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The American Dream is alive and well: The number of ‘everyday millionaires’ is soaring, with over 1,000 people joining the ultrawealthy club daily

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Having a house with a two-car garage, a white picket fence, and a bank account stocked with sizable savings feels like a fading dream for many Americans. But the aspiration is alive and well for the 379,000 U.S. citizens who became millionaires last year.

The U.S. minted over 1,000 new millionaires a day in 2024—including weekends—as the proportion of Americans in the ultrawealthy club swelled by 1.5%, according to new data from investment bank UBS. 

In fact, the 50 states now host the greatest number of USD millionaires in the world—four times as many as China, and more than that of France, the U.K., Germany, Canada, Japan, and Australia combined. 

While much of this millionaire explosion can be attributed to rising real estate prices, the U.S. stock market’s record year was also a key money driver. 

The rise of the “everyday millionaire”

While people might envision millionaires as jet-setting, Prada-wearing elite members of society, the UBS report points out a growing number of “everyday millionaires” stepping into the fold—characterized as people with assets between $1 million and $5 million. 

This cohort held about $107 trillion in total wealth at the end of last year—more than four times the amount they owned at the turn of the millennium. In 2000, there were only 13.27 million everyday millionaires, but by the end of 2024, the group grew to 52 million people worldwide. Comparatively, millionaires with more than $5 million in assets hold about $119 trillion globally. 

The biggest driver of their wealth has been rising real estate values—a long-term upward trend that is minting new millionaires globally, says the report. However, Americans are a bit different. While real estate and mortgages account for 30% of their wealth, 19% is wrapped up in insurance and pensions, and a whopping 37% is tied to securities and other financial instruments. U.S. investment strategies are paying off, like corporate and mutual fund shares, which made way for the largest cohort of millionaires to join the ultrawealthy club. 

But if you’re not part of the club yet, don’t worry: The number is only expected to increase. A great wealth transfer of $83 trillion is expected to flood global markets over the next 20 to 25 years, with $74 trillion anticipated to be passed between generations. As parents pass down their money to their Gen X, millennial, and Gen Z kids, new millionaires will continue to be minted at high rates for decades. 

The American Dream is still alive—at the top 

The American Dream seems to be a dying ideal for many U.S. citizens as housing costs go through the roof, groceries become unaffordable, and jobs are disrupted. 

America’s top 20% household earners—averaging a net worth of $4.3 million—accounted for about 71% of the U.S.’s total wealth at the end of 2024, according to data from the Federal Reserve. Meanwhile, the bottom half of American households, averaging about $60,000 in wealth, owned just 2.5% of the country’s wealth. For the vast majority of U.S. citizens, joining the millionaire club still looks like a pipe dream.

While launching the next big AI startup or fintech company is unrealistic for many, average Americans are building their wealth through other channels. Insurance and pension plans—like 401(k)s—have been a popular method to grow wealth steadily, even if Gen Z isn’t fully on board yet. And despite how poor the markets have looked as of late, stocks and other financial investments are known to drive growth extremely quickly, especially in foreign markets

For those hoping to boast a seven-figure net worth by getting into the growing world of home ownership, self-made real estate millionaire Barbara Corcoran has a critical piece of advice. It’s easy for people to gawk at mortgage rates, but the Shark Tank investor says it’s out of anyone’s control, and it’s best to make the jump. 

“I would say, get out there…you need one more point to bring everybody out into the market, and what’s going to happen is you’re going to pay more for the house,” Corcoran said in a 2024 interview with Bloomberg. “Wait until you see what happens with prices when interest rates come down another percentage point.”

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Trump administration waives part of a Biden-era fine against Southwest Air for canceled flights

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The U.S. Department of Transportation is waiving part of a fine assessed against Southwest Airlines after the company canceled thousands of flights during a winter storm in 2022.

Under a 2023 settlement reached by the Biden administration, Southwest agreed to a $140 million civil penalty. The government said at the time that the penalty was the largest it had ever imposed on an airline for violating consumer protection laws.

Most of the money went toward compensation for travelers. But Southwest agreed to pay $35 million to the U.S. Treasury. Southwest made a $12 million payment in 2024 and a second $12 million payment earlier this year. But the Transportation Department issued an order Friday waiving the final $11 million payment, which was due Jan. 31, 2026.

The department said Southwest should get credit for significantly improving its on-time performance and investing in network operations.

“DOT believes that this approach is in the public interest as it incentivizes airlines to invest in improving their operations and resiliency, which benefits consumers directly,” the department said in a statement. “This credit structure allows for the benefits of the airline’s investment to be realized by the public, rather than resulting in a government monetary penalty.”

The fine stemmed from a winter storm in December 2022 that paralyzed Southwest’s operations in Denver and Chicago and then snowballed when a crew-rescheduling system couldn’t keep up with the chaos. Ultimately the airline canceled 17,000 flights and stranded more than 2 million travelers.

The Biden administration determined that Southwest had violated the law by failing to help customers who were stranded in airports and hotels, leaving many of them to scramble for other flights. Many who called the airline’s overwhelmed customer service center got busy signals or were stuck on hold for hours.

Even before the settlement, the nation’s fourth-biggest airline by revenue said the meltdown cost it more than $1.1 billion in refunds and reimbursements, extra costs and lost ticket sales over several months.



