America, a new report details, is minting millionaires at a record pace. Some 37% of the world’s millionaires, analysts at the wealth advisory firm Henley & Partners calculate, now call the United States home.

And these analysts are talking real millionaires, not those Americans who rate as “millionaires” only because they’re living in homes that have wildly appreciated in value since their purchase decades ago. Those appreciations have left typical 50-something American homeowners, the latest Federal Reserve stats show, with personal net worths a bit over $1 million.

The researchers from Henley and their partners at New World Wealth don’t count these house-rich homeowners as millionaires. They only rate as millionaires those households with over $1 million in investible assets—and the United States, their research finds, hosts far, far more of these honest-to-goodness millionaires than any other nation on Earth.

In February, lawmakers in Arizona, home to the nation’s fourth-highest homeless rate, passed a bill that bans “any program where persons are provided with regular, periodic cash payments” they can use “for any purpose.”

The numbers: Over 5.5 million Americans now hold liquid assets worth over $1 million. That total has soared 62% over the past decade, “well above,” observesCNBC analyst Robert Frank, the overall global real-millionaire increase of a mere 38%.

Rich people-friendly observers of America’s economic scene, naturally enough, see stats like these as cause for nothing but celebration. The wealthier our wealthiest become, they postulate, the more jobs—and wealth—these rich create for everyone else. A rising tide, as they like to quip, lifts all boats.

But we are, in fact, seeing no significant rising of any sort for America’s working families. We are witnessing instead stunning increases in what America’s rich are spending on themselves. One revealing recent stat: Our U.S. well-to-do, researchers at Art Basel and the banking giant UBS report, now account for 42% of global fine art sales, well above China’s 19% second-place share.

Another reflection of America’s luxury-spending dominance: The world’s top premium luxury brands—think glamorous retailers like Cartier, Bergdorf Goodman, and Gucci—all have flagship stores in Manhattan. Just this past December, the luxury powerhouse Prada announced plans to spend $835 million buying up the building that hosts its current Fifth Avenue flagship and the building next door.

For America’s poorest, meanwhile, “luxury” has come to mean keeping a roof over your head.

The number of Americans chronically homeless, the U.S. Department of Housing and Urban Development reported out this past December, has been climbing since 2016—in what Jeff Olivet, the director of the U.S. Interagency Council on Homelessness, likens to a “game of really vicious musical chairs.” The United States, he explains, has “an incredible deficit of affordable housing units,” with only one unit available for every three extremely low-income renters.

And “if someone has a medical condition, a mental health disability, a substance use disorder,” Olivet adds, “it makes it all that much more complex for someone to exit homelessness.”

The solution to this growing housing squeeze? America’s most conservative lawmakers have one. Let’s simply do our best, these lawmakers are proposing, to keep our nation’s homeless out of sight.

In Florida, that approach has actually become law. Governor Ron DeSantis, fresh off his go-nowhere campaign for the GOP presidential nomination, has just signed into law legislation........

© Common Dreams