The United States saw an unprecedented surge in wealth in 2024, adding an estimated 1,000 new millionaires every single day. This remarkable growth propelled the U.S. millionaire population to a staggering 23.8 million, solidifying its position as the country with the most high-net-worth individuals globally, according to the latest Global Wealth Report from UBS.
The report, released in 2025 and analyzing wealth trends from the previous year, highlights that the U.S. added approximately 379,000 millionaires in 2024 alone. This figure represents more than half of the total increase in millionaires worldwide and a 1.5% rise in America’s existing millionaire ranks. China came in second globally, adding 141,000 new millionaires, significantly trailing the U.S. performance in absolute numbers.
Driving Forces Behind the American Wealth Surge
Several key factors contributed to America’s exceptional wealth creation in 2024:
Booming Financial Markets: Strong performance on Wall Street was a primary catalyst. Major U.S. stock indexes saw substantial gains, with the S&P 500 climbing around 23-25% and the tech-heavy Nasdaq Composite jumping nearly 30% in 2024, boosting investment portfolios.
Stable U.S. Dollar: A strong and stable U.S. dollar also played a role in preserving and increasing wealth measured in dollar terms.
Resilient Real Estate: While mentioned as a global factor, resilient property values in the U.S. likely contributed to the increase in net worth, as wealth is defined as financial assets plus real assets minus debts.
While other countries like Turkey experienced higher percentage growth in their millionaire population (8.4%), the sheer number* of new millionaires in the U.S. vastly outpaced other nations. Japan, for instance, saw a decline in its millionaire count in 2024.
A Global Perspective on Wealth
Globally, the number of millionaires grew by over 680,000 in 2024, reaching nearly 60 million individuals. Total global personal wealth also rose by 4.6%, with the Americas region, largely driven by the U.S., experiencing an impressive increase of over 11%.
Despite leading in total numbers, the U.S. does not have the highest concentration of millionaires per capita. That distinction belongs to countries like Switzerland and Luxembourg, where more than one in seven adults are millionaires.
The UBS report underscores that while wealth is growing, it remains highly concentrated. Globally, a significant majority of adults (over 80%) hold less than $100,000 in net worth. Only about 1.6% of the world’s adults are millionaires or richer.
The Rise of the “Everyday Millionaire”
Interestingly, the report highlights substantial growth in the segment UBS dubs “everyday millionaires” – individuals with a net worth between $1 million and $5 million. This group has quadrupled in number since the year 2000, now totaling around 52 million people worldwide. Collectively, these everyday millionaires hold an impressive $107 trillion in assets, nearly matching the $119 trillion held by individuals with assets exceeding $5 million. This suggests that wealth accumulation is not solely confined to the ultra-rich but is also expanding within the broader high-net-worth segment.
Looking ahead, UBS projects continued growth in the global millionaire population over the next five years, anticipating an additional 5.34 million individuals reaching the $1 million threshold by 2029. North America and Greater China are expected to be the primary engines driving this future wealth expansion. Experts also note that long-term wealth is heavily influenced by factors beyond income, such as inheritances, investment returns, and real estate values, hinting at significant shifts like the “Great Wealth Transfer” currently underway.
