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The number of millionaires in the U.S. grew last year, setting the U.S. apart as a world leader in global wealth.
On Wednesday, UBS, a financial services and investment banking company, unveiled its annual global wealth report, which retrospectively examined wealth patterns in 2024. The company classified a millionaire as an individual possessing a net worth of at least $1 million.
According to UBS’s findings, the United States added over a thousand new millionaires on average each day in 2024, significantly surpassing China’s average of 380 new millionaires per day, placing China in second. In total, the U.S. saw an increase of 379,000 new millionaires last year, followed by China’s 141,000. Combined, these two nations accounted for over half of the 684,000 new millionaires globally.
The report attributed wealth expansion in North America to “a stable U.S. dollar and flourishing financial markets.” Last year’s financial markets performed robustly: the S&P 500 increased by over 23% in 2024, and the Nasdaq saw an increase of nearly 29%.
UBS found that the U.S. has the greatest number of millionaires in the world, more than Western Europe and China combined. The U.S. has 23.8 million people in the seven-figure club, the highest out of any other nation, and holds almost 35% of the share of global personal wealth. China comes in second with 6.3 million millionaires and close to 20% of the share of personal wealth.
Countries such as Japan, France, Germany, the U.K., and Canada have over two million millionaires as of 2024.
In sum, there are almost 60 million millionaires in the world who control a total of $226.47 trillion in assets.
UBS expects the number of millionaires to keep rising, and an additional 5.34 million people to become worth seven figures by 2029, a 9% increase from 2024.
“Over the next five years, we expect North America and Greater China to be the main drivers of global wealth growth,” the report reads.
A separate report from Henley & Partners and New World Wealth, released last month, shows that the number of liquid millionaires in the U.S., or those with assets of more than $1 million, has increased by 78% in the past decade.
The number of millionaires in the U.S. grew last year, setting the U.S. apart as a world leader in global wealth.
UBS, an investment bank and financial services company, released its annual global wealth report on Wednesday, looking back at wealth trends in 2024. The company defined a millionaire as anyone with a net worth of at least $1 million.
UBS found that the U.S. added over a thousand new millionaires per day on average in 2024, far more than the 380 new millionaires per day experienced in China, which was in second place. Altogether, there were 379,000 new millionaires in the U.S. last year, followed by China’s 141,000. The two countries made up more than half of the 684,000 new millionaires overall.
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