Not only did the wealthiest Americans become even richer in 2021, 2021 created an additional one million new millionaires in the US.
Stock and Crypto Markets Created +1M New Millionaires in US during 2021
2021’s roaring stock and crypto markets created more than one million new millionaires in the US for a record total of 14.6M. That total of 14.6M millionaires in the US is up from 13.3M US millionaires in 2020, according to the latest data released by the wealth research firm, the Spectrum Group.
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George Walper, president of Spectrum Group, said, “It (2021) was the strongest year ever for millionaire creation in all segments.”
Wealth Surge Strongest At Top
According to the Spectrum Group, the richest not only got richer in 2021, the richest also became stronger. The number of Americans worth $25M+ surged by +18% to a total of 252,000 during 2021. In 2020, there were “just” 214,000 Americans worth $25M.
Wealth gains at the very top widened the country’s wealth gap in 2021. The share of wealth held by the top 1% in this country grew to a record 32% last year, according to the Federal Reserve.
Investors called “mass affluent” investors, those with between $100,000 and $1 million, grew by a measly +2% during 2021. Why? Because ultra-millionaires can afford to put more of their money into investments, particularly investments with the highest risks and the highest rewards.
Largest Engines for Wealth Creation in 2021
The US stock market was hands-down the largest engine for wealth creation during 2021. The S&P 500 gained +27% and the NASDAQ gained +21%. According to data from the Federal Reserve, the wealthiest 1% of Americans gained over $3T in stock market wealth.
Crypto, NFT’s, collectibles and real estate also enhanced the wealth of the wealthiest. The total market cap of crypto assets gained $1.5T for a total of over $2.3T, according to CoinGecko.
Walper said, “The wealthy have the greatest exposure to the broadest investments. It wasn’t just traditional liquid markets that did well last year. It was also alternative investments, real estate investments and crypto.”
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2022 Forecast
It’s unlikely 2022 will be a repeat of 2021 in terms of wealth creation. Soaring inflation, rising interest rates and a potential economic slowdown are already affecting the paper fortunes of investors. Both the NASDAQ and S&P are down, -14.5% and -8.4% respectively.
Walper said, “Every day changes, so it’s hard to predict where the year will wind up. But the first few months of 2022 have already painted a different picture than 2021.”
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Thanks to the Spectrum Group and CNBC.
