TechnologyThe U.S. now has more millionaires than Sweden has people
Merrill Lynch is creating a guide to help wealthy people choose how to spend their money, and there are only 4 options
Once you've reached a comfortable level of wealth, your spending should align with your end goal, according to a forthcoming guide from Merrill Lynch. The guide asks people to decide what they want to do with their wealth: Do you want to spend your fortune, maintain the current level, preserve its buying power, or grow it as much as possible? Wealth is often equated with freedom: The more you have, the more choices you're able to make. But even high-net-worth people fret about their spending.
(Bloomberg) -- The number of wealthy households in the U.S. reached a new high last year, roughly equivalent to the entire population of Sweden or Portugal.
More than 10.2 million households had a net worth of $1 million to $5 million, not including the value of their primary residence, according to a survey by the Spectrem Group. That’s up 2.5 percent from 2017.
Even as the ranks of the mass affluent grew, the pace slowed because of “weakening global economic growth and a contentious U.S. political environment,” said Spectrem Group President George Walper.
Ultra-high net worth households -- those with assets between $5 million and $25 million -- increased 3.7 percent to about 1.4 million in number, while those in excess of $25 million grew by about 0.6 percent to 173,000, according to the survey.
Canadian Rebecca Quinn signs with Paris FC
TORONTO - Defensive midfielder Rebecca Quinn has signed with Paris FC, becoming the latest Canadian international to opt to play in Europe. Paris FC (6-6-3) currently stands fifth in the 12-team French women's first division. "The team has a talented group of players who I look forward to playing with, and outstanding coaching staff to learn from," Quinn said in a statement. "I look forward to meeting my new teammates and helping the club finish in one of the top spots in the league while I can't thank them enough for being patient in order to facilitate my arrival in France." The 23-year-old from Toronto has won 45 caps for Canada.
The number of Americans in the wealthiest category has more than doubled since the Great Recession, the survey found, even as the rate of increase has eased.
“Some of this slowing in wealth creation has to be expected due in part to softening equity markets, after almost a decade of very strong returns, coupled with the early effects of the tax reform on affluent households,” said Greg Soueid, head of wealth management at advisory firm Treliant. “That said, the growth rate of wealthy households continues to outpace middle-class growth rates.”
Spectrem’s results were based on interviews with more than 2,300 mass affluent households, 4,450 millionaire households and 1,850 ultra-high-net worth investors. The survey has a 4 percent margin of error.
To contact the reporter on this story: Alex Tanzi in Washington at [email protected]
To contact the editors responsible for this story: Pierre Paulden at [email protected], Steven Crabill
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Hughes sets scoring record as U.S. downs Canada in U18 bronze medal game.
ORNSKOLDSVIK, Sweden — Jack Hughes had a goal and two assists Sunday to set a new tournament scoring record as the United States defeated Canada 5-2 in the bronze-medal game of the 2019 under-18 men's hockey championship. Hughes' three-point effort gave him 20 points at the 2019 tournament to add to the 12 he had in 2018. The combined 32 points eclipsed the previous record of 31 set by Alex Ovechkin in 2002 and 2003. Hughes is NHL Central
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