WSJ: Number of multi-millionaire Americans surges

The number of Americans with multi-million-dollar wealth has risen sharply in recent years, The Wall Street Journal reports. 

There are approximately 430,000 US households with assets exceeding $30 million, including about 74,000 with $100 million or more. Since around 1990, the growth in wealthy households has outpaced overall population growth in the country.

Citing data from the Federal Reserve and Princeton University researchers, WSJ notes that the main drivers of this trend are stock market growth—which benefits private investments and retirement savings—and the rapid expansion of small and medium-sized businesses.

Currently, the largest share of assets—including real estate, personal property, business holdings, and pension or cash savings—is held by the Baby Boomer generation (born 1946–1964), with a total of $88.5 trillion. Generation X (born 1965–1980) follows with $45.4 trillion, while the Silent Generation (born before 1946) holds $20.8 trillion. Younger generations, including Millennials and Zoomers, collectively own around $18.25 trillion in assets.

WSJ highlights that the growing wealth of households is reflected in a rise in luxury real estate transactions (starting at $10 million), increased purchases of premium goods such as high-end cars and luxury brands, and greater use of business-class flights and private jets.