Money Minute: U.S. Again Tops List With Most Millionaires

I'm not sure if you'll find this to be encouraging, or if it makes you angry. Here goes: the rich got a lot richer last year.

Boston Consulting says the number of households worldwide that now qualify as millionaires rose by 19 percent last year. That brings the total to 16.3 million millionaires, meaning more than 1 of every 100 households has assets topping a million dollars. The U.S. continues to top the list, but China is the fastest growing home to new millionaires.

%VIRTUAL-article-sponsoredlinks%On the other end of the income scale, a strong majority of Americans now favor raising the minimum wage. A CNNMoney survey found 71 percent support a boost from the current federal minimum of $7.25 an hour.

A separate survey, this one from Wells Fargo (WFC), finds millennials are really struggling. About 50 percent of the 18- to 34-year-olds in the country are allocating half of their income to pay down debt. Credit cards account for the biggest chunk of their debt.

America's three automakers are joining art lovers in trying to save Detroit's extensive art collection from being sold. They've pledged a total of $26 million to save the Detroit Institute of Arts collection. That brings the total raised so far to $70 million, still about $30 million short of the goal. And even if the money is raised, the city's creditors could oppose the deal in bankruptcy court.

Here on Wall Street, the Dow Jones industrial average (^DJI) and the Standard & Poor's 500 index (^GPSC) edged to record highs again on Monday. The Dow gained 18 points, the S&P 500 added nearly 2 points, and the Nasdaq composite (^IXIC) gained 14.

Finally, GoDaddy is ready to go public. The Internet domain registration firm has filed for an initial public offering. The company made a name for itself with TV ads during recent Super Bowls featuring scantily clad women. But those ads may not be as revealing as its balance sheet. The company has lost nearly $400 million over the past two years.

-Produced by Drew Trachtenberg.

7 Products With Outrageous Markups
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Money Minute: U.S. Again Tops List With Most Millionaires
With a cost per pound of potatoes near 15 cents and a retail price near $6 per pound, you're paying a 3,900 percent markup for those crispy fries. And we're not even counting the cost of trans fats to your health.
It's the ultimate upsell: "You want a drink with that?" A cup of soda costs 15 cents; you pay $2.95 -– a bubbly margin of 1,875 percent.
Buying apparel with a designer label is a financial faux pas. With a cost of $7 and a retail price of $60, that brand name shirt has a 750 percent markup.

 You know this one: the "latte factor" so often cited by frugalistas, but it's still worth noting. A home brew cup of joe costs about 50 cents. Spend $2.45 on a grande, and you've paid a 390 percent markup

Does your vehicle really require premium oil? Check the owner's manual for specifications. The markup on "high-performance" oils can be 80 percent, costing you $20 more than a regular oil change.

Those bountiful food troughs may seem like a tasty bargain, especially for those with ample appetites, but the odds favor the house. The average buffet is $12, but the servers know that most stomachs can't hold more than $8 worth of food. It's a 50 percent markup in their favor.

"Mascara will expire in three months, whether you buy it from CVS or Chanel," the report says. "When deciding how much to spend, think about the lifetime of each item. Case in point: drugstore mascara will cost you about six cents per use, whereas Chanel will cost you about 33 cents -- and you probably won't finish using either before the expiration date." Bottom line: You're paying an extra $25 -- a 450 percent markup for –- for the brand on the bottle.
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