America’s wealth landscape shifted dramatically in 2024, with a striking surge in the number of individuals reaching millionaire status. According to the latest Global Wealth Report from investment bank UBS, the United States saw approximately 1,000 new U.S. dollar millionaires created each day throughout the year.
This remarkable pace resulted in nearly 380,000 Americans joining the millionaire ranks in 2024 alone. The U.S. was a dominant force in global wealth creation last year, accounting for over half of all new millionaires worldwide. For comparison, while China also added a significant number of millionaires (~141,000), the U.S. figure was substantially higher on an absolute basis. Some smaller nations saw higher percentage growth, but the sheer volume in the U.S. was unparalleled.
Driving Forces Behind the Wealth Boom
Several key factors contributed to this rapid accumulation of wealth. Analysts point primarily to the robust performance of U.S. financial markets. Major indexes saw significant gains in 2024, with the S&P 500 jumping around 23-25% and the tech-heavy Nasdaq Composite gaining an impressive 30%. These strong market returns, coupled with a stable U.S. dollar and overall upbeat financial conditions in North America, provided a fertile ground for wealth growth. While not a primary driver in 2024, earlier trends in real estate appreciation also play a role in calculating net worth, which includes both financial and real assets minus debts.
Who Are the New Millionaires?
The surge wasn’t confined solely to the ultra-wealthy. The report highlights a significant increase in “Everyday Millionaires” – individuals with assets between $1 million and $5 million. Globally, the population of this group has more than quadrupled since 2000, reaching 52 million people by the end of 2024. While billionaires also increased, the growth rate for this broader segment of millionaires was notably sharp.
A Look at the Broader Wealth Picture
Despite the dramatic rise in millionaires, it’s crucial to note the overall distribution of wealth. The report underscores that most adults globally still hold significantly less than $100,000 in net worth; over 80% fall into this category. Millionaires represent only a small fraction of the global adult population (around 1.6%).
In the U.S., while hosting nearly 40% of the world’s millionaires, the average wealth per adult is much lower, around $312,000. This illustrates the persistent challenge of wealth inequality. Furthermore, while the U.S. leads in the absolute number of millionaires, it doesn’t hold the highest density of millionaires relative to its population size, a distinction belonging to countries like Switzerland and Luxembourg.
What Lies Ahead?
UBS forecasts predict that global wealth will continue to grow, with the United States and Greater China expected to be the primary engines of this expansion over the next five years. Looking further out, experts anticipate a massive “Great Wealth Transfer” over the next two decades, as wealth is passed down from older generations, particularly Baby Boomers who currently hold the largest share of wealth. This transfer is expected to have a significant impact, with women potentially gaining increasing control over wealth, often outliving male partners and inheriting from multiple sources.
In summary, 2024 marked a period of significant wealth acceleration in the United States, largely fueled by dynamic financial markets. While this created a substantial number of new millionaires, the broader report also serves as a reminder of the considerable wealth disparities that persist both within the U.S. and globally.
