| However, people around the world don't talk about the French Dream or the Chinese Dream. Only one nation is universally recognized as the Land of Opportunity. That's because America cultivates, celebrates, and rewards the habits that make men and women successful. Anyone with ambition and grit can move up the economic ladder. Everyone has a chance to improve their lot, regardless of their circumstances. Jamie Dimon, CEO of JPMorgan Chase, put it this way in the Wall Street Journal... The U.S. has the best universities, hospitals and businesses on the planet, and our people are the most entrepreneurial and innovative in the world, from the factory floor to the executive suite. We have by far the widest, deepest and most transparent capital markets, and a citizenry with an unparalleled work ethic and "can do" attitude.
American ingenuity, technology, and capital markets have created dramatic improvements in communications, transportation, manufacturing, computing, retailing, food production, construction, health care, finance, pharmaceuticals, robotics, sensors, artificial intelligence, genetics, 3D printing, and dozens of other industries. These have benefited citizens not just here but all over the world. Britain's Economist magazine recently published a report on American economic performance over the last three decades. It concluded that the U.S. economy isn't just dominant. That dominance is accelerating. In 1990, the U.S. economy accounted for 40% of the gross domestic product of the G7 nations. By 2022, it accounted for 58%. In 1990, American income per person was 24% higher than the income per person in Western Europe. Today it is about 30% higher. The productivity rate since 2010 of U.S. workers is double that of the euro zone, Canada and Britain. (And U.S.-led artificial intelligence innovation will widen the productivity chasm even more.) The U.S. has several structural advantages. High taxes and overregulation of labor and business in other countries have been detrimental to long-term growth. Plus, U.S. financial markets are the only ones big enough to absorb global capital flows. Other countries would need to build liquid, scalable equity and debt markets to attract global capital in the way we do. That's not likely to happen anytime soon. Nvidia is larger than the entire London Stock Exchange. Apple is bigger than the Paris Stock Exchange. Amazon is bigger than the German Stock Exchange. Meta Platforms is bigger than the Nordic Stock Exchange. And Microsoft is bigger than the Swiss Stock Exchange. The U.S. accounts for 64% of the global equity market capitalization and 41% of global fixed income. Approximately 58% of foreign exchange reserves are in dollars. And every business day, over half of all international transactions are settled in dollars. The amount of seed and venture capital to fund innovations isn't available elsewhere. That's why the future is invented here. And more than 60% of U.S. households hold equities in their brokerage or retirement accounts, an investment level unmatched in other markets. That means Americans don't just have higher incomes and lower taxes. They also have greater wealth. No country has more millionaires than the United States. The Federal Reserve reports that 12.4% of American households have a net worth of $1 million or more. If you include home equity, the percentage is close to 18%. According to Statista, the average financial wealth per U.S. adult is $580,000. The average financial wealth per European adult is less than $94,000. (And the Census Bureau reports that American poverty recently hit an all-time low.) The American stock market has generated the world's highest returns over the last three decades. If you had invested $10,000 in the S&P 500 in 1990, you would have had $251,000 at the end of 2024. If you had invested $10,000 instead in a global equity index that excludes U.S. stocks, you would have about $48,000 over the same period. In short, Americans earn more income, have greater assets, and enjoy higher investment returns. That's because the American brand of capitalism is tilted toward dynamism, with freer markets and smaller welfare states. As you can see, the notion that America is an exceptional nation is not, as some would argue, just a crude strain of patriotism. Our country embodies timeless ideals, an optimistic attitude, and an enthusiastic endorsement of the pursuit of happiness. Yes, we've made mistakes along the way and face no shortage of problems and challenges today. But the birth of the United States ranks among the greatest events in world history. Yet for years polls have shown that our citizens believe the American Dream is fading, our children face limited opportunities, and the country - if not civilization itself - is decidedly on the wrong track. This dour perspective - recycled 24/7 by the national media - is a gross distortion of the world we live in. Like all countries, we face many challenges today. Yet it is our solutions - not our problems - that define the state of the nation. That's why I wrote my new book, to share what broadcaster Paul Harvey used to call "the rest of the story." Here's the bad news, however. My publisher - Wiley & Sons - is only printing 15,000 copies. Apparently, they didn't realize there are more than 165,000 dues-paying Members of The Oxford Club - and that I have a few hundred thousand additional subscribers to this e-letter. That means there is a good chance that the first printing will sell out quickly. For this reason, I encourage Oxford Club Members - and especially those who told me they wanted copies for their kids and grandkids - to pre-order the book. (You can find it here. Amazon will not charge your account until the book comes out. And you will receive it on the publication date.) We Americans are among the most fortunate people on Earth. And the Dream has never been more attainable for anyone willing to work, save and invest. Read the book to find out why. And spread the word: The American Dream is not only alive and well, it's never been easier to achieve... if you know how. Have a great Independence Day! Good investing, Alex | 
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