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Yahoo
24-06-2025
- Business
- Yahoo
How to become a millionaire: 7 steps to reach your goal
Who doesn't want to be a millionaire? In 2024 alone, over 379,000 new millionaires were created in the U.S. — over 1,000 a day — bolstered by strong financial markets and a stable U.S. dollar, according to the UBS Global Wealth Report 2025. The U.S. has the highest number of millionaires (23.8 million) based on the U.S. dollar in the world, UBS reports. This wave of growing wealth may spark a thought: Could you, too, become a millionaire one day? The truth is, if you start young and develop the right financial habits and mindset, a seven-digit net worth may be within reach. And considering the fact that sticky inflation that just won't seem to go away, a million dollars in assets just isn't what it used to be. 'True millionaires' or people who gain wealth and keep it, see the role of money in their lives very differently than those who focus on what money can buy, says Jason Flurry, a certified financial planner and founder of Legacy Partners Financial Group in Woodstock, Georgia. 'Having money for the sake of having money or 'being rich' never leaves a person feeling fulfilled,' he says. 'Ironically, it can actually lead to a different set of problems most people haven't thought about much in their pursuit of more.' With insights from financial experts, here are seven tips on how to become a millionaire. Saying you want to be wealthy won't get you there. You must come up with a workable plan on how to become rich, put it on paper and then execute it. 'The written plan forces you to do something, calculate what you need to earn and how to invest,' says Stewart Welch, certified financial planner and founder of The Welch Group, a wealth management firm in Birmingham, Alabama. Key elements of a financial plan include: Income and expenses: Track your income and expenses. Debt: List all your debts, including credit card balances, student loans and mortgages. Savings and investments: Assess your current savings and investment portfolio, including your contribution rate and the average return on your investments. Goals: Set clear, measurable financial goals, such as saving for retirement, buying a home or starting a business. Budget: Create a budget that aligns with your goals and helps you track your spending. 'The plan isn't just the goal. It's the whole thing,' says Welch. 'The dream, the goals, the options.' Get started: Match with an advisor who can help you achieve your financial goals To reach millionaire status, you need to prioritize your own personal finances first, says Mark Hamrick, senior economic analyst at Bankrate. 'Think of saving money as a way of paying yourself first,' he says. 'By making saving money a priority, you are boosting the chances that your financial future is going to be stronger than your financial present or past.' Start by building an emergency fund in a savings account so you don't have to raid your investments — or take on high-interest credit card debt — when a big unexpected expense arises. Make a point of saving at least half of every pay raise. Explore high-yield savings accounts to make sure you're getting the most out of your cash. Online banks tend to offer much higher APYs than traditional banks, and several robo-advisors offer attractive interest rates on their cash management accounts with no annual fee. 'Don't be among the many Americans whose top financial regret is the failure to save, either for emergencies or for retirement,' Hamrick says. One of the most effective ways to build wealth is to spend less than you earn. That might be easier said than done, though. Lifestyle creep is a tricky thing, and you might be tempted to buy a big house or expensive car to show off your growing net worth. 'Too many individuals are conditioned to think — or allow themselves to think — that their self-worth is somehow tied to their personal possessions,' Hamrick says. Experts stress that it's important to resist the temptation. Long-term millionaires are less likely to blow money on themselves now, and more likely to save and invest for the future. For example, they're not going to buy a house that leaves them strapped for cash. Hamrick offers an alternative way to think. 'Wouldn't we really like for others to admire our resourcefulness and wealth-building, rather than our spending?' he says. Paying yourself is better than paying a bank or a credit card company. Debt — particularly high interest credit card debt — is your enemy. 'When you are in debt, it is very hard to make progress toward securing your financial future because you have to pay your taxes and your debts before you can use any of your money for yourself,' Legacy Partners' Flurry says. If you have a stack of credit card bills, pay them off and keep just one or two. Try not to put anything on your cards that you can't pay off by the end of the month. 