Democrats always accuse Republicans of being the party for the rich.
But a new report by wealth management firm UBS, shows a new batch of millionaires were created during the Biden administration.
According to the UBS report, more than 379,000 Americans became millionaires for the first time in 2024. It was the most significant increase in new millionaires “In absolute growth terms.”
The growing number of millionaires in the country rose by 1.5% in 2024. Currently, there are almost 23.8 million millionaires in the U.S.
UBS stated that the amount represents approximately 40% of all millionaires worldwide.
Besides the U.S., which other countries have the most millionaires?
Following the U.S., mainland China is second, then France, Japan, and Germany. “Overall, the world gained over 684,000 new millionaires in 2024, a jump of 1.2% from the year before,” said UBS.
Over the next five years, UBS believes that North America and Greater China will be the primary drivers of global wealth growth, predicting that the world will have 5.34 million more new millionaires by 2029.
“This almost makes me chuckle. Over the last 40 years, liberals have been claiming that only the rich benefit from GOP policies, but the UBS reports show more U.S individuals got richer and became millionaires not during a republican president but during a democrat president, Joe Biden,” said Florida Daily Financial Analyst Steve Beaman.
Extending the Trump tax cuts once again is being called a giveaway to millionaires by democrats who oppose the bill.
But just recently, Florida Daily reported that most of the states in the U.S. with the highest income levels of wage earners didn’t reside in Republican run states but instead lived in leaning Democratic states
