Today’s Big Story

The Growth of America’s Millionaires

They’re multiplying across the U.S., but it’s not all mansions and champagne

What would you do for a million dollars? It’s a common question, right? And most of us would do a lot to achieve millionaire status. Oh, and just for clarification, when we say millionaire, we’re talking about someone whose net worth is at least $1 million. This means the total value of their assets (like cash, property, investments, etc.) minus any outstanding debts. And a surging number of everyday Americans now boast a seven-figure net worth—unlocking an achievement once the domain of celebrities and CEOs.

Inflation, ballooning home values and a decades-long push into stock markets by average investors have lifted millions into millionairehood. A June report from Swiss bank UBS found about one-tenth of American adults are members of the seven-digit club, with 1,000 freshly minted millionaires added daily last year. Seriously? One in 10 Americans are now millionaires?!

“Millionaire used to sound like Rich Uncle Pennybags in a top hat,” a wealth manager told the Associated Press. “It’s no longer a backstage pass to palatial estates and caviar bumps. It’s the new mass-affluent middleweight class, financially secure but two zeros short of private-jet territory.” And the expanding ranks of millionaires come as the gulf between rich and poor widens. The richest 10% of Americans hold two-thirds of household wealth, according to the Federal Reserve, averaging $8.1 million each. The bottom 50% hold 3% of wealth, with an average of just $60,000 to their names.

Andy Smith, executive director of financial planning at investment advisory Edelman Financial Engines, told Newsweek that “the American Dream today looks a little different than it used to.” He says it’s less about flashy success and more about setting goals, saving consistently, and making smart financial choices over time. “For many, reaching millionaire status is simply the result of years of careful planning and sticking to a plan, even when headlines make it tempting to do otherwise.” David Laibson, a Harvard economist (and scholar of wealth accumulation), noted the influence of real estate prices, but also the outsized impact of the stock market on Americans' net worths, given these are often tied to market-linked pension funds and retirement savings accounts.

Of course, a seven-figure net worth is, to some, as outdated a yardstick as a six-figure salary. Nonetheless, “millionaire” is peppered in everything from politics to popular music as shorthand for rich. All wealth is relative. To thousandaires, $1 million is the stuff of dreams. To billionaires, it’s a rounding error. Either way, it takes twice as much cash today to match the buying power of 30 years ago. A net worth of $1 million in 1995 is equivalent to about $2.1 million today, according to the U.S. Bureau of Labor Statistics.

D.C. Gets More Federal Troops As Trump Pushes to Extend Emergency

The so-called crackdown builds on the president’s long-running feud with Capital City

President Donald Trump said on Wednesday that he will seek more permanent federal control of the Washington, D.C., police force as he continues his efforts to ramp-up crime enforcement in the nation’s capital. Earlier this week, Trump announced his plans to deploy National Guard troops across Washington, declaring a public safety emergency in order to put the D.C. police department under federal control and station the National Guard on the city’s streets. Trump's current control of the police force expires in 30 days, after which Congress would have to weigh in.

Asked Wednesday whether he’d work with Congress to extend the emergency authorization allowing him to temporarily seize control of local law enforcement, Trump said he'll ask Congress for a “long-term” extension of federal authority over the Washington police force. The heavily Democratic capital has become both a potent symbol and a test case for using federal troops for domestic law enforcement in other cities.

For the past few days, all across D.C., federal law enforcement officers have been popping up in most incongruous places. Slate’s Christina Cauterucci walked around the city and found Homeland Security officials wandering the pricey, condo-filled corridors of Navy Yard, where the baseball stadium sits. Border Patrol cops loitered on the sidewalks of a popular nightlife strip. A crew of Drug Enforcement Administration officers was spotted strolling along a path by the National Mall, surrounded by joggers and tourists enjoying the afternoon sun. “I walked through Trump’s D.C. hellscape,” she sardonically writes. “It’s not what the president would have you believe.”

Venus Williams Gets a U.S. Open Wild Card

At age 45, she’ll be the oldest to compete in singles in four decades

Legendary tennis star Venus Williams will make her return to Grand Slam tennis at the U.S. Open, receiving a wild-card invitation on Wednesday to compete in singles at Flushing Meadows. At 45 years-old, she’ll be the oldest entrant in singles at the tournament since Renee Richards was 47 in 1981, according to the International Tennis Federation.

ESPN reports that Williams returned to competitive tennis in July after being away from the sport for more than a year. She won one match at the D.C. Open before being knocked out in the first round in Cincinnati last week. In the process, Williams drew a ton of attention for her tennis, yes, but also for letting the world know she is engaged to Italian actor Andrea Preti and for her half-joking comments about needing to get back on court to get covered by health insurance.

The legendary athlete is one of the greatest tennis players of all time, a seven-time singles grand slam champion, Olympic gold medallist and former No 1 in singles. Despite all she has achieved, her enduring love for her sport means she continues to step on the practice court every day with the aim of being the best player she can be. “Love is the key, right?” Williams told The Guardian. “If you don’t love it, then get out of it. If you can, if you have that luxury, not everyone has that luxury. For me, I think a lot of the motivation for me is just to come back and try to play in the best health that I can.”

Labubus’ Wild Ride

Demand keeps rising, fakes are suddenly everywhere … will the Labu-bubble burst?

Bloomberg blames the “social media machine” for “spitting out weirder and weirder trends.” Writer Amanda Mull feared it might just be another worrisome sign of aging. “But kids these days seem just as baffled as their elders. The confusion of teens and twenty-somethings has become a meme unto itself, with users across platforms posting lists of trend nonsense: Labubu Dubai chocolate Sonny Angel matcha latte Love Island Crumbl cookie Pretty Little Baby moonbeam ice cream.

W. David Marx confirms that those cute little Labubu monsters are clear examples of fads: They fast-forming, short-lived conventions. “They don't have significant intrinsic value, but moreover, everyone is aware their core value is trendiness itself. Even the most rabid consumers of Labubus know deep down that they will be replaced in the near future.” But not yet. Right now, demand is so high that stock is worth stealing.

A week after thieves stole thousands of dollars’ worth of Labubus from a shop in La Puente, California, officials announced a separate Labu-bust just 30 minutes away. Of course, The Cut reminds us, this type of collectibles-driven organized crime is not new: “In the ’90s, mania over Beanie Babies powered a wave of audacious heists and scams. Labubus seem to be stirring up a similar frenzy.” And no one wants to shell out good money for a fake. How can you tell the difference between a Labubu and a Lafufu? ABC News asked Pop Mart how to ensure you're getting a real one and the key is in the clean sculpting and meticulous paint application, so any sloppy or chipping paint on the eyes, teeth or nose can be an easy red flag to spot. Not to mention spelling mistakes on the tags and packaging. Stay vigilant Labu-buddies.

The Long Read

On passports, biometrics, emotion, and ink

There’s no shame in overdressing for the occasion.