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The United States saw a surge in millionaire growth last year, with their ranks increasing by 600,000, bringing the total number of millionaires to 7.5 million. This growth was attributed to the stock market gains fueled by AI and tech companies, with the S&P 500 index skyrocketing 24% in 2023. AI chip supplier Nvidia led the index with a 239% gain, while Meta and Tesla also experienced significant surges. The optimism over the future of AI has also led to predictions that AI investment could reach $200 billion globally by 2025. The stock market gains have continued into 2024, with the S&P 500 and Nasdaq hitting record highs. This has resulted in the shares of major AI players like Nvidia and Microsoft continuing to soar.
