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   The wealth boom with a catch
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   Plus: The steepest Fourth of July cookout tab on record.
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          Wednesday, July 1, 2026
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           A record wealth boom is leaving most of the world behind
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          The world minted roughly 2,680 millionaires a day in 2025, the fastest pace
of wealth creation in at least three years, according to the UBS Global Wealth Report. Global personal wealth grew 10.8% over the year, bringing the total millionaire population to around 57.5 million people across the 56 markets the bank tracks.
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          The U.S. drove nearly half the increase. More than 440,000 of the new millionaires were American, a rate exceeding 1,200 per day, UBS found. The U.K. added over 43,000, while France, Spain, Japan, and India each contributed more than 30,000. Eastern Europe posted the fastest 
percentage gains, with Lithuania up 8% and Turkey, Latvia, and Hungary each above 5%.
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          Average figures, though, obscure a sharper story. Median wealth — the midpoint figure more representative of typical adults than the mean — fell across most countries it tracked even as averages climbed. UBS said the pattern was evidence of widening inequality. A weaker U.S. dollar also inflated wealth totals for non-U.S. markets when measured in dollars.
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          The billionaire count tells its own story. UBS recorded 
3,302 U.S. dollar billionaires at year's end, up 383 people from the prior year.
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                                  Get started with CookUnity here
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                                 <!--[if mso]><a 
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here</a><![endif]-->
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           Does a wealth boom matter if most don't feel it?
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#FFFFFF; text-decoration: none; font-family: Arial; font-size: 16px;  border: 1px solid #105C8E; display: block; " target="_blank">
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                          <td align="center" bgcolor="#105C8E" style="text-align:center;-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;font-size:16px;font-family:Arial,Helvetica,sans-serif">
                           <!--[if !mso]><!-->
                           <a style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 16px;  border: none; display: block; ">
                            Yes. Rising tides lift all boats
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                           <!--<![endif]-->
                           <!--[if mso]><a 
href="https://www.ne16.com/t/10935295/222404108/10083132/1/1009235/?abb9e380=NGYzZmQyODYtMmZhOS00YzdjLWFkYzktMzQyOGNhZmI3ZDBl&f5d63f87=REIlMjAwNy0wMQ&x=2e453721" target="_blank" style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 16px;  border: none; display: block; ">Yes. Rising tides lift all 
boats</a><![endif]-->
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                       <table align="center" bgcolor="#105C8E" cellpadding="0" cellspacing="0" style="-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;margin-left:auto;margin-right:auto" width="100%">
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                          <td align="center" bgcolor="#105C8E" style="text-align:center;-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;font-size:16px;font-family:Arial,Helvetica,sans-serif">
                           <!--[if !mso]><!-->
                           <a style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 16px;  border: none; display: block; ">
                            No. The 1% are rich enough
                           </a>
                           <!--<![endif]-->
                           <!--[if mso]><a 
href="https://www.ne16.com/t/10935295/222404108/10083133/1/1009235/?abb9e380=NGYzZmQyODYtMmZhOS00YzdjLWFkYzktMzQyOGNhZmI3ZDBl&f5d63f87=REIlMjAwNy0wMQ&x=f9dea173" target="_blank" style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 16px;  border: none; display: block; ">No. The 1% are rich 
enough</a><![endif]-->
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               <table align="center" border="0" cellpadding="0" cellspacing="0" style="border:none;border-spacing:0;border-collapse:collapse;mso-table-lspace:0;mso-table-rspace:0;mso-margin-top-alt:0px;mso-margin-bottom-alt:0px;mso-padding-alt:0px 0px 0px 0px;margin-left:auto;margin-right:auto" width="100%">
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                      <td align="center" bgcolor="#105C8E" style="text-align:center;vertical-align:middle;-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;font-size:16px;font-family:Arial,Helvetica,sans-serif" valign="middle">
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                        <tbody>
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                          <td align="center" bgcolor="#105C8E" style="text-align:center;-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;font-size:16px;font-family:Arial,Helvetica,sans-serif">
                           <!--[if !mso]><!-->
                           <a style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 16px;  border: none; display: block; ">
                            What boom? Savings are eroding
                           </a>
                           <!--<![endif]-->
                           <!--[if mso]><a 
href="https://www.ne16.com/t/10935295/222404108/10083134/1/1009235/?abb9e380=NGYzZmQyODYtMmZhOS00YzdjLWFkYzktMzQyOGNhZmI3ZDBl&f5d63f87=REIlMjAwNy0wMQ&x=aa68257a" target="_blank" style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 16px;  border: none; display: block; ">What boom? Savings are 
eroding</a><![endif]-->
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          <span style="font-family:Arial;font-size:24px">
           Here's what you need to know
          </span>
         </h1>
        </td>
       </tr>
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        <td class="snippet td100" colspan="6" style="width:100%;position:static;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:15px">
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             <a aria-label="Bloomberg / Getty Images" style="color:#105C8E" target="_blank" title="Bloomberg / Getty Images">
              <img alt="Bloomberg / Getty Images" class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fqz.com%252Fcdn-cgi%252Fimage%252Fwidth%253D640%252Cheight%253D360%252Cfit%253Dcover%252Cquality%253D85%252Cformat%253Dauto%252Fhttps%253A%252F%252Fassets.qz.com%252Fmedia%252FGettyImages-2278890511.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3ODI5MDA5NzMuNjUwMTY3fQ:1werzJ:qQ6wwhYTTx8ezsmSF8Um64bGmblxfUk_AJvVWKdCsyk" style="width:200px;max-height:338px;vertical-align:middle;border:0" width="200"/>
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              <strong style="color:#105C8E">
               <a data-linktext="Mag 7 stocks had a brutal June as AI spending fears mounted." data-linktype="Normal" style="color:#105C8E" target="_blank">
                Mag 7 stocks had a brutal June as AI spending fears mounted.
