

The wealthy don't seem to be very politicized. Only 31 percent have donated to a political party or candidate in the past year.

Half (49 percent) support raising the minimum wage, while 44 percent support raising taxes on the top income earners — just slightly more than the number opposing (41 percent).

"These findings show the wealthy realize that our society is better when everyone is in
the game and earning, and that economic inequality can have negative consequences,"
said Thomas Melcher, head of Hawthorn, PNC's family office.

"Their commitment to charities focused on poverty and education show they care about the future and want to make an impact with their contributions."

Meanwhile, Diana Furchtgott-Roth, a senior fellow at the Manhattan Institute, criticized Federal Reserve Chair Janet Yellen for her expression of "great concern" about the increase of income inequality earlier this month.

"It would have been far better for those on the bottom of the economic heap if Yellen had spoken about how to increase economic growth" instead, Furchtgott-Roth wrote in an article for MarketWatch.

"Specifically, why have the Fed's near-zero interest rates and quantitative easing left us with 2 percent growth and a Carter-era labor-force participation rate? More growth means more jobs and higher mobility."

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It's not just the less well-off who are concerned about growing income inequality. A survey of 476 millionaires by PNC found that 64 percent of them are concerned too.
millionaires, income, inequality, wealth
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2014-11-28
Tuesday, 28 October 2014 03:11 PM
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