'Debt holds people back,' Flurry says. 'They buy liabilities, and they make those payments forever.' If you have existing debt, develop a detailed plan to pay off debt as efficiently as possible. Prioritize high-interest debt and dedicate at least 20 percent of your take-home pay to repayment if you can. You don't need a lot of money to start investing. And if your employer offers a 401(k) or similar tax-advantaged retirement plan, you can build wealth by putting your investments on auto-pilot with each paycheck. You might even get a 401(k) match. 'Your employer retirement plan is often a good place to begin,' says Dana Twight, a certified financial planner and founder of Twight Financial Education in Seattle. 'It has automatic contributions, allowing you to invest without being concerned about today's news.' There's a growing number of retirement account millionaires, too. Fidelity reported that the number of retirement-created millionaires hit all-time highs in 2024 before falling a bit in the first quarter of 2025 as savers endured higher market volatility. Experts recommend contributing at least 10 percent of your salary to your 401(k) and bumping up your contributions after a raise. If you're able to max out your yearly 401(k) contributions, or if your employer doesn't offer a retirement plan, put any additional funds into a traditional IRA or Roth IRA. Diversifying your investments is critical to getting the most out of what you put in. If you have a long time horizon before you plan to retire, seek out growth investments like stocks to increase your nest egg over time. Bankrate's investment calculator can also show you how much you'll need to contribute and earn over time to reach your goal. You can invest outside a retirement account by using an online broker such as Fidelity or E-Trade, which charge zero commissions for stocks and ETFs. Build a diversified stock portfolio, and you can reasonably expect to earn 10 percent annually on your equity investments over the long haul. If you have the cash to buy property, consider investing in real estate. Or if you want to diversify further, you can look into passive income opportunities, such as rental property or peer-to-peer lending. 'Investing in different asset classes helps you weather all the storms, floods and calm moments in between,' Twight says. When you own a company, you have the potential to reap all the profits, which can boost your net worth significantly. If your business takes off, you could become a millionaire or even a multi-millionaire. In their book 'The Millionaire Next Door: The Surprising Secrets of America's Wealthy,' authors Thomas Stanley and William Danko say that two-thirds of millionaires are self-employed, and that entrepreneurs represent the majority of that group. The authors note that most millionaires have worked a long time, lived on less than they made, saved money and made smart investments. However, starting a business isn't a guaranteed path to wealth. It's important to maintain a realistic perspective, and understand the major risks involved, including unexpected costs, personal liability and competition. A fee-only financial advisor can steer you to the right investments and strategies, helping you build and preserve wealth. That can make their advice a valuable asset on your journey to a million dollars. But don't sit back and let your advisor do all the thinking. Take an active interest in where your money is being invested and why. 'We are all lifelong learners when it comes to personal finance,' Twight says. 'Be willing to update your knowledge periodically.' If you can't afford to hire a financial planner to manage your money, find one who will review your portfolio and make recommendations for a one-time fee. Bankrate's 'Save a million dollars calculator' can also show you how long it will take for you to reach your goal. Looking for an advisor?: Find a financial advisor near you or online Becoming a millionaire isn't just about earning a lot of money. It's about developing a solid financial plan and sticking to it. As you progress on your wealth-building journey, think about your goals. Reaching a million-dollar net worth isn't easy — it requires patience, discipline and long-term planning. But the payoff is worth it. 'When you don't have to worry about money to meet your needs or provide for your lifestyle, you are free to think bigger and focus on the things in life that matter most,' says Flurry. Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past investment product performance is no guarantee of future price appreciation.
