The booming U.S. economy, jump-started by the 2017 GOP tax cut, has created 878,000 more millionaires in just the last 12 months, according to an international wealth report from Credit Suisse.
"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," the bank said.
The report showed that U.S. wealth grew at 6.5 percent, higher than the world average of 4.6 percent, and has extended a pattern that started during former President Barack Obama's administration.
“Another prominent feature of the world wealth outlook this year is the seemingly relentless rise in household wealth in the United States,” said the report.
It tried to suggest that the Trump economy is too hot to continue, but conceded that there is no end in sight.
Said the report:
“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...Read More HERE
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