Do Millionaires Create Jobs?

The Millionaire Job Creator?

Senate Majority Leader made some strange comments from the lectern of the Senate a couple of weeks ago.  Misquoting an NPR story, Mr. Reed said the reporters had tried to find millionaires who had created jobs and was unable to find any.  He said that like unicorns, they were a mythical creature.

Like many people, I find this really hard to believe.  Most of the millionaires that I know of are business owners who have created tens of thousands of jobs.  I think of Sam Walton and all of the thousands of people who either work at or supply his stores.  I think of Bill Gates and all of the thousands who work as developers and support staff at Microsoft, and then all of the computer guys (who now call themselves IT professionals) who help maintain the software for small and large businesses.  I think of Jeffery Bezos and all of the people who work for Amazon, maintaining their servers and shipping out their merchandise.  I also think of all of the businesses that were created that could not be if it weren’t for the tools and supplies that the owners were able to buy at reasonable prices from Wal-Mart, Microsoft, and Amazon.

OK – granted, these are billionaires, not millionaires.  But then again few of the millionaires are famous enough to be household names.

Except for sport stars, movie stars, and TV stars.  How many people go to see the Yankees play, and how many people work at the stadiums?  How many people sell Yankees merchandise?  Parking for the games?  Work at sports bars that use the games to attract people?

How many people work on the sets of movies and TV shows?  If Julia Roberts or Oprah decided not to do a movie or a show, how many people would not be working?  How many people on the set?  How many caterers?  How many hotel rooms would not be sold for a movie shot “on location”, and therefore how many maids, gardeners, and maintenance workers would not be needed?

Looking at small business owners, any that do become successful enough to become a millionaire almost have to hire someone.  It is virtually impossible to provide a service business of that scale without hiring on several people.  Million dollar-a-year restaurants usually hire tens of people for their chefs and wait staff.  Shops that sell that volume almost always hire people work at the store since they’re open long hours.  Car deals have all kinds of salesmen and repairmen.

So, if you’re a millionaire who provides jobs to people, maybe you should give Senator Reed a call, just to let him know you exist.  If his phone doesn’t ring, maybe he’s right and I’m wrong.  You really are mythical like the unicorn.  Or maybe you’re just too busy to read this blog or call Senators.

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Disclaimer: This blog is not meant to give financial planning or tax advice.  It gives general information on investment strategy, picking stocks, and generally managing money to build wealth. It is not a solicitation to buy or sell stocks or any security. Financial planning advice should be sought from a certified financial planner, which the author is not. Tax advice should be sought from a CPA.  All investments involve risk and the reader as urged to consider risks carefully and seek the advice of experts if needed before investing.

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