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Trump slams Democratic congressman as disloyal for not switching parties after pardon

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Trump blasted Cuellar for “Such a lack of LOYALTY,” suggesting the Republican president might have expected the clemency to bolster the GOP’s narrow House majority heading into the 2026 midterm elections.

Cuellar, in a television interview Sunday after Trump’s social media post, said he was a conservative Democrat willing to work with the administration “to see where we can find common ground.” The congressman said he had prayed for the president and the presidency at church that morning “because if the president succeeds, the country succeeds.”

Citing a fellow Texas politician, the late President Lyndon Johnson, Cuellar said he was an American, Texan and Democrat, in that order. “I think anybody that puts party before their country is doing a disservice to their country,” he told Fox News Channel’s “Sunday Morning Futures.”

Trump noted on his Truth Social platform that the Democratic President Joe Biden’s administration had brought the charges against Cuellar and that the congressman, by running once more as a Democrat, was continuing to work with “the same RADICAL LEFT” that wanted him and his wife in prison — “And probably still do!”

“Such a lack of LOYALTY, something that Texas Voters, and Henry’s daughters, will not like. Oh’ well, next time, no more Mr. Nice guy!” Trump said. Cuellar’s two daughters, Christina and Catherine, had sent Trump a letter in November asking that he pardon their parents.

Trump explained his pardon he announced Wednesday as a matter of stopping a “weaponized” prosecution. Cuellar was an outspoken critic of Biden’s immigration policy, a position that Trump saw as a key alignment with the lawmaker.

Cuellar said he has good relationships within his party. “I think the general Democrat Caucus and I, we get along. But they know that I’m an independent voice,” he said.

A party switch would have been an unexpected bonus for Republicans after the GOP-run Legislature redrew the state’s congressional districts this year at Trump’s behest. The Texas maneuver started a mid-decade gerrymandering scramble playing out across multiple states. Trump is trying to defend Republicans’ House majority and avoid a repeat of his first term, when Democrats dominated the House midterms and used a new majority to stymie the administration, launch investigations and twice impeach Trump.

Yet Cuellar’s South Texas district, which includes parts of metro San Antonio, was not one of the Democratic districts that Republicans changed substantially, and Cuellar believes he remains well-positioned to win reelection.

Federal authorities had charged Cuellar and his wife with accepting thousands of dollars in exchange for the congressman advancing the interests of an Azerbaijan-controlled energy company and a bank in Mexico. Cuellar was accused of agreeing to influence legislation favorable to Azerbaijan and deliver a pro-Azerbaijan speech on the floor of the U.S. House.

Cuellar has said he his wife were innocent. The couple’s trial had been set to begin in April.

In the Fox interview, Cuellar insisted that federal authorities tried to entrap him with “a sting operation to try to bribe me, and that failed.”

Cuellar still faces a House Ethics Committee investigation.



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Jerome Powell faces a credibility issue as he tries to satisfy hawks and doves on a divided Fed

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With the Federal Reserve split between increasingly hawkish and increasingly dovish policymakers, Chairman Jerome Powell is due to perform some serious log-rolling when the central bank meets this week.

Another rate cut is a near certainty after the Fed meeting ends on Wednesday, but the main question is what Powell will say about the prospects for more easing next month.

Wall Street expects a hawkish cut, meaning Powell is likely to avoid signaling a January cut to appease Fed hawks, after joining doves to lower rates this month.

“Chair Powell is facing the most divided committee in recent memory,” analysts at Bank of America said in a note on Friday. “Therefore, we think he will attempt to balance the expected rate cut with a hawkish stance at the press conference, just as he did in October.”

But at the same time, the Fed chief has also been insistent that policymakers are not on a pre-determined course and that rate moves depend on the data that come in.

As a result, BofA is doubtful that he can pull off a hawkish cut so easily, considering all the market-moving data that will come out between the two meetings, with some delayed due to the government shutdown.

The week after the Fed meeting, for example, jobs numbers for October and November, October retail sales, and the consumer price index for November will come out. And December readings for those indicators are likely to be released before the next meeting on Jan. 27-28.

“It will be difficult for Powell to send a credibly hawkish signal at the press conference,” analyst said.

BofA still sees a way for him to thread the needle. One option is for Powell to suggest that “significant further weakening” in the jobs data will be necessary to trigger a January cut.

Another option is to argue that 3.5%-3.75%—where benchmark rates would be if the Fed cuts again this week—isn’t restrictive after accounting for inflation, meaning the central bank is no longer weighing on the economy as much.

Similarly, JPMorgan chief U.S. economist Michael Feroli said he expects Powell to stress that after this week’s cut, rates will be close to neutral. So any additional easing would depend on meaningful deterioration in the labor market and not be predicated in risk management.

For now, Wall Street doesn’t expect a January cut, with 25% odds currently being priced in on CME Group’s FedWatch tool. But BofA thinks Powell will likely leave the door open for one.

“We wouldn’t be surprised if markets start pushing more aggressively for a Jan cut in the near term,” analysts predicted. “And the anticipation of this outcome might raise the probability of more dissents in Dec, since hawks might be inclined to dig their heels in instead of compromising.”



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