Miami Herald
24-06-2025
- Business
- Miami Herald
Number of Brazilian millionaires rises to nearly 400,000
June 24 (UPI) -- Brazil leads Latin America in the number of millionaires, with nearly 400,000 residents holding a net worth of $1 million or more, according to the UBS Global Wealth Report 2025. The country ranks first in the region and 19th globally. The UBS report estimates that 380,585 Brazilians had a net worth of at least $1 million in 2024, a figure projected to rise to nearly 470,000 by 2028. Along with Mexico and Chile, Brazil is helping drive wealth growth across Latin America, reflecting the region's economic resilience and a more sophisticated investment market. The report also introduces the concept of "everyday millionaires," or EMILLIs -- individuals with assets between $1 million and $5 million. This group has quadrupled in size globally since 2000 and now controls a significant share of global wealth. In Brazil, they represent a growing segment of the country's wealth base. Above the EMILLIs are "ultra-high-net-worth individuals"with more than $30 million in assets, and at the top, Brazil's wealthiest families. These groups hold a substantial share of the country's total wealth and are the primary beneficiaries of exclusive investment opportunities, both domestically and internationally. Several factors are fueling Brazil's surge in millionaire households. The country has maintained a degree of macroeconomic stability in recent years, boosting investor confidence and creating favorable conditions for capital accumulation. With a large population and robust domestic consumption, Brazil offers a dynamic market for businesses. That environment has opened doors for entrepreneurs and investors to generate wealth across multiple sectors. Agribusiness, technology, renewable energy and finance have all seen strong growth, benefiting a growing number of investors. Brazil's financial market has also expanded, offering a broader range of investment products. This has allowed wealthy families to diversify their portfolios and improve returns. Foreign direct investment across key sectors has further contributed to Brazil's economic momentum and wealth creation. Looking ahead, the UBS Global Wealth Report 2025 forecasts a massive global transfer of wealth over the next two decades, with more than $83 trillion expected to pass from one generation to the next. Of that, nearly $9 trillion is projected to change hands in Brazil-more than any country except the United States and China. This generational shift presents both opportunity and risk. It could inject capital into the economy and help finance new ventures, but it also poses challenges in wealth management and succession. A 2025 report by Forbes Brasil identifies the country's leading family fortunes. At the top are the Moreira Salles brothers, with an estimated $26 billion, followed by the Marinho family (Grupo Globo) and the Setubal family (Itaúsa). According to the Institute for Mobility and Social Development, nearly half of Brazil's 95 wealthiest families in 2022 were not on the list a decade earlier. Among the newcomers are the Batista family (JBS), Krigsner family (Grupo Boticário), and Billi family (Eurofarma), highlighting upward mobility in emerging industries. In 2024, Eduardo Saverin, co-founder of Facebook, became the wealthiest Brazilian in history, with an estimated fortune of $38 billion. He ranked 44th globally, surpassing longtime billionaires Jorge Paulo Lemann and the Safra family. Copyright 2025 UPI News Corporation. All Rights Reserved.
UPI
24-06-2025
- Business
- UPI
Number of Brazilian millionaires rises to nearly 400,000
Brazil boasts more than 400,000 millionaires, more than any other nation in Latin America, according to the UBS Global Wealth Report. File Photo by Christine Chew/UPI | License Photo June 24 (UPI) -- Brazil leads Latin America in the number of millionaires, with nearly 400,000 residents holding a net worth of $1 million or more, according to the UBS Global Wealth Report 2025. The country ranks first in the region and 19th globally. The UBS report estimates that 380,585 Brazilians had a net worth of at least $1 million in 2024, a figure projected to rise to nearly 470,000 by 2028. Along with Mexico and Chile, Brazil is helping drive wealth growth across Latin America, reflecting the region's economic resilience and a more sophisticated investment market. The report also introduces the concept of "everyday millionaires," or EMILLIs -- individuals with assets between $1 million and $5 million. This group has quadrupled in size globally since 2000 and now controls a significant share of global wealth. In Brazil, they represent a growing segment of the country's wealth base. Above the EMILLIs are "ultra-high-net-worth individuals"with more than $30 million in assets, and at the top, Brazil's wealthiest families. These groups hold a substantial share of the country's total wealth and are the primary beneficiaries of exclusive investment opportunities, both domestically and internationally. Several factors are fueling Brazil's surge in millionaire households. The country has maintained a degree of macroeconomic stability in recent years, boosting investor confidence and creating favorable conditions for capital accumulation. With a large population and robust domestic consumption, Brazil offers a dynamic market for businesses. That environment has opened doors for entrepreneurs and investors to generate wealth across multiple sectors. Agribusiness, technology, renewable energy and finance have all seen strong growth, benefiting a growing number of investors. Brazil's financial market has also expanded, offering a broader range of investment products. This has allowed wealthy families to diversify their portfolios and improve returns. Foreign direct investment across key sectors has further contributed to Brazil's economic momentum and wealth creation. Looking ahead, the UBS Global Wealth Report 2025 forecasts a massive global transfer of wealth over the next two decades, with more than $83 trillion expected to pass from one generation to the next. Of that, nearly $9 trillion is projected to change hands in Brazil-more than any country except the United States and China. This generational shift presents both opportunity and risk. It could inject capital into the economy and help finance new ventures, but it also poses challenges in wealth management and succession. A 2025 report by Forbes Brasil identifies the country's leading family fortunes. At the top are the Moreira Salles brothers, with an estimated $26 billion, followed by the Marinho family (Grupo Globo) and the Setubal family (Itaúsa). According to the Institute for Mobility and Social Development, nearly half of Brazil's 95 wealthiest families in 2022 were not on the list a decade earlier. Among the newcomers are the Batista family (JBS), Krigsner family (Grupo Boticário), and Billi family (Eurofarma), highlighting upward mobility in emerging industries. In 2024, Eduardo Saverin, co-founder of Facebook, became the wealthiest Brazilian in history, with an estimated fortune of $38 billion. He ranked 44th globally, surpassing longtime billionaires Jorge Paulo Lemann and the Safra family.
