The number of millionaires in the US has reached 22 million, accounting for 8.8% of the total population. This represents an increase of 500,000 millionaires in the past year alone, with this specific segment growing by 7.3% in 2023. The total wealth of millionaires has also seen significant growth, with an increase of $26.1 trillion, up 7% from 2022. [5e0427c5]
Millionaires play a crucial role in the US economy. Many of them are business owners who create jobs, contributing to employment opportunities for others. The concentration of capital among millionaires can also have herd-like effects, potentially leading to an exodus from financial markets. Additionally, millionaires have a significant impact on the housing market, as luxury real estate markets experience surges and there is a growing trend of cash purchases. [5e0427c5]
Furthermore, millionaires contribute to consumer spending and tax revenue. Their increased wealth allows them to make significant purchases, stimulating economic activity. However, it is important to note that wealth concentration among millionaires can contribute to income inequality, as the benefits of their wealth may not be distributed evenly across society. [5e0427c5]