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Cheer up, America: 1,700 millionaires are minted daily

Hard work and upward mobility are nice -- but the main way to get rich in America is to inherit money. And the largest generational transfer of wealth in history is happening now.

By Ben Steverman | Updated on November 25, 2016
About three-quarters of the country are “strugglers,” unable to save anything from year to year, while one-quarter are "thrivers," including the top 1 percent. (Photo: iStock)

(Bloomberg) — The U.S. is home to a working class suffering from stagnant incomes and declining job prospects—widespread struggles that helped elect Republican Donald Trump. The relative wealth of Americans in all age groups keeps falling, compared with previous decades.

At the same time, the country is also home to an unprecedented amount of wealth, a divergence that has made income inequality a household phrase. America has $55.6 trillion in private financial assets and more millionaires than any other nation in the world by far. 

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