Al Etihad
18-06-2025
- Business
- Al Etihad
Growth in UAE household wealth likely to continue despite regional conflict: UBS Chief Economist
19 June 2025 00:25 KHALED AL KHAWALDEH (ABU DHABI) The outlook for household wealth in the UAE remains positive despite ongoing regional tensions, according to Paul Donovan, Chief Economist at UBS Global Wealth Management. Speaking at the release of the UBS Global Wealth Report 2025, Donovan underscored that the impact of the regional conflict on the UAE's wealth trajectory is expected to be limited. "The conflict is obviously a human tragedy. We are seeing a great deal of suffering as it unfolds," Donovan told Aletihad on Wednesday. "However, it is primarily a localised conflict, and at a global level, the economic and financial market implications to date have been very muted. I think that is likely to continue."Donovan emphasised that while geopolitical tensions can cause short-term volatility in asset prices, they are unlikely to derail the UAE's medium-term wealth creation, which, according to UBS data, has been substantial in the last decade. "I would not be expecting a great deal of disruption to the local economies in the UAE if we see an extended period of conflict," he noted. "There may be some implications for, say, the tourism industry, but it's unlikely to lead to a dramatic shift in terms of the medium-term direction of the economy and the wealth creation that is going on there."One factor Donovan pointed out is the limited movement in oil prices despite the conflict. He said the sector had proven to be resilient and believed the UAE would continue to benefit economically under the current trajectory of the conflict. "The movement in the oil price has been a positive movement, but a fairly limited movement," he said. "We're not seeing significant disruption at the moment. The expectation is that there will not be any threats over the Straits of Hormuz. In that situation, again, I don't see this as having a significant medium-term impact," he UBS Global Wealth Report 2025, released on Wednesday, highlights strong underlying fundamentals in the UAE's wealth landscape. According to the report, the UAE has seen significant growth in median household wealth since 2020, with median wealth per adult rising by more than 23% after adjusting for inflation. However, average wealth per adult grew more modestly at just 2.35% over the same period, suggesting a more polarised distribution of wealth gains compared to neighbouring Saudi Arabia and other economies. The report shows that about 62% of the UAE's gross wealth is held in financial assets, while non-financial assets such as property account for roughly 48%. Debt levels remain modest, at around 9% of gross number of dollar millionaires in the UAE also continued to rise in 2024, reaching over 240,000 individuals. The country added 13,000 in the last year, the second largest rate of growth, just behind Türkiye. Globally, the report found that household wealth rose again in 2024, following a buoyant 2023, although growth was uneven across regions. North America and China remain dominant, jointly accounting for over half of the total personal wealth in the UBS study's 56-country sample. The report also noted the rise of the so-called EMILLIs, everyday millionaires with between $1 million and $5 million in assets, a group that has quadrupled globally since 2000, largely on the back of inflated real estate values. Looking ahead, UBS expects the global millionaire population to increase by nearly 9% by 2029, adding over five million new millionaires. The UAE is poised to contribute to this growth, fuelled by its economic diversification efforts and prudent wealth management practices.
