🏆 Winning streak

06.20.2024

Winner takes all. Or maybe not. 

Since 1987,* no team has gone unbeaten on the icy road to a Stanley Cup championship. But business is booming for the NHL, buoyed by media rights deals, generational stars, soaring ratings and attendance, winning an estimated $6.2 billion* in annual revenue.  

In the race to first place for league dominance, the NHL is skating after the NFL ($18.6B), NBA ($12B), and MLB ($11.6B).  

So, where’s the puck headed in the economy? Some 30% of Americans say they’re not watching for financial signs of the time, according to Empower research.  

For the rest, forecasting the future is the billion-dollar question in work, life, and play.  

— The Editors

Money

🏅 70 years at the top: What does it take to stay at the top of your game for more than half a century? About 10%* of the companies (49 in all) on this year’s Fortune 500 – the biggest U.S. companies by revenue – have made the list every year since its debut in 1955. In total, Fortune 500 companies represent two-thirds of the U.S. GDP with $18.8 trillion* in revenues and employ 31 million people worldwide. 

🤖 Up 3,224%: AI chipmaker Nvidia ticked up to a new record high, giving the company a $3 trillion* market cap and securing the number two spot behind Microsoft for the first time. Shares have increased more than 3,224% over the past 5 years. Most recently, the company underwent a 10-for-1 stock split, helping to make ownership more accessible to employees and investors.  

💸 Newly minted millions: The U.S. added 500,000* new millionaires last year, up 7.3% since 2022 and far outpacing the rest of the world. Their combined fortunes grew to $26.1 trillion. The amount of retirement millionaires continues to grow, too: According to Empower Personal Dashboard™ data as of June 2024, the number of 401(k) accounts with balances of at least $1 million rose to 937,747, up 31% year over year.  

🥤 Popping off: The 139-year-old soda brand Dr Pepper is now tied with Pepsi as the No. 2* carbonated soft drink brand in America, behind Coke. Within the $97 billion soft drink industry, Dr Pepper fizzes up 8.3% of the market share. With a variety of sips, Americans are keeping an eye on a good deal: Empower research shows 76% believe they’re doing as much as they can to save money while shopping.  

Work

Every dog has its day 

Some 2,500 dogs competed for the canine crown of Westminster Kennel Club’s “Best in Show,” among the world’s oldest and most prestigious showdowns.  

This year’s overall champion? Sage, a miniature poodle. 

It’s a costly endeavor, a culmination of grooming, training, and handling estimated by competitors in the hundreds of thousands of dollars.* 

Woof. But not all pet ownership comes at a price. New Empower research shows that Americans associate pet ownership with positive money habits, with 39% of people saying it inspires them to be more financially responsible and to reach their financial goals (36%).

Life

Wallet Power is hitting new highs. In the first quarter of 2024: 

  • Household net worth rose $5.1 trillion.*  

  • That’s an increase of 3.2% to a total of $160.8 trillion

  • Empower Personal Dashboard™ data shows that the average individual’s net worth was $592,128 as of March. 

  • That’s a nearly 9% increase year-over-year. 

  • Meanwhile, in May consumer prices were 3.3%* higher than a year ago, eating into overall spending power. 

Play

BFFs buying a home  

Best friends forever stick together. New Zillow trends show 14%* of Americans have purchased a home with a friend and 12% purchased with a relative like a sibling or parent.  

For 2 in 5 Americans, financial happiness is buying or owning a home (45%) and partnering with a bestie can make it more affordable: In May, the national median listing price increased 0.3% to $442,500.* Since May 2019, that’s a jump of 37.5%. 

Those in the market for a home might win out in Tampa, Phoenix, and Orlando, which are among the top metro areas with the most inventory growth as of May. 

Get the scoop on your money.

Stay current on planning, saving, and investing for life.

*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 Currency editors

Staff contributors

The CurrencyTM, a publication from Empower, covers the latest financial news and views shaping how we live, work, and play. We keep you current on ways to plan, save, and invest for life.

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.

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.

Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it authorizes use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.