BusinessPostCorner.com
No Result
View All Result
Thursday, June 19, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

AI stock boom helps mint 600,000 new U.S. millionaires

June 8, 2024
in Business
Reading Time: 2 mins read
A A
0
AI stock boom helps mint 600,000 new U.S. millionaires
ShareShareShareShareShare

Artificial intelligence’s boost to financial markets helped the U.S. trounce the world in millionaire growth last year, when their ranks swelled by 600,000.

That’s more than the population of Baltimore, bringing the total number of Americans who have at least $1 million in investable assets, not including their primary residence, to 7.5 million, CNBC reported citing data from Paris-based consulting company Capgemini.

Last year’s 7.3% jump in U.S. millionaires helped North America reclaim the highest growth rate for millionaires in the world from the Asia-Pacific region.

Asia saw millionaire growth of 4.8%, while Europe’s number of millionaires rose by 4%. The number of millionaires in Latin America increased by 2.7% last year and 2.1% in the Middle East. Africa saw a 0.1% decline, according to Capgemini.

The wealth of all the millionaires in the U.S. combined was about $26 trillion. The number of people with a net worth of $30 million or more reached about 100,000 as well, and they have a cumulative net worth of about $7.4 trillion.

AI and tech stocks fuel millionaire surge

The millionaire growth rate in the U.S. was partly fueled by a jump in the stock market led by AI and tech companies. The S&P 500 index skyrocketed 24% last year thanks in part to investor optimism over the future of AI. 

AI chip supplier Nvidia led the index with a 239% gain in 2023. Meta and Tesla, two other tech giants involved in AI, surged 194% and 102%, respectively, last year. Goldman Sachs estimates that AI investment could reach as high as $200 billion globally by 2025. 

The stock market gains that helped add so many millionaires in 2023 have persisted so far this year as the S&P 500 and the tech-heavy Nasdaq index hit record highs this week. The S&P 500 is up about 12% year-to-date and some of the biggest players in AI, like Nvidia and Microsoft, have seen their shares continue to soar in 2024.

Subscribe to the CEO Daily newsletter to get global CEO perspectives on the biggest stories in business. Sign up for free.

Credit: Source link

ShareTweetSendPinShare
Previous Post

How ‘Swiftonomics’ is impacting the music industry

Next Post

RH CEO says ‘I don’t yell at people—I yell at the problem’

Next Post
RH CEO says ‘I don’t yell at people—I yell at the problem’

RH CEO says 'I don’t yell at people—I yell at the problem'

Brazilian Lawmaker Proposes Scrapping Crypto Tax for Long-term Investors

Brazilian Lawmaker Proposes Scrapping Crypto Tax for Long-term Investors

June 16, 2025
US deal may force Redcar biofuel plant to close, Ensus warns

US deal may force Redcar biofuel plant to close, Ensus warns

June 16, 2025
Did the US know about Israel’s attack all along?

Did the US know about Israel’s attack all along?

June 14, 2025
The Senate’s stablecoin legislation is moving just as fast as crypto itself, but it doesn’t address the elephant in the room: Trump’s conflicts of interest

The Senate’s stablecoin legislation is moving just as fast as crypto itself, but it doesn’t address the elephant in the room: Trump’s conflicts of interest

June 17, 2025
Eric Trump Denies Public Role in Tron’s Nasdaq Push Despite Ties to Deal Broker

Eric Trump Denies Public Role in Tron’s Nasdaq Push Despite Ties to Deal Broker

June 17, 2025
Coinbase, Gemini Eye EU Expansion With New Licenses: Reuters

Coinbase, Gemini Eye EU Expansion With New Licenses: Reuters

June 16, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Hospitals, schools and courts to get funding boost

Hospitals, schools and courts to get funding boost

June 19, 2025
Cardano Price Prediction: Hoskinson Threatens to Retire If  Billion Treasury Overhaul Fails

Cardano Price Prediction: Hoskinson Threatens to Retire If $1 Billion Treasury Overhaul Fails

June 19, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!