Time of India
18-06-2025
- Business
- Time of India
Every 30th adult now a millionare: UAE adds 13,000 dollar millionaires in 2024
In 2024, the UAE gained 13,000 millionaires, bringing the total to 240,000 with $785 billion in wealth/ Image: X The United Arab Emirates continued its meteoric rise on the global wealth map in 2024, adding approximately 13,000 new millionaires, according to the UBS Global Wealth Report 2025 , released Wednesday. This fresh wave of high-net-worth individuals (HNWIs) pushed the UAE's millionaire count to a striking 240,343, marking a 5.8% year-on-year increase. This growth makes the UAE the second-fastest-growing millionaire market, trailing only Türkiye, which experienced an 8.4% rise. A good number of these newly created millionaire base in the UAE came about from re-locations, as has been the case for four years now. Aaccording to the Swiss bank: 'In 2024, Turkey stands out from the crowd thanks to an 8.4% increase in its number of dollar millionaires over 2023, equivalent to a boost of roughly 7,000 people in a single year. The UAE (had) a rise of 5.8% in millionaire numbers, thanks to approximately 13,000 new entrants in this category.' To put it in human terms: According to Worldometers data, the UAE's population grew by 385,048 last year. While the total population is estimated at around 11 million, adults in their prime working years (25-54) number a substantial 7.28 million. With such a high concentration of wealth, effectively about one in every 30 adults or economically active individuals in the UAE is a millionaire. Where the Wealth Lives: UAE's $785 Billion in Private Hands The country's HNWIs now collectively control about $785 billion (Dh2.88 trillion) in wealth. Meanwhile, the average wealth per adult in the UAE currently stands at $147,663. According to the report: 62% of this wealth is held in financial assets, from equities and bonds to private investments. The remaining 48% resides in non-financial assets, primarily real estate and land, long considered pillars of wealth preservation in the Gulf. This concentration of wealth is clearly reflected in the UAE's property and investment markets. According to Knight Frank, a notable influx of high-net-worth individuals from Saudi Arabia, India, China, and the UK is driving larger, multi-million dollar deals, particularly in premium locations such as Jumeira Bay Island. Paul Donovan, Chief Economist at UBS Global Wealth Management, in a statement highlighted the broader implications of this capital accumulation: 'Wealth is not just an economic measure – it's a social and political force. As we navigate the fourth industrial revolution and rising public debt, the way wealth is distributed and transferred will shape opportunity, policy, and progress.' Generational Shifts: $19 Billion in Wealth Transfers Expected One particularly notable trend in the UAE is the coming wave of wealth transfers. UBS estimates that the country will see $19 billion (Dh70 billion) in intra- and inter-generational transfers. That figure represents 1.4% of the UAE's total private wealth. This includes wealth moving between: Spouses, such as from a widow or widower to their partner. Generations, especially from older family members to children or grandchildren. Globally, the report expects over $83 trillion to change hands in the next two to three decades, most significantly in the: United States: over $29 trillion Brazil: nearly $9 trillion Mainland China: more than $5 trillion Wealth Rankings: Where the UAE Stands Globally and Regionally Regionally, the UAE ranks second in the Middle East for millionaire population: Saudi Arabia: ~340,000 millionaires UAE: 240,343 Israel: 186,000 Globally, Switzerland maintained its position as the wealthiest nation by average adult wealth: Switzerland: $687,166 United States: $620,654 Hong Kong: $601,195 Luxembourg: $566,735 Australia: $516,640 By contrast, while the UAE's average per adult ($147,663) trails these top-tier economies, its pace of wealth creation—and wealth attraction, signals an upward trajectory. Inflow of Wealth: Why Millionaires Are Moving to the UAE Not all of the 13,000 new millionaires in the UAE were homegrown. According to Knight Frank , citing Henley & Partners data, the UAE attracted 7,200 millionaires from abroad in 2024, a 53% increase from the previous year. This surge in financial migration brings the total number of resident HNWIs to 130,500, as reported earlier. Industry experts suggest that favorable tax policies, political stability, and high-end infrastructure continue to make the UAE a magnet for mobile global wealth. A Global Picture: Wealth Growth Tilted to the Americas While the UAE experienced notable domestic gains, the global wealth landscape also saw overall expansion: Global private wealth rose by 4.6% in 2024, up from 4.2% in 2023. Most of the increase came from North America, where stable currencies and strong financial markets drove momentum. The Americas led with more than 11% of global wealth growth. In contrast, the Asia-Pacific and EMEA (Europe, Middle East, Africa) regions saw sluggish growth: below 3% and 0.5%, respectively.
