Monday, October 27, 2014

millionaires on inequality

Most millionaires are concerned about inequality, and nearly half support a higher minimum wage and more taxes on the rich, according to a new survey.

The survey, from PNC Wealth Management, found that 64 percent of millionaires are "concerned" about economic inequality in America, and about half of those millionaires are "extremely concerned."

Yet millionaires see themselves as part of the solution to inequality rather than a cause.

Fully 49 percent support raising the minimum wage, compared with 38 percent who oppose an increase. A surprising 44 percent of them support raising taxes "on the top income earners," versus 41 percent who oppose.

And when it comes to other solutions, 69 percent say they support charities focused on poverty and hunger in the U.S., while 64 percent said they support scholarship and other educational opportunities for low-income children.

"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 P. Melcher, executive vice president and head of Hawthorn, PNC's family office.

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