The U.S. gains record number of new millionaires in 2024
- The total number of millionaires in the U.S. reached 23.8 million in 2024, marking 40% of the global total.
- North America significantly outperformed other regions, driven by a robust U.S. dollar and positive financial market conditions.
- The rise in U.S. millionaires suggests ongoing trends of wealth growth, but also highlights the wealth inequality within the country.
In 2024, the United States experienced an unprecedented increase in the number of millionaires, with over 379,000 individuals reaching millionaire status for the first time, according to a report by UBS. This marked a significant milestone, as the nation minted approximately 1,000 new millionaires each day and accounted for 40% of the world's total millionaires, which reached 23.8 million. The report highlighted that America outperformed other nations in terms of wealth growth, driven by buoyant financial markets and a stable U.S. dollar. Overall, the global number of new millionaires rose by more than 684,000, reflecting a 1.2% increase from the previous year. UBS's Global Wealth Report, which analyzed wealth across 56 markets, demonstrated particularly strong performance in the Americas, where average wealth per adult climbed to about $312,000. The bullish trends in financial markets contributed significantly to this growth. North America, in particular, saw exceptional performance, eclipsing all other global regions regarding wealth accumulation. The authors of the report stated that strong financial support, alongside favorable market conditions, caused this surge in millionaire figures. The report predicted that by 2029, around 5.34 million more individuals worldwide could achieve millionaire status. This projection indicates ongoing trends in global wealth distribution, with North America and Greater China expected to be major contributors to future millionaire growth. In 2024, the Americas accounted for nearly 40% of global millionaires, emphasizing its dominant position in wealth creation. Meanwhile, the wealth disparities remained apparent, as most Americans still did not reach the seven-figure mark, indicating a vast gulf between those who could achieve millionaire status and the general population. The implications of these findings highlight both the potential for economic growth and the challenges of wealth inequality in America. While the increase in millionaires signifies success for sections of the population, the report sheds light on ongoing issues relating to average wealth and disparities among different demographic groups. As financial markets remain favorable, the sustained growth of wealth in North America may shape economic discussions and policy considerations in the coming years.