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.
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