America's Super-Rich Are Quietly Multiplying

A growing slice of Americans are quietly sliding into the "ultrawealthy" lane, and reshaping the economy as they go. The Wall Street Journal charts the rise of households worth tens of millions, or even hundreds of millions of dollars, a group that now numbers about 430,000 in the US with at least $30 million, and roughly 74,000 with $100 million or more, per economist Owen Zidar's analysis of Federal Reserve data. Their ranks have expanded far faster than the overall population, powered by soaring stock prices, high-value private investments, and the spiking worth of small and midsize businesses.

Economists Emmanuel Saez and Gabriel Zucman find that, adjusted for inflation, the top 0.1% have seen their wealth multiply more than 13-fold over a half-century, while the bottom half of households only climbed back into positive territory after pandemic-era aid and rising home values. For the ultrawealthy, roughly 72% of assets sit in stocks and private businesses, not houses. Two-thirds of households with $30 million or more are helmed by baby boomers, and their spending is driving demand for ultra-pricey homes, luxury hotels, and trips on private jets. (Curious what the super-rich eat on vacation? Forbes has the scoop.)