What is America about?
Well, for me, it comes down to two things: possibility and ambition.
It’s about the belief that if you work hard, dream big, and display courage, you can achieve prosperity.
The latest figures suggest that this isn’t just a myth. It’s actually true.
In 2025, over 440,000 people in America became millionaires.
That’s 1,200 millionaires created every single day. Or, if you want to break it down even further, that’s one new millionaire created every 72 seconds.
I find the pace of this to be extraordinary. Indeed, America now has more millionaires than the next nine countries combined.
Source: The Wall Street Journal
Is this surge in wealth an important milestone? Yes, absolutely:
- In America, almost 80% of household wealth is held in financial assets like stocks and bonds.
- So when the market runs, wealth tends to run with it. It’s the power of compounding that does the heavy lifting.
Source: Charlie Bilello / X
Of course, runaway success does come with a price:
- For me, what’s striking is that the American market — as represented by the popular S&P 500 index — is now approaching historic levels of concentration.
- Just a handful of companies — Apple, Nvidia, Microsoft, Amazon, Alphabet, Broadcom, Meta, Tesla, and Berkshire Hathaway — now represent almost 40% of the S&P 500’s weighting. This has effectively doubled in just a decade.
- The consequences of this can be profound. In one recent 28-session rally this year, I observed that just 10 stocks drove almost 70% of the index’s gains. The other 490? Well, they were simply there for the ride.
- This means that investing in the S&P 500 is not the same as investing in the broad American economy. It’s actually a narrow bet on a few dominant names.
- So here’s the $70 trillion question: Is this an existential problem to be worried about? Or is this a contrarian opportunity to be explored?
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