(Bloomberg) — For 110 years, four generations of Mills family members earned their money by expanding their great-grandfather’s Chicago apron business into a medical supplier that ranked among the nation’s largest private companies.
But soon after Democrats turned their attention toward raising taxes for the wealthy this year, the family signed a deal to cash out billions.
It was no coincidence, according to people close to the more-than $30 billion transaction, which sold part of Medline Industries Inc. to a consortium of Wall Street investors in the health-care industry’s biggest leveraged buyout. The threat of subjecting billions in proceeds to additional capital gains taxes motivated the clan to get it done before the end of 2021, when higher rates could take effect, the people said.
The global wealth gap widened during the Covid pandemic, swelling the ranks of the world’s millionaires by 5.2 million as the rich cashed in on surging stock and house prices.
The figures, detailed in the annual Credit Suisse Global Wealth Report, capture how emergency interest rate cuts and government stimulus measures often benefited those least in need of state support, helping their assets grow in value despite the economic downturn.
Dollar millionaires now account for more than 1% of the global population for the first time in history. The figures show that 56.1 million individuals had assets worth more than $1m (£720m) in 2020.
NEW YORK — If there was a growing mental health crisis before 2020, a new study finds the coronavirus pandemic may have sent it spiraling out of control. Half of Americans feel they lost complete control of their lives during the last year.
A survey of 2,000 people reveals 47 percent feel helpless, while 44 percent say they hit their lowest emotional point within the last year. Since last March, Americans report struggling more with anxiety (42%), depression (37%), and loneliness (31%) than ever before.
While 72 percent agree mental health care is just as important as physical health care, only 18 percent are currently enrolled in therapy sessions. Forty-six percent of those seeking help struggle to find a therapist to help them. Another 54 percent say they’ve struggled to find one that truly understands them.
MINNEAPOLIS (WCCO) — It may be hard to get a table or quick service at your favorite restaurant.
While fully open, many Twin Cities bars and restaurants are having trouble filling their staff.
State officials say about 1,500 people were hired last month. Just less than half were in hospitality, and many in the restaurant industry. But as WCCO found out, turning applicants into workers isn’t as easy as you may think.
Millennials may have more debt, but they also have more financial assets — about 25% more than their parents did at their age. This is partly because they are more likely to have a retirement account at work, since these savings vehicles are more common than traditional pensions used to be. You could argue traditional pensions were better, but they were also harder to come by: 86% of millennials