The United States saw its millionaire population surge in 2024, with approximately 1,000 new millionaires added each day, according to a report released on Wednesday, June 18. That rapid growth outpaced countries like China and those in Europe, reinforcing America’s position as a global leader in personal wealth.
Global Wealth Report shows influx of millionaires
According to the Global Wealth Report by financial management firm UBS, more than 379,000 individuals became U.S. dollar millionaires in 2024, a rise fueled by strong financial markets and a stable currency.
As the world gets richer, the U.S. and mainland China now hold more than half of the world’s personal wealth, according to UBS. Experts expect these two countries to lead the way in growing global wealth over the next five years.
The U.S. alone controls approximately 35% of the world’s wealth, largely due to its large population and high wealth per adult. Almost 40% of the world’s millionaires live in the U.S., which is four times the number in China.
UBS referred to real estate appreciation, which occurred rapidly in the U.S. at the beginning of the current decade, as “the most significant factor driving the growth in Everyday Millionaires across the world.”
Age demographics of those who hold wealth
The youngest group in the report are those born after 1981, which invest more in things like cars and appliances than any other age group. They invest less in financial markets but hold the largest share of real estate assets, even after accounting for mortgages. They also lead in investing in private businesses, showing a clear entrepreneurial drive.
On the other hand, baby boomers, born between 1946 and 1964, are a large group inching closer to their peak wealth years. Together, they own the most net wealth in the U.S., totaling more than $83 trillion.
Baby boomers have nearly twice the wealth of Generation X, more than four times the wealth of the Silent Generation, who were born before 1946, and almost five times the wealth of those born after 1981.
A similar story from 2023 data
Paris-based IT firm Capgemini’s 2024 report shows a sharp rise in the number of U.S. millionaires in 2023. About 500,000 people joined the ranks, boosting the total by 7.3%. To be counted, individuals must have at least $1 million in investable assets, excluding their primary residence, collectibles and personal items such as cars.
Even with higher interest rates, a strong stock market finish and continued government spending helped fuel the rise in wealth. Those at the very top of the wealth ladder saw the most significant gains. The number of Americans worth $30 million or more grew by 7.5%, reaching 90,700. Their total wealth climbed to $7.4 trillion.
