All articles tagged with #millionaires
Fidelity Investments says the number of 401(k) accounts with at least $1 million rose 19% in Q2 to a record 769,000, driven by a bull market (S&P 500 up ~15%) and a 9.6% average contribution rate, with about 3% of Fidelity’s 25.8 million accounts now seven-figure, reflecting long-term savers despite ongoing retirement anxiety for many Americans.
Fidelity data shows a record 769,000 Fidelity 401(k) accounts hold at least $1 million in Q2, up 19% from Q1, driven by a 15% S&P 500 gain and consistent employee contributions; the average balance across workplace plans is about $155,800, and roughly 3% of accounts are millionaires, highlighting that a seven-figure balance remains out of reach for most workers despite the surge.
Global millionaires grew 7.9% to 25.3 million in 2025 as stock markets rallied, with total wealth rising 8.7% to $98.3 trillion; UHNWIs (≥$30 million) expanded 9.4% to 250,000 and now hold 35% of all millionaire wealth, widening the gap. The US added 730,000 new millionaires to 8.73 million, Asia posted strong gains, and investors shifted toward equities and diversified advisory models, signaling a changing wealth-management landscape.
Legislative leaders in Olympia moved overnight toward a vote on a proposed 9.9% income tax on income above $1 million, set to take effect in 2029. Supporters, including Gov. Ferguson, say the revenue would fund families and small-business programs, while Republicans push amendments such as a charitable deduction. Critics warn the plan could violate the state constitution and invite court challenges, with opponents weighing a citizen initiative to repeal if it passes. If approved by the House, the bill would go to the Senate and then Ferguson for signature.
A 70-year-old Washington retiree, Victoria Hattersley, advocates a 9.9% tax on income over $1 million, proposed to take effect in 2028 with first payments in 2029. In an as-told-to interview, she describes rising from modest means to wealth through a pharma career and stock options, rejects the bootstrap myth, and argues that excessive inequality harms society and that the wealthy should pay their fair share to fund healthcare, daycare, and other public goods. She notes the plan would affect less than 1% of residents and could bolster small businesses and social programs while reducing societal and cultural instability caused by inequality.
Zohran Mamdani plans to push forward with increasing taxes on New York City millionaires to address fiscal issues.
Last night's Powerball drawing did not produce a winner, marking the 46th consecutive no-win game, but nine tickets matched five numbers, each worth $1 million. The jackpot will now grow to an estimated $1.7 billion for the next drawing, which will be the 47th in a row without a winner and the fourth-largest in U.S. history.
Despite the common perception, only 36% of American millionaires consider themselves wealthy in 2025, as many worry about outliving their savings and feel that $1 million is no longer enough to feel truly wealthy, with the rise of 'everyday millionaires' and increasing costs of the American dream.
Miami real estate agents are promoting safe spaces for wealthy individuals fleeing Mamdani’s New York, highlighting a trend of affluent migration and the real estate opportunities in Miami.
Klarna's recent $17 billion IPO has made over 40 employees millionaires due to stock gains, with cofounders and executives holding significant wealth. Other tech giants like Nvidia, Canva, and Palantir have also created new millionaires among their staff, highlighting how employees benefit from company successes through stock options and share sales.
The article shares various stories of ex-millionaires who lost their wealth due to factors like bad investments, legal issues, scams, personal decisions, and economic downturns, highlighting that wealth can be fragile and easily lost without careful management.
The number of 'everyday' millionaires has surged globally and in the US, with many now feeling middle class due to factors like rising home prices and reliance on private retirement savings, despite their wealth. Many Americans with significant net worth still feel financially insecure or ordinary, highlighting a shift in perceptions of wealth and class.
The US added over a thousand new millionaires daily in 2024, reaching 23.8 million, driven by strong Wall Street performance and a stable dollar, though recent market volatility may impact future growth. Globally, the millionaire population increased, with significant wealth concentration among the ultra-rich, but middle-class wealth is also expanding rapidly.
In 2024, over 379,000 Americans became millionaires, driven by strong stock markets and a stable dollar, making the US home to nearly 40% of the world's millionaires, with global wealth increasing but wealth disparity remaining significant.
Over 379,000 Americans became millionaires last year, averaging more than 1,000 new millionaires daily, driven by strong markets and a stable dollar, with the US holding nearly 40% of the world's millionaires according to UBS's 2025 Global Wealth Report.