🚀 The US added 1000 millionaires per day in 2024

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. A UBS report found the U.S. added more than 1,000 new millionaires per day in 2024, with the total American millionaire count hitting 23.8 million—40% of the global total. Strong equity markets and a stable dollar underpinned this growth, although 2025 has brought headwinds, including Trump’s trade war and a weakening dollar. Despite the turbulence, real estate remains resilient, and UBS expects modest equity gains by year-end. Globally, the millionaire population rose by 684,000 to 60 million, with standout growth in Turkey and losses in Japan. Billionaire numbers also grew slightly, but wealth at the top remains highly concentrated: just 15 centibillionaires control $2.4 trillion. UBS economist James Mazeau emphasized that “everyday millionaires” with $1M–$5M now collectively hold more wealth than all the world’s billionaires, a sign that middle-tier fortunes are rising—even amid stark inequality among the ultra-wealthy.

2. SpaceX’s ambitious Starship program suffered another setback Wednesday night after a prototype exploded during routine ground testing at the Starbase facility in Texas, marking the fourth such failure this year. The explosion sent a massive fireball into the sky, though no injuries were reported as safety precautions were in place. The 120-meter rocket, central to Elon Musk’s vision of space colonization and NASA’s upcoming Artemis lunar missions, has faced repeated reliability concerns despite earlier partial successes. Starship is slated to support both NASA’s planned Moon landings and the launch of the commercial Starlab space station after the ISS retires, as well as Musk’s more speculative goal of landing robots—and eventually humans—on Mars within the next decade. While Musk remains publicly optimistic, the mounting test failures cast fresh doubt on the timeline and safety readiness of a vehicle he claims could revolutionize space travel.

3. Most car factories, like Ford or Tesla, reportedly build one car per minute. Isn't it time we do that for houses? BOXABL believes they have the potential to disrupt a massive and outdated trillion-dollar building construction market by bringing assembly line automation to the home industry. And they're not just dreaming big; they're delivering: (i) initial prototype order delivered to SpaceX in 2020, (ii) subsequent project order of 156 homes from the Department of Defense completed in 2021, (iii) now, after implementing what was learned from those prior orders, actively delivering to developers and consumers. Like other game-changing companies, you have a chance to invest in BOXABL’s offering at just $0.80/share. All BOXABL crowdfunding will close on June 24th.*

4. Google is likely to lose its appeal against a record $4.7 billion antitrust fine after a top advisor to the European Union’s highest court recommended the penalty be upheld. The case, tied to Google’s Android operating system, centers on allegations that the company used its dominance to pressure smartphone manufacturers into pre-installing Google apps, undermining competition and consumer choice. Though the fine was slightly reduced in 2022, it remains the most significant antitrust sanction ever imposed by the European Commission. The European Court of Justice’s advocate general, Juliane Kokott, advised dismissal of the appeal, and while her opinion is non-binding, the court follows such recommendations in most cases. Google said it was “disappointed” by the opinion and warned the ruling could discourage innovation and harm the Android ecosystem. The final judgment is expected in the coming months and will be closely watched as a bellwether for how Europe’s courts treat Big Tech’s dominance over open platforms.

   Headlines

   1. The majority stake in the Los Angeles Lakers is being sold in a deal that values the team at $10B.

   2. The US is preparing to evacuate citizens from Israel as tensions continue to escalate in the Middle East.

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