Being rich and famous is practically the American dream, right? Well, there’s a booming population in the U.S. that aren’t famous, they’re not billionaires, but they’re still very, very rich.

According to the Wall Street Journal, the number of Americans worth tens of millions and hundreds of millions of dollars has boomed in the past few decades, thanks to a rising stock market, lucrative private investments and swelling valuations for small and midsize businesses. This growing class is now a huge force in the economy, driving the demand for everything from lavish hotel rooms to private jet travel.

“The ultrawealthy have grown really substantially,” said Owen Zidar, a Princeton economics professor who studies wealth. While some of these people made their money in technology or finance and live on the coasts, many others live outside of the highest-cost areas and own small businesses like car dealerships, he said.

Just how many are we talking about? There are about 430,000 U.S. households worth $30 million or more, according to an analysis of Federal Reserve data. Within that, there are about 74,000 worth $100 million or more. Over the past few decades, the growth in the number of very rich households has surpassed general population growth.

We hear about a shrinking middle class, but it’s shrinking because the ranks of the rich and the upper middle class are growing. According to an analysis by economists, the core middle class (defined as households with incomes from 250% to under 500% of the poverty line) shrank from 35.5% of families in 1979 to 30.8% in 2024. That may not look like much at first glance, but that’s a 13% decline.

At the same time, NBC News reports that the typical American can’t afford the median-priced home. A new car is out of reach for many, with the average monthly payment exceeding $700. Food banks are seeing a growing number of people skipping meals because they can’t afford groceries, and more middle-class Americans are selling their plasma to make ends meet.

The divide between rich and poor in America is the widest it’s been in at least a generation—and just keeps growing. The amount of wealth held by the top 1% increased at more than double the rate of the bottom 90% in the first nine months of last year, according to Federal Reserve figures.

President Trump said on Thursday that he would sign an emergency order to pay Transportation Security Administration agents who have gone without compensation for weeks, claiming emergency powers to act during the congressional stalemate. According to the Washington Post, Trump had rejected a potential deal over proposed restrictions on immigration agents, and he has repeatedly looked for ways to strong-arm the Democrats into folding.

He didn’t provide any details, but the administration was expected to use funds provided to the Department of Homeland Security last year as part of his tax cut and domestic policy law, according to a senior administration official and another person familiar with the plan. No executive order, emergency or otherwise, would be required to access those funds, which were enacted into law last summer, but Trump appears eager to claim credit for releasing them. But it’s not clear why he had waited more than five weeks after the Department of Homeland Security was shuttered to direct that they be used to pay TSA agents.

The Senate once again failed to advance funding for DHS, after holding a vote open for five hours in hopes that negotiations would ultimately be successful. Sen. John Fetterman was the only Democrat to vote with Republicans to advance the package. Conversations continued Thursday as senators itch to leave town for their scheduled two-week recess set to begin at the end of this week. Senate GOP leadership has indicated they are prepared to stay in session if the two sides cannot reach a deal in time.

President Donald Trump said the U.S. will hold off on targeting Iranian energy sites another 10 days as “talks are ongoing” with Tehran. The pause on strikes had been set to expire today. Peace talk mediators said Iran didn’t ask for the additional time, however Trump said the extension was at Iran’s request.

Iran allowed several Pakistan-flagged oil tankers through the Strait of Hormuz—a gesture Trump called a “present” to the U.S. that shows Iran’s leaders are serious about negotiating. But the Associated Press reports that Iran appears to be setting itself up as the gatekeeper for the Strait of Hormuz, the world’s most important artery for oil shipments. The move could cement Tehran’s de facto chokehold over the crucial waterway and formalize its ability to keep its own oil flowing to China.

Still, the conflict remains heated. The White House and the Pentagon are considering sending at least 10,000 additional combat troops to the Middle East in the coming days. If the Trump administration decides to send extra troops, it will significantly increase the number of combat soldiers the U.S. has in the region. It is another signal that a U.S. ground operation in Iran is being seriously prepared. And CNN reports that the commander of Iran’s Islamic Revolutionary Guard Corps navy (a key figure behind the near-total blockade of the Strait of Hormuz) has been killed. The head of U.S. Central Command called on every Iranian in the navy to abandon their posts or risk death.

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