Stock Surge Saw US Add More Than 379,000 Millionaires Last Year
The US added more than 1,000 new millionaires per day last year, with surging stocks driving the wealth increase, according to a new report from UBS.
There were more than 684,000 millionaires created worldwide in 2024, including over 379,000 in the US. Overall, wealth increased 4.6% across the globe, though the 'speed of growth was far from uniform, largely titled toward the US,' according to UBS' 2025 Global Wealth report.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Washington Post
24 minutes ago
- Washington Post
Billionaire Mark Walter, set to own controlling stake in Lakers, built fortune in investing
The billionaire slated to take over the controlling interest in the Los Angeles Lakers has built a career leading businesses investing in everything from sports franchises to artificial intelligence. Mark Walter is CEO of the global investment and advisory company Guggenheim Partners, which is estimated to have more than $325 billion in assets. He's also co-founder and CEO of holding company TWG Global.
Yahoo
32 minutes ago
- Yahoo
Buying a new car? Why you might want to abide by the 20% rule
Buying an automobile is one of the biggest purchases many Americans will make in their lives. New car prices have hit record highs, creeping up to an average price of nearly $50,000 in 2025, according to Kelley Blue Book. If you're buying a new car in 2025, choosing the right financing strategy can make a huge impact on your ownership experience and monthly payments. What is the "20% rule," and how can you use it to your advantage when purchasing the car, truck, or SUV of your dreams? Thousands of drivers will finance new cars in 2025. The way you structure your financing plan affects how much equity you have in your new vehicle as well as your monthly, annual, and total payments including interest. A minimum down payment of 20% can make financing deals less expensive in the long run for car buyers. The down payment "reduces the principal loan amount and the interest you're likely to pay" according to Chase Bank. Suppose you're financing a new 2025 Toyota RAV4. If you secure a 60-month (five-year) financing loan with an interest rate of 4.99%, your monthly payments could be as low as $440 a month with 20% down (before taxes, fees, and interest). A 20% down payment on the 2025 RAV4 ($29,2590 before taxes and fees) works out to $5,850. This leaves a principal amount of 80% of the SUV's MSRP ($23,400 plus taxes, fees, and interest). Your monthly payment is your principal loan amount divided by your loan term (60 months in the example above) plus the fluctuating monthly cost of interest on the principal (4.99% annually in the example above). Drivers can save thousands in interest payments by putting at least 20% of a car's total cost as a down payment due to the cost of interest over time. If you want to save even more money on your car loan and are able to manage your monthly payments after a 20% down payment, there are methods to pay the full cost of your car's financing before the end of your loan term. That said, there could be costs associated with paying off your car loan early and it could negatively impact your credit score. If you pay your monthly loan amount and make additional payments on the principal, you can pay off your vehicle before the end of your loan term. This ensures that you will reduce the amount of total interest you pay through financing, but it can have unintended consequences depending on your lender. Ultimately, the best way to insure that you save money on interest when financing a vehicle is to make the largest down payment possible and gain more equity in your car. The "20% rule" is a strategy implemented to reduce the total cost of financing a vehicle, but you can tailor your financing agreement to your individual financial needs and goals. The average auto loan payment was "$675 as of Q1 2025", according to consumer credit reporting company Experian. NerdWallet says the average annual percentage interest rate for new cars is 6.70% for individuals with a credit score between 661-780. Interest rates increase significantly for drivers with lower credit scores (13.22% for 501-600 score). Between rising new car prices and high interest rates, financing a new car is more expensive than ever before. Before purchasing a new car, truck or SUV, drivers should: Assess how much the new vehicle's true cost could be including taxes, fees, and interest Calculate the precise monthly auto loan payment and see if it fits within your budget Consider how a high-percentage down payment could reduce your total financing expenditure Brand-new cars may be fun to own and drive, but they are seldom needed, as used cars car provide sufficient value for more affordable prices. Thanks to depreciation, American drivers can find great deals on used car models that cost thousands less than new car models. So, if you're in the market for a new car in 2025, be sure to triple-check your numbers before making any financial commitment. This article originally appeared on USA TODAY: What is the 20% rule for car buying, why do drivers follow it?
Yahoo
38 minutes ago
- Yahoo
Defence opportunity could finally make flying taxis a reality
By Paul Sandle PARIS (Reuters) -Opportunities in defence, emergency healthcare and cargo could help make flying taxis a reality in the next few years after the sector recently received backing from the Trump administration, executives in the industry said at the Paris Airshow. President Donald Trump this month told regulators to speed up certification to accelerate the development of electric vertical take-off and landing aircraft (eVTOLs), aiming to secure a U.S. lead over Asia in the technology. The executive order gave fresh impetus to an industry that has struggled to win over critics and regulators. "We take a lot of spears, people are like 'batteries are too heavy'," said Kyle Clark, founder and chief executive of BETA Technologies, at the show. "But the reality is, if you put the airplanes in the right places, the benefits are real." Flying taxis - seen in predictions of the future for decades - need to shake off the idea that they are just for the rich to become viable at scale. Their manufacturers say emergency medical services, cargo and defence could help, where they offer a cheaper and quieter alternative to helicopters in areas from passenger and goods transport to rescue missions. BETA, Joby Aviation and Archer Aviation are in the U.S. Air Force Agility Prime Program, which aims to develop technologies for autonomous cargo and hybrid-electric aircraft. Joby and Archer have previously signed military contracts worth $131 million and up to $142 million, respectively. "We have two aircraft at Edwards Air Force Base, and we are really grateful for all the support and all the learning we've gotten out of that," Joby Aviation's founder and chief executive JoeBen Bevirt said. "We think there's incredible opportunities on the defence side." BETA's Clark, who flew its conventional takeoff and landing aircraft in Paris, said the company had a clear position in defence: reliable aircraft that showed up to every mission. "We've gone to somewhere near 10 bases," he said. "We've done 1,000s of takeoffs and landings with the military, we've had an exceptional dispatch rate. "We didn't just dabble in there. We've got contracts. I think that, like, we've got hundreds of millions of dollars of actual, tangible dollars flowing into us with defence." The three companies, along with Wisk Aero, said Trump's order was a big deal in boosting the sector's prospects. U.S. Transportation Secretary Sean P. Duffy and acting FAA Administrator Chris Rocheleau announced a U.S.-led alliance with Britain, Canada, Australia and New Zealand to streamline the certification of eVTOLs globally at the Paris show on Tuesday. Wisk Aero, owned by Boeing, differs from its rivals in that it is focused on launching fully automated services. "We have the political support, we have the industry support and then we have the money to make it happen," CEO Sebastien Vigneron said. Public concern over automated driving systems in cars suggests fully automated flying could have some convincing to do to gain wider acceptance. BETA's Clark said once the aircraft were in the hands of customers, the business case would be clear. He said he had flown passengers from the Hamptons to JFK airport in New York using only $7 of electricity. "You basically flip opex and capex on its head for recurring costs, and it just tells you what type of customers and applications you want for these airplanes," he said. "It's not a once-a-week flyer, it's a three, four, 10 times-a-day flyer where you exploit the benefits of electric propulsion." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
