Americans with 401(k) plans are socking away a higher percentage of their earnings than ever, The Wall Street Journal reports. Per Fidelity, Americans are saving a record 14.3% of their income, up from 13.5% in 2020. The changes are driven by more companies choosing automatic enrollment, as well as savings rates that often start at 5% instead of the traditional 3%. However, the increase has been tempered by a 3% drop in account balances to $127,100 because of recent market volatility.
In uncertain times, your best investment might be in yourself, through disciplined savings. Financial advisers often recommend saving 12% to 15% of your income annually, but in today’s economy, aiming higher might be wiser.
At Fidelity, the average savings rates show a generational gap:
🔹 Baby Boomers: 17.2%
🔹 Gen X: 15.4%
🔹 Millennials: 13.5%
With Social Security expected to replace a smaller share of preretirement income for high earners, maxing out your 401(k)/Roth IRA contributions is more critical than ever.
You don’t always need a bigger paycheck to save more—you need better habits:
* Brew coffee at home/office
* Pack your lunch/snacks/fruits
* Cut back on takeout/eating out. Cook at home, more healthier food.
Small, mindful saving choices today can create big financial security tomorrow through the compounding effect.
The world gained 600,000 millionaires in 2024, largely driven by a rally in U.S. tech stocks. New data from the consulting firm Capgemini shows a 2.6% gain last year in the number of people with at least $1 million in investable assets. Of those, 562,000 are based in the U.S., which saw its millionaire population grow by 7.6%. But it wasn't just new millionaires who enjoyed an uptick in fortune. Americans with more than $30 million in investable assets saw their wealth jump by 12%.
The world gained 600,000 millionaires in 2024, largely driven by a rally in U.S. tech stocks. New data from the consulting firm Capgemini shows a 2.6% gain last year in the number of people with at least $1 million in investable assets. Of those, 562,000 are based in the U.S., which saw its millionaire population grow by 7.6%. But it wasn't just new millionaires who enjoyed an uptick in fortune. Americans with more than $30 million in investable assets saw their wealth jump by 12%.
According to Capgemini’s latest World Wealth Report, global wealth is at an all-time high, driven by skyrocketing stock prices and the AI gold rush
📈 The total wealth of high-net-worth individuals now exceeds $90.5 trillion.
📊 Ultra-wealthy individuals ($ 30 M+) are growing faster than ever—up 6.2%.
🇺🇸 The U.S. added 562,000 new millionaires in a single year.
Meanwhile, in Europe?
📉 Millionaires are declining—France (my home country) alone lost 21,000.
💡 But the ultra-rich keep getting richer, even here.
We are entering a new age of capital concentration, where AI and tech exuberance are redistributing wealth at unprecedented speed.
But here’s the kicker:
💰 Over $83.5 trillion is expected to change hands in the next 20 years.
That means the next generation of ultra-wealthy is being minted right now.