The U.S. is minting more millionaires than ever. Here's why.

MoneyWatch The U.S. is minting more millionaires than ever. Here's why. .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Aimee Picchi Aimee Picchi Associate Managing Editor, MoneyWatch Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports. Read Full Bio Aimee Picchi June 4, 2026 / 3:16 PM EDT / CBS News Add CBS News on Google The U.S. minted 736,000 new millionaires last year, bringing the total number of Americans with such wealth to a record 8.7 million, according to a new report.Millionaire wealth is measured by investable assets, excluding individuals' primary residences, collectibles, consumables and consumer durable goods, consulting firm Capgemini said in its World Wealth Report 2026, released Thursday. The number of U.S. millionaires is the highest since Capgemini started tracking wealth trends three decades ago, the company told CBS News. The stock market was a primary driver of the surge in new millionaires, with the S&P 500 and tech-heavy Nasdaq Composite Index rising about 18% and 21% last year, respectively. Wealthy Americans also increased their equity allocations last year by about 5 percentage points, from 22% to 27% of their portfolios, boosting their wealth, Capgemini said.The jump in the number of millionaires also underscores a widening divide in the U.S. between low- and high-income households as many Americans struggle to afford the cost of living. Households earning below $50,000 a year are increasingly gloomy, while those with incomes above $100,000 are showing greater confidence, according to Apollo chief economist Torsten Slok."This divergence is likely driven by lower-income households worrying about rising gas prices, while higher-income households are focusing on rising stock prices," Slok...