"Nearly 72% of the top 0.1%'s wealth comes from corporate equities, mutual fund shares and private businesses, according to the Fed. The S&P 500 has more than tripled in the past decade."
"Surprisingly, many of the ultrawealthy aren't finance bros or tech execs on the coasts. They're small business owners running car dealerships outside high-cost areas."
"High-end brands like Hermès, Brunello Cucinelli and Ferrari recently reported strong sales. Flights on fractionally owned private jets are up and luxury real estate markets in Miami, Manhattan and Los Angeles have seen spikes in $10 million-plus home sales."
Approximately 430,000 U.S. households are worth $30 million or more, with 74,000 exceeding $100 million. Multi-millionaires primarily gained wealth through corporate equities, mutual fund shares, and private businesses. The S&P 500 has tripled in the last decade. Many wealthy individuals are small business owners rather than tech or finance executives. Their spending patterns are influencing luxury markets, with brands like Hermès and Ferrari seeing increased sales, and luxury real estate in major cities experiencing a surge in high-value transactions.
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