1. The U.S. has 23.8 million millionaires as of 2024. 2. 379,000 new millionaires were created in the U.S. last year. 3. Wealth creation remained steady despite recession fears and a weakening dollar. 4. American real estate has shown resilience amidst economic challenges. 5. 40% of global millionaires live in the U.S., indicating wealth concentration.
A strong increase in millionaires suggests robust economic activity, which generally boosts S&P 500 performance. Historically, higher levels of wealth correlate with increased investment and consumption, feeding into equity market gains.
The increase in millionaires may lead to higher spending and investment, benefiting S&P 500. Attention from high-net-worth investors typically drives market trends.
The immediate impacts of millionaire growth on spending and investment can influence markets quickly, seen historically in wealth booms leading to short-term equity rallies.