America has more millionaires than any other country in the world "by far," Bloomberg reports. There will be 3.1 million new American millionaires by 2020, according to Boston Consulting Group estimates. That translates into roughly 1,700 new millionaires every day.
Mind you, the apparent upward mobility is actually due mostly to older rich folks passing money on to their already well-off offspring, says Bloomberg: "Inheritance is an increasingly significant driver of wealth in America." One study found over 50 percent of investors with more than $25 million cited inheritance as a reason for their financial status.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Today's political cartoons - May 11, 2025Cartoons Sunday's cartoons - shark-infested waters, Mother's Day, and more
-
5 fundamentally funny cartoons about the US ConstitutionCartoons Artists take on Sharpie edits, wear and tear, and more
-
In search of paradise in Thailand's western islesThe Week Recommends 'Unspoiled spots' remain, providing a fascinating insight into the past
-
Warren Buffet announces surprise retirementspeed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff displaySpeed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
