Milford chronicle., 1929-01-04
MILLIONAIRES IN THIS
STATE NOW TOTAL 80
Last Income Tax Report For Dela-
ware Gives But 63. Increase Saiu
TO be Due to Rise in Stocks.

From authoritative figures just
compiled by authorities of this State
it has become known that there are
at least IS millionaires in Delaware
with nearly all of them maintaining
a residence in Wilmington or the lnl-
mediate environs. According to hg-
ures released by the State Income
Tax Department, in the last income
tax report it was estimated thaI
there were only about 63. 1t has been
concluded from the evident increase
that some people of Delaware nave
been profiting greatly the past year
According to the figures Obtalneu'
there are 200 persons in Delaware
with an income of 100000. Calcu-
lating on the regular rate of income
on invested capital, all of these 2OO
people should be millionaires, Dut
according to bankers and tax OIL
cials, more than half of these per
sons have secured at least part Ol
this income by the sale of various
kinds of property, land, stocks, bonds
and such forms of capital, with a
profit that has increased during the
years that it has been held. others
have realized unusual profits from
investments or speculation in lana
stocks, bonds and other forms Oh
capital.
There are so persons with an IN
come of from 100000 to $25O,OOO.
Although a very few of these may
have secured enormous profits in the
field of investment and speculation
during the past year, and so become
apparently, though not really mil
lionaires, most of them are conceded
to be bona fide millionaires.
so From 100000 to $25O,OOO
In addition to these so people with
incomes of from 100000 to $25O,OOO
there are 35 persons living in this
State with incomes of over $250,OOO.
All of these 35 persons are million
aires, without question, in the opln-
ion of bankers and tax officials.
The S5 persons with incomes OF
over $250,000, and the so with in
comes of between 100000 and $780,
900, give total of IS persons who
are almost all of them certainly mil
lionaires. There may be a few who
are not, but there are also few of
the people, receiving incomes of
from 100000 to 100000 who are mil
lionaires, who have secured their in
come by merely investing their mon
ey conservatively so it is no exagger-
alton to say that in the State there
are IS millionaires.
According to the State income tax
figures and also according to infor-
nation from the Federal Income Tax
office it was estimated that in 1927
there were only Sc millionaires in
the State. This was the figure ar
rived at from the incomes reported
and the same method of calculation
was used as in the estimation made
at present. There is chance of error,
because of large profits realized from
stock speculation or any other un-
usual method of quick investment
and sale for profit during the year,
out in both cases reasonable allow
ance is made for this error.
According to Carl Snyder, of the
Federal Reserve Bank of New York,
who recently addressed the Ameri-
,an Statistical Association at a con-
7ention in Chicago, the number of
in the United States had
from 1000 in 1914 to about
$4,000 in 1928. This was due in part,
Mr.. Snyder said, to the debasement
If the money and to the enormous
Use in value of securities held and
he manipulation in security values.
The Federal Income Tax for the