United States Of Millionaires

PRESENTED BY THE AI REPORT

Happy Wednesday, Future Party. We hope you’re all having a better day than the kids who watched Chuck E. Cheese get arrested for credit card fraud. We’re not joking — the bizarre scene happened in Florida earlier this week as astonished children watched the beloved mouse escorted out of the restaurant with the costume still on. It wasn’t until he got to the police cruiser that the officer took off his mask… which all the kids saw through the front windows. Talk about growing up fast.

New studies have found that there are now more Americans becoming millionaires — by a huge margin — than ever before.

The Big Account: Thanks to soaring home valuations and regular investment in index funds, the average American has been on a rocket ship of wealth, at least on paper. That means there are plenty of Americans who are millionaires but still live cash-poor. And for younger people who’ve been boxed out of owning property, that seven-figure identity may seem nearly impossible to get.

Behind the Wealth: America is the land of the millionaires — no other country in the world has as many.

Final Investment: Unfortunately, being a millionaire (like just having a million dollars, not many millions) isn’t what it used to be. Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors, called it “the new mass-affluent middleweight class.” That’s because “it takes twice as much cash today to match the buying power of 30 years ago,” per Fast Company. According to the US Bureau of Labor Statistics, $1 million in 1995 would be worth $2.1 million today — a big difference.

Projection: While the FIRE movement has taken off among millennials and Gen Zers, it’s most likely too intense for most people. Instead, expect younger Americans to chase homeownership as a primary path to wealth — even if it means renting out the place and living elsewhere.

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Several delivery startups are cracking the fifteen-minute delivery window, including Gopuff, Zepto, and Getir. 

The Big Race: Making on-demand ecommerce nearly instantaneous — which relies on a mix of cutting-edge tech and strategic fulfillment centers — feels like the final leg of the race to the top of gig-platform market share.

Behind the Orders: It’s about to become quicker to order your groceries than pick them up yourself.

Just look at Gopuff:

Checkout: Gola says Gopuff is also developing its own in-house AI tools to optimize deliveries even more. It’s a similar approach to Amazon and Walmart, the latter of which plans to have a three-hour delivery option for 95% of US households by the end of the year. And with the (bumpy) rollout of drone delivery, those delivery times could speed up even more.

Prediction: To keep up with these insane delivery-time promises, we wouldn’t be surprised if gig platforms start recruiting from collegiate athletic programs.

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88.8% of you voted No in yesterday’s poll: Would you be comfortable shopping somewhere where prices change throughout the day?

“No, but with an assurance that the prices would only change once a day and not as I walk down the aisle.”

“It’s bad enough that airline costs fluctuate. I’d go insane if I had to do extra work to not overspend daily.”

“This isn’t the stock market; this is vital sustenance we’re talking about here.”

“I think it’s a forgone conclusion: that with tariffs and worldwide computer intelligence, this will become a norm. It’s a way to protect major businesses from going out of business.”

Let’s keep the conversation going. Join our Poll Of The Day newsletter, so your opinions can shine. Discover how your views line up with your peers’, check out cool insights, and have some fun. It’s data with personality.

🍿 Happy Gilmore 2 debuted to 46.7 million views — the biggest ever US debut for a Netflix film.

🎧 Spotify now counts 276 million paying subscribers… but still posted a quarterly loss because of costs associated with its stock gains.

🎮 Electronic Arts scored a serious sales boom thanks to the endurance of its EA Sports franchise.

👓 EssilorLuxottica, the parent company of Ray-Ban, reported that Meta smart glasses sales tripled during the first half of the year.

🥡 Yelp is using AI to generate videos of restaurants from user-uploaded content.

🏀 The NBA is considering using basketballs equipped with sensors that track and share data about every shot taken with them.

💳 JPMorgan is likely to become Apple’s new credit card partner, taking over from Goldman Sachs.

💵 Cash App debuted a new money “pool” feature that allows users to pool funds together to pay for expenses… even if they don’t have Cash App.

₿ PayPal will allow merchants to start accepting crypto as payment in the coming weeks.