What is the total number of families where both parents wor, they have
school age children, and earn in excess of two million dollars in
America?

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Clarification of Question by orice-ga on 02 Nov 2002 15:12 PST

What percentage are working parents and have school age children?

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Clarification of Question by orice-ga on 09 Nov 2002 07:14 PST

I am looking for a specific demographic. Both parents work, they would
have an income in excess of one million dollars, they would probably
have an asset base of 2-5 million dollars including, property,
securities, inheritance etc. In most cases they would be self
employeed, or high level employees. The key if you cn find it is they
have school age children. This speaks also to the wealth of parents,
grandparents etc.

I saw the estimate, a few weeks ago by Fortune magazine or Kiplinger
and I believe it was less than 1% of the families have an income of $1
million.
The value is expressed as PER HOUSEHOLD.

Two million dollars is not normally used as a cutoff for surveys and
demographic breakdowns.  More likely use as a high-end figure is
either one hundred thousand or one million.  If that would be
satisfactory, then the question is more easily answered.

Of course, estimating a percentage of families with over $1M in assets
that have over $2M is doable as well.

Dear orice.

It's going to be a very small percentage of the population.

According to IRS, whose definition of high income is over $200,000,
only about 3.5% of all tax returns filed in 1999 (the latest data 
published online) qualified for that definition.

http://www.irs.gov/pub/irs-soi/99hiinco.pdf

So, you know that only a small part of that group is in the
over two million dollars category.

If death is a factor, figuring that people die at a constant rate,
based on 1998 IRS estate data there are, perhaps 45,532 households
with estates in the millions. But that doesn't tell you what they
earned. (However, the average estate value does happen to be 
around $2 million)

See page 4 of IRS Estate Tax Returns report
to find the table that lists estates and shows
the number of estates of married couples
http://www.irs.gov/pub/irs-soi/00esart.pdf

Have fun with the IRS statistics.

Your TaxMama-ga