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The millionaire population in the U.S. is growing.
Butare these individuals impacting the overall economy?
And if so, are there particular sectors they are affecting?
Interest in AI catalyzed the tech rally, bolstering U.S. equities.
While American millionaires have benefited from several macroeconomic conditions, experts said this demographic reciprocally impacts the countrys economy.
This means they contribute tojob growth and employment opportunitiesacross the nation.
Financial Markets: A Potential Exodus of the Wealthy?
According to Earle, concentrations of capital can create what he deemed herd-like effects, including among wealthy individuals.
But exogenous shocks are an inherent aspect of investing, he noted.
Despite rising mortgage rates, global luxury real estate markets surged.
Prime locations likeLondon, New York and Dubaiwitnessed luxury property sales averaging over $20 million.
In fact, a Redfin report found that 34.5% of homes bought in February were purchased with cash.
According to him, this cash-buying trend has been gaining momentum in recent months.
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