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New U.S. Millionaires Spend Big on Watches, Cut Smartwear

7/9/2026

48 5 Full Breakdown

Summary

Story summary

Chip, a scientist, spent $3.5 million on a $5,000 fire truck and eyes an $8,000 TAG Heuer watch.
He bought watches for his wife and will reinvest after a cruise.
Bain & Company says 440,000 U.S. millionaires have emerged and values luxury market at €358 billion ($406 billion) in 2025.
The United States accounted for 17 percent of Swiss watch exports in 2025.
Newly wealthy spend one-third less on smart outfits than older wealth.

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Story summary

Chip, a scientist, spent $3.5 million on a $5,000 fire truck and eyes an $8,000 TAG Heuer watch.
He bought watches for his wife and will reinvest after a cruise.
Bain & Company says 440,000 U.S. millionaires have emerged and values luxury market at €358 billion ($406 billion) in 2025.
The United States accounted for 17 percent of Swiss watch exports in 2025.
Newly wealthy spend one-third less on smart outfits than older wealth.