đź§® Millionaire math

What makes a millionaire?
There’s no magic formula, but Empower findings show some constants in the millionaire math: 60% are self-made, 95% own a home, and 47% hold a stock portfolio.
The U.S. added some 562,000 millionaires to its ranks in 2024, bringing the national total to 3.8 million. The average net worth for people in their 50s was almost $1.3 million in June, according to Empower Personal DashboardTM data.
Depending on where someone lives, $1 million in savings could stretch nearly 23 years during retirement.
— The Editors

đź’° Count up: Nvidia is now the first public company in the world to top $4 trillion* in value. Worth about $10 billion a decade ago, the AI chipmaker is growing exponentially, with its share price up nearly 35,000% since 2015. More than half of Americans (52%) plan to increase their investment in AI in the next year.
🏡 Cash kings: More high-end home buyers are paying with cash according to 50.7%* of luxury real estate pros. After doing the mortgage math, some prefer to fund pricey purchases using savings, stocks, or proceeds from other property sales. Meanwhile, the number of homes sold for more than $1 million has surged 7.1% year-over-year.
🔢 Number crunching: The rate of consumer borrowing overall is at its slowest pace in three months, as total credit outstanding rose $5.1 billion* and credit card and other revolving debt outstanding declined $3.5 billion — the first decrease since November. Americans spend an average of just over $5,200 per month on their credit cards.
đźš— Distance formula: Driving vacations are multiplying, with 71% of Americans planning road trips this summer. Choosing budget-friendly destinations is a priority for 45%. Gas prices have dropped 8.3% since last year, which could free up cash for travelers to take longer journeys.

Human equation
As artificial intelligence continues to reshape how people work, business leaders increasingly are looking for candidates with emotional intelligence: Nearly 70% of U.S. executives said they plan to prioritize hiring qualified candidates with soft skills like communication, leadership, and adaptability. The vast majority (92%) view these attributes as equally or more important than hard skills when making hiring decisions.

Matcha moment
Matcha is hot — and iced or frozen — but a global shortage and brewing price* increases have some consumers spilling the tea online about where to get their hands on a supply.
Teens and pre-teens are among those lining up and paying as much as $7* for the green concoctions. Personalized matcha orders can add up depending on the combination. Fans can add enough mix-ins, syrups, and toppings to bring their drink’s cost up to $45.*
Still, the price may be worth it: Empower research shows 63% of Americans believe financial peace of mind comes with being able to afford small daily luxuries.

$1.3 trillion game-changer
Sports fans are spending big to catch the action live. Representing 10% of global travel spending, sports tourism is projected to reach $1.3 trillion by 2032.
Travelers typically spend over $1,500 on sports-related trips, including more than $300 on tickets. Soccer and football are especially big draws. Major upcoming events — the 2026 FIFA World Cup, 2026 Winter Olympics in Italy, and 2028 summer games in Los Angeles — are likely to further fuel growth. Read more in The CurrencyTM.

The original Hermès Birkin bag, created for 60s “It-girl” Jane Birkin, is the most expensive handbag ever sold at auction — hitting $10 million* at Sotheby’s in Paris.
The coveted Birkin 25 bag typically retails for over $11,000, but those with luxury taste on a leaner budget can opt for a designer dupe at Amazon or Target for about $25 to $30.
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*Third-party data is obtained from sources believed to be reliable; however, Empower cannot guarantee the accuracy, timeliness, completeness, or fitness of this data for any particular purpose. Third-party links are provided solely as a convenience and do not imply an affiliation, endorsement, responsibility, or approval by Empower of the contents on such third-party websites.
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The content contained in this blog post is intended for general informational purposes only and is not meant to constitute legal, tax, accounting or investment advice. You should consult a qualified legal or tax professional regarding your specific situation. No part of this blog, nor the links contained therein is a solicitation or offer to sell securities. Compensation for freelance contributions not to exceed $1,250. Third-party data is obtained from sources believed to be reliable; however, Empower cannot guarantee the accuracy, timeliness, completeness or fitness of this data for any particular purpose. Third-party links are provided solely as a convenience and do not imply an affiliation, endorsement or approval by Empower of the contents on such third-party websites. This article is based on current events, research, and developments at the time of publication, which may change over time.
Certain sections of this blog may contain forward-looking statements that are based on our reasonable expectations, estimates, projections and assumptions. Past performance is not a guarantee of future return, nor is it indicative of future performance. Investing involves risk. The value of your investment will fluctuate and you may lose money.
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