The US gained 562,000 millionaires last year as the stock market soared

A booming stock market added more than half a million new millionaires in the US.

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• The US added 562,000 new millionaires in 2024 amid a booming stock market.
• The S&P 500 and Nasdaq soared, with Nvidia alone driving 22% of the S&P's gains.
• Generational wealth transfer looms as Gen X, millennials, and Gen Z are set to inherit trillions.

The US minted over half a million new millionaires in 2024, driven by strong equity markets and a favorable interest rate environment...