               </a>
              </strong>
              Microsoft dropped nearly 20% as the group's combined value fell more than $2 trillion on worries AI construction costs 
will erode cash flow. The industry may spend over $700 billion on AI infrastructure in 2026. July earnings are the next test.
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             <a aria-label="Bloomberg / Getty 
Images" style="color:#105C8E" target="_blank" title="Bloomberg / Getty Images">
              <img alt="Bloomberg / Getty Images" class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fqz.com%252Fcdn-cgi%252Fimage%252Fwidth%253D640%252Cheight%253D360%252Cfit%253Dcover%252Cquality%253D85%252Cformat%253Dauto%252Fhttps%253A%252F%252Fassets.qz.com%252Fmedia%252FGettyImages-2251112211-1920x1281.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3ODI5MDA5NzMuNjUwMjg2Mn0:1werzJ:RcqCV3X1484WjgAtaqO9771MX7OvKDq8himNCQnM85E" style="width:200px;max-height:338px;vertical-align:middle;border:0" width="200"/>
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               <a data-linktext="Trump tells gas 
retailers to cut prices to $2.50 a gallon." data-linktype="Normal" style="color:#105C8E" target="_blank">
                Trump tells gas retailers to cut prices to $2.50 a gallon.
               </a>
              </strong>
              President Donald Trump threatened "big problems" for fuel sellers who don't bring the national average down from $3.85 a gallon. The move follows his order last week for the Department of Justice to probe oil companies on similar grounds.
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             <a aria-label="Scott Olson / Getty Images" style="color:#105C8E" target="_blank" title="Scott Olson / Getty Images">
              <img alt="Scott Olson / Getty Images" class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fqz.com%252Fcdn-cgi%252Fimage%252Fwidth%253D640%252Cheight%253D360%252Cfit%253Dcover%252Cquality%253D85%252Cformat%253Dauto%252Fhttps%253A%252F%252Fassets.qz.com%252Fmedia%252FGettyImages-2275877377.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3ODI5MDA5NzMuNjUwNDE1Mn0:1werzJ:0BuRSML9cCTEvmOiaks3x8M8N7EgXIKRYftfkuSUzjs" style="width:200px;max-height:338px;vertical-align:middle;border:0" width="200"/>
             </a>
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             <div>
              <strong style="color:#105C8E">
               <a data-linktext="U.S. job openings hold firm despite growing workforce unease." data-linktype="Normal" style="color:#105C8E" target="_blank">
                U.S. job openings hold firm despite growing workforce unease.
               </a>
              </strong>
              The U.S. posted 7.6 million available positions in May, topping economist forecasts of 7.3 million, even as an increasingly high 
share of workers reported difficulty finding employment. Hiring and quits were both flat.
             </div>
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            <td class="td100" colspan="6" height="24" style="background-color:#EFEFEF;width:100%;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif">
             <!--[if mso]><img src="//editor.ne16.com/spacer.gif" style="mso-hide:all;border:0;"><![endif]-->
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           Feeding 10 people at a Fourth of July cookout will cost
$73.82 this year, the highest amount since the American Farm Bureau Federation began tracking the figure in 2016. The total is up about 4% from last year, broadly in line with the Consumer Price Index, which rose 4.2% in the year through May.
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           Meat is doing the most damage. Ground beef hit $14.06 for two pounds, a 5.5% jump and a survey record, with the Farm Bureau pointing to prolonged drought as the driver. The drought has pushed the national cattle herd to historic lows, and the 
bureau cautioned rebuilding will take years. The USDA projects beef prices will rise 6.3% across 2026, above their 20-year average growth rate.
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