The United States saw its millionaire population increase by approximately 379,000 individuals in 2024, averaging more than a thousand new millionaires each day, according to a recent report by UBS, CNBC reports.
This brought the total number of millionaires in the US to around 23.8 million—the highest of any country.
UBS attributed this growth primarily to robust stock market performance and a stable US dollar throughout 2024. However, the outlook for 2025 appears more uncertain, as economic disruptions from a trade conflict and growing recession fears have impacted both the market and the currency, with the dollar down roughly 9% so far this year.
“While it’s too early to predict whether US household wealth will significantly slow in 2025, we don’t foresee a reversal in overall wealth creation,” said UBS economist James Mazeau.
He emphasized that despite recent turbulence, real estate remains resilient, and equities might still end the year positively.
Globally, the total millionaire count increased by 684,000 in 2024, reaching nearly 60 million. Mainland China followed the US with 6.3 million millionaires, gaining 141,000 new high-net-worth individuals, while Turkey saw the highest proportional increase, growing by 8.4% to 87,000 millionaires. Meanwhile, Japan experienced a loss of 33,000 millionaires due to its shrinking population.
While nearly 40% of global millionaires reside in the US, Luxembourg and Switzerland maintain higher concentrations, with over one in seven adults in each country holding at least $1 million.
The billionaire population also slightly grew to 2,891 individuals globally, though UBS noted significant turnover, with billionaires losing wealth in 15 of the 56 markets analyzed. Countries such as Singapore, Qatar, Greece, and Poland recorded notable billionaire gains, while declines were seen in the Netherlands and Uruguay.
Mazeau pointed out that significant disparities exist even among billionaires. Approximately 15 centibillionaires—individuals with over $100 billion each—collectively hold around $2.4 trillion in assets, underscoring substantial wealth concentration. Mazeau attributed much of this concentration to the tech sector and the rise of influential technology entrepreneurs.
However, Mazeau highlighted a frequently overlooked trend: substantial wealth accumulation among individuals with assets between $1 million and $5 million, termed “everyday millionaires.” This group has more than quadrupled since 2000, now comprising about 52 million individuals worldwide, and collectively holds more wealth than the entire billionaire population.
“The growth of wealth among middle and lower wealth brackets is significant yet underappreciated,” Mazeau said, suggesting a broader base of wealth creation beyond the ultra-rich.
