GoKawiilForget billionaires — the real boom is happening one tier down. There are now about 430,000 U.S. households worth $30 million or more, according to The Wall Street Journal. Within that group, roughly 74,000 households are worth $100 million or more.
How did the multi-millionaires get there? By owning assets that rose most dramatically. 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.
Their spending is reshaping industries. 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.