There Are Now More Millionaires In America Than Ever Before

by Stephanie Maida · November 16, 2017

    And no, it's probably not due to the fact we elected a particular one into office.

    According to Money, 1.1 million Americans joined the wealthy ranks this year, bringing the total number nationwide to 15,356,000, or, about 1 in 20 people. The U.S. accounts for 43% of the world's millionaire population, and we also lead in terms of creating new ones, followed by Germany and Australia.

    The report, published by Credit Suisse, claims that the rise in the stock market is the biggest reason for the gains, as "wealth per adult has now fully recovered [from financial crisis lows], and is 30% above the 2006 level."

    Similarly, poverty levels in America seem to be improving, with the percentage of people living below the line down from 14.5% in 2015 to 14% in 2016. Nevertheless, we do hope some of those new millionaires consider celebrating with philanthropy.

    [Photo via @michaelkors]