The Tax Cuts and Jobs Act, passed by the Trump administration in late 2017, has already sent federal revenue to all-time highs, and now it’s minted 878,000 new millionaires in the U.S., according to an international wealth report from Credit Suisse.
“The boom goes on,” the Credit Suisse’s Global Wealth Report reads. “Looking at the number of millionaires, we see that there are 42.2 million millionaires worldwide, which is up 2.3 million over the previous 12 months. Our research indicates that the United States added 878,000 new millionaires — representing around 40 percent of the global increase — to its already sizable stock.”
U.S. wealth grew a strong 6.5 percent, nearly 2 percentage points higher than the world total of 4.6 percent.
“Another prominent feature of the world wealth outlook this year is the seemingly relentless rise in household wealth in the United States,” the report reads.
“Total wealth and wealth per adult in the United States have grown every year since 2008, even when total global wealth suffered a reversal in 2014 and 2015. The United States has accounted for 40 percent of all increments to world wealth since 2008, and 58 percent of the rise since 2013. While not wishing to cast doubt on the ‘Trump Effect’ on financial markets, it seems inevitable that the uninterrupted spell of increasing wealth in the United States will come to an end at some time. Fortunately, there are signs that wealth inequality is no longer rising, which should mitigate the impact of any setback on the middle classes.”
In addition to more millionaires, the U.S. also boasts more people with wealth more than $100,000 than the rest of the world.
“Wealth distribution in the United States indicates a high fraction of adults with wealth above $100,000 compared to the world as a whole. The percentage of people with wealth at higher levels is even more striking. The United States has the most members of the top 1 percent global wealth group, and currently accounts for 41 percent of the world’s millionaires.”
