America’s millionaire population saw a dramatic increase in 2024, according to the latest Global Wealth Report from investment bank UBS. The report highlights that the United States added nearly 380,000 new millionaires last year, a figure that translates to an average of over 1,000 individuals joining the seven-figure club every single day, including weekends.
This surge positioned the US as a primary engine of global wealth creation in 2024, significantly outpacing other major economies like China and those in Europe. In fact, the US accounted for more than half of the total new millionaires created worldwide last year, which numbered around 680,000. The Americas region, encompassing the US, saw its total personal wealth grow by an impressive 11%, driving a 4.6% rise in global private wealth.
Behind the Boom: What Drove US Wealth Growth?
Several factors contributed to the favorable conditions for wealth accumulation in the US during 2024:
Strong Financial Markets: Robust performance in the stock market was a major catalyst. The S&P 500 index gained a significant 25% in 2024, following a 26% gain in 2023. The tech-heavy Nasdaq Composite also saw a substantial leap of 30%.
Stable US Dollar: A steady US dollar provided a solid base for wealth growth.
Easing Economic Conditions: Gradual easing of inflation and the Federal Reserve’s implementation of multiple interest rate cuts likely created a more conducive economic environment for investment and growth.
Real Estate Appreciation: The report also noted that appreciation in real estate assets played a significant role in boosting the net worth of individuals, particularly impacting “Everyday Millionaires.”
A Global Perspective on Wealth
While the US led in adding the sheer number of new millionaires, the picture is nuanced globally:
Comparison to Other Nations: China added 141,000 millionaires in 2024 (averaging about 386 per day), a distant second to the US. Japan, conversely, saw its millionaire population decline by 1.2%, translating to 33,000 fewer individuals in that category. Countries like Turkey and the UAE had higher percentage growth rates in millionaires but added far fewer in absolute terms (7,000 and 13,000 respectively).
Per Capita Wealth: Despite the rapid growth in total millionaires, the US does not hold the highest density of millionaires per capita globally. That distinction belongs to Switzerland and Luxembourg.
Wealth Distribution: The report underscores persistent global disparities. Over 80% of adults worldwide still have a net worth below $100,000. Millionaires, while growing, represent only about 1.6% of the global adult population. The US, however, is home to nearly 40% of the world’s total millionaire population, totaling approximately 24 million individuals.
“Everyday Millionaires” on the Rise: The report specifically highlighted the increasing importance and growth of individuals defined as “everyday millionaires” (EMILLIs), those with assets between $1 million and $5 million. This group has more than quadrupled globally since 2000, collectively holding a vast amount of wealth.
Defining Wealth: According to the UBS report, wealth or net worth is calculated as the value of an individual’s financial assets (stocks, bonds, etc.) and real assets (like property), minus any debts owed.
Looking Ahead: Future Wealth Trends
UBS analysts predict that the United States and China will continue to be the primary drivers of global wealth growth over the next five years. They forecast an additional 5.34 million people worldwide will reach millionaire status by 2029.
The report also touches upon the impending “Great Wealth Transfer,” where an estimated $83 trillion is expected to be passed down over the next two decades, primarily from older generations. This transfer is projected to disproportionately benefit women, largely due to their longer life expectancy, allowing them to potentially inherit wealth from both parents and spouses, increasing women’s control over global wealth in the coming years.
