Zohran Mamdani Pushes for Millionaire Tax to Boost NYC Revenue
Zohran Mamdani plans to push forward with increasing taxes on New York City millionaires to address fiscal issues.
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Millionaires
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Powerball Jackpot Hits $1.7B, Creating Multiple Millionaires
Last night's Powerball drawing did not produce a winner, marking the 46th consecutive no-win game, but nine tickets matched five numbers, each worth $1 million. The jackpot will now grow to an estimated $1.7 billion for the next drawing, which will be the 47th in a row without a winner and the fourth-largest in U.S. history.
Millionaires Feel Wealthy Less Often These Days
Despite the common perception, only 36% of American millionaires consider themselves wealthy in 2025, as many worry about outliving their savings and feel that $1 million is no longer enough to feel truly wealthy, with the rise of 'everyday millionaires' and increasing costs of the American dream.
Wealthy New Yorkers Consider Leaving NYC Amid Political Uncertainty
Miami real estate agents are promoting safe spaces for wealthy individuals fleeing Mamdani’s New York, highlighting a trend of affluent migration and the real estate opportunities in Miami.
Klarna's IPO Turns Staff into Millionaires Amid Market Enthusiasm
Klarna's recent $17 billion IPO has made over 40 employees millionaires due to stock gains, with cofounders and executives holding significant wealth. Other tech giants like Nvidia, Canva, and Palantir have also created new millionaires among their staff, highlighting how employees benefit from company successes through stock options and share sales.
Ex-Millionaires Share Shocking Money Loss Stories
The article shares various stories of ex-millionaires who lost their wealth due to factors like bad investments, legal issues, scams, personal decisions, and economic downturns, highlighting that wealth can be fragile and easily lost without careful management.
America's New Millionaires: The Rise of the Everyday Wealthy
The number of 'everyday' millionaires has surged globally and in the US, with many now feeling middle class due to factors like rising home prices and reliance on private retirement savings, despite their wealth. Many Americans with significant net worth still feel financially insecure or ordinary, highlighting a shift in perceptions of wealth and class.
US Gains Over 1,000 New Millionaires Daily in 2024
The US added over a thousand new millionaires daily in 2024, reaching 23.8 million, driven by strong Wall Street performance and a stable dollar, though recent market volatility may impact future growth. Globally, the millionaire population increased, with significant wealth concentration among the ultra-rich, but middle-class wealth is also expanding rapidly.
US Adds 1,000 Millionaires Daily in 2024, Leading Global Growth
In 2024, over 379,000 Americans became millionaires, driven by strong stock markets and a stable dollar, making the US home to nearly 40% of the world's millionaires, with global wealth increasing but wealth disparity remaining significant.
US Creates Over 1,000 Millionaires Daily Amid Wealth Boom
Over 379,000 Americans became millionaires last year, averaging more than 1,000 new millionaires daily, driven by strong markets and a stable dollar, with the US holding nearly 40% of the world's millionaires according to UBS's 2025 Global Wealth Report.
"Rising Trend: Americans Seek Second Passports and Residency in Wealthy Sun Belt Cities and Abroad"
According to a recent report by Henley & Partners, Austin, Texas, has seen the highest growth rate of millionaire residents in the US over the past decade, followed by Scottsdale, Arizona, and Palm Beach/West Palm Beach, Florida. While traditional hubs like New York and Los Angeles have experienced modest declines in millionaire populations, cities such as Austin, Miami, and Scottsdale are gaining residents, indicating a shift in wealth distribution within the country.
"Rising Trend: Wealthy Americans Seek Second Residences and Citizenship Abroad"
The US is experiencing a "millionaire remix" as cities like Austin, Scottsdale, and West Palm Beach draw in large numbers of millionaires, with Austin's millionaire population more than doubling over the past decade. The Bay Area in California saw an 82% growth in its millionaire population, reaching about 306,000, despite concerns about crime and homelessness in San Francisco. The report by Henley & Partners also noted the impact of immigrant influx and skilled migrant talent on the growing number of millionaires in the US.
"Record Number of Americans Reach 401(k) Millionaire Status"
The number of Americans with $1 million or more saved in their 401(k) accounts increased by 20% from September to December, reaching 422,000 individuals by the end of 2023, according to Fidelity Investments. The average account balances for retirement savers also reached a two-year high, with more than a third of workers increasing their retirement savings contribution rate in 2023. The surge in balances was attributed to improving market conditions and increased contributions, with 78% of 401(k) savers contributing enough to secure full matching contributions from their employers. The average savings tenure of 401(k) millionaires is 26 years, emphasizing the importance of consistent long-term contributions, and nearly half of these millionaires are boomers. Experts advise those nearing retirement to consider rebalancing their portfolios and moving some savings into short-term vehicles to prepare for potential market fluctuations.
"Frugal Millionaires: How Living Simply Leads to Wealth"
Despite the common perception of millionaires as inheritors of wealth, only a small percentage actually inherited substantial amounts, with the average American household now having a net worth exceeding $1 million. Rachel Rodgers, founder of Hello Seven and author of "We Should All Be Millionaires," shared three frugal practices she employs to maintain her wealth, including being mindful of spending on vacations, prioritizing quality over brand names for everyday clothing, and being intentional with time commitments by declining 99% of requests.
"Global Elite Urged to Tax Extreme Wealth by High-Net Worth Individuals at Davos"
Nearly 270 millionaires and billionaires attending The World Economic Forum in Davos have signed a letter urging world leaders to tax their wealth, warning of catastrophic consequences if economic inequality is not addressed. They argue that taxing extreme wealth will not significantly impact their standard of living and is necessary to prevent further societal degradation. A new poll shows that a majority of wealthy individuals support higher taxes on their fortunes, with 75% backing a 2% tax on billionaires. The call for action comes amid growing concerns about worsening inequality, with the world's richest seeing their fortunes double while the poorest 60% became poorer.