And We're Back! Dow 14,000 Fuels a New Wealth Boom
The next American wealth boom has officially begun.
It may not feel like it for many Americans. But with the Dow breaching 14,000, shareholders and investors have recovered the more than $8 trillion in wealth lost during the recession and attained levels of paper wealth they haven't seen since the Roaring Oughts.
The stock market has gone from wealth destroyer to the nation's largest manufacturer of new millionaires and billionaires. The market moves are creating a new virtuous cycle of confidence for the wealthy. A new survey from Spectrem Group shows that millionaire confidence in the economy hit the highest level in two years, led by their bullishness on the economy and corporate earnings.
The big question now is what the next Gilded Age will look like, who will benefit and how long the market-fueled prosperity will last.
The population of millionaires in America is now at or above its 2007 high. According to Spectrem Group, the wealth research firm, there are about 9 million American households with investible assets of $1 million or more.