Filed under: Market News, Family Money, Personal Finance, Labor, IPOs
I'm not sure if you'll find this to be encouraging, or if it makes you angry. Here goes: the rich got a lot richer last year.Boston Consulting says the number of households worldwide that now qualify as millionaires rose by 19 percent last year. That brings the total to 16.3 million millionaires, meaning more than 1 of every 100 households has assets topping a million dollars. The U.S. continues to top the list, but China is the fastest growing home to new millionaires.
A separate survey, this one from Wells Fargo (WFC), finds millennials are really struggling. About 50 percent of the 18- to 34-year-olds in the country are allocating half of their income to pay down debt. Credit cards account for the biggest chunk of their debt.
America's three automakers are joining art lovers in trying to save Detroit's extensive art collection from being sold. They've pledged a total of $26 million to save the Detroit Institute of Arts collection. That brings the total raised so far to $70 million, still about $30 million short of the goal. And even if the money is raised, the city's creditors could oppose the deal in bankruptcy court.
Here on Wall Street, the Dow Jones industrial average (^DJI) and the Standard & Poor's 500 index (^GPSC) edged to record highs again on Monday. The Dow gained 18 points, the S&P 500 added nearly 2 points, and the Nasdaq composite (^IXIC) gained 14.
Finally, GoDaddy is ready to go public. The Internet domain registration firm has filed for an initial public offering. The company made a name for itself with TV ads during recent Super Bowls featuring scantily clad women. But those ads may not be as revealing as its balance sheet. The company has lost nearly $400 million over the past two years.
-Produced by Drew Trachtenberg.
