The U.S. is minting more millionaires than ever. Here’s why. The U.S. reached a record 8.7 million millionaires last year, with 736,000 new individuals joining their ranks. The stock market surge, particularly in the S&P 500 and Nasdaq, significantly contributed to this wealth accumulation, alongside an increase in equity allocations by wealthy Americans. This boom in millionaire numbers exacerbates the wealth gap, as lower-income households face rising costs while higher-income households benefit from investment growth.

• The U.S. saw a record 8.7 million millionaires last year, with 736,000 new additions.
• Investable assets, excluding primary residences and collectibles, are used to define millionaire wealth.
• Stock market performance, including an 18% rise in the S&P 500 and 21% in the Nasdaq, was a primary driver.
• Wealthy Americans increased their equity allocations from 22% to 27% of their portfolios.
• The rise in millionaires highlights a widening wealth divide between low- and high-income households.
• Lower-income households worry about gas prices, while higher-income households focus on stock prices.
• About half of Americans lack access to retirement plans, leaving them vulnerable to inflation and gas prices.
• Typical new millionaires are Gen X or baby boomers, often with wealth tied up in retirement investments.
• Americans typically reach millionaire status in their 50s or 60s.
• Homeownership is a common trait among millionaires, with 95% owning their homes.
• The perceived threshold for being considered ‘financially successful’ has risen to an average of $5.3 million.