Ultra-Wealthy 1% Controls Third Global Wealth, Drives Luxury Spending Surge

A growing trend in 2025 sees adults seeking to recapture the social and friendship-building experiences of childhood summer camps through costly adult summer camps, which often cater to single individuals struggling to make friends in a digital and remote-working world. Meanwhile, wealth disparities are becoming more pronounced even within the ultra-rich, as the top 1% of millionaires now control a significant share of global wealth, with North America—particularly cities like New York and Los Angeles—hosting the largest populations of super wealthy individuals. Generational differences in financial priorities are evident, with younger generations such as Gen Z favoring entrepreneurial and high-growth investments, millennials focusing on real estate and diversified portfolios, and Gen X prioritizing stability and cash flow. Despite accumulating considerable wealth, many wealthy retirees, particularly baby boomers, are adopting ultra-frugal lifestyles due to fears of outliving their savings amid rising living costs and longer life expectancies. This phenomenon, termed the retirement consumption puzzle, reflects a widespread apprehension about financial security in retirement despite decades of saving. These intersecting trends highlight evolving social and economic challenges across age groups concerning friendship, wealth concentration, and financial planning.