In 2024, the United States strengthened its position as the world’s top millionaire-producing nation, creating over 1,000 new millionaires every day. According to UBS’s latest global wealth report, the country added 379,000 new millionaires last year—bringing its total to a staggering 23.8 million. This represents a 1.5% year-over-year increase and highlights America’s enduring economic dynamism, driven by a strong stock market and resilient real estate values.
Global Wealth Distribution: U.S. Leads, But Others Rise
Mainland China secured the second spot with 6.3 million millionaires, experiencing a 2.3% rise and adding 141,000 new millionaires. Turkey posted the highest percentage increase in millionaire count, climbing 8.4% to reach 87,000.
The UBS report noted a sharp divergence in wealth growth across regions. While some countries enjoyed impressive gains, others saw notable declines. Japan, for example, lost 33,000 millionaires amid a shrinking population and economic challenges.
Despite some fluctuations, the global millionaire population surged by over 684,000, reaching approximately 60 million individuals. Much of this growth was attributed to rising property values and stock market performance.
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What’s Fueling America’s Wealth Boom?
The U.S.’s continued dominance in millionaire creation is largely attributed to several economic drivers:
- Wall Street Gains: Robust equity markets played a pivotal role in boosting net worth across high-net-worth households.
- Stable Real Estate: The American housing market remained resilient, offering solid returns and helping many households cross the millionaire threshold.
- Strong U.S. Dollar (in 2024): Although the dollar weakened in early