The U.S. is minting more millionaires than ever. Here's why.
Summary
The United States created 736,000 new millionaires last year, reaching a total of 8.7 million millionaires. This rise was mainly due to strong stock market gains and increased investments by wealthy Americans.Key Facts
- The number of U.S. millionaires reached a record 8.7 million, the highest in 30 years.
- Millionaire wealth counts investments but excludes homes, collectibles, and consumer goods.
- The stock markets, including the S&P 500 and Nasdaq, rose about 18% and 21% last year, helping people get richer.
- Wealthy Americans increased the share of stocks in their investments from 22% to 27%.
- The growing number of millionaires highlights the gap between rich and low-income households.
- Half of Americans do not have access to a retirement plan, making it harder for them to build wealth.
- Most new millionaires are people in their 50s or 60s, often with retirement savings as their main wealth.
- Homeownership is common among millionaires, with 95% owning homes compared to 66% of all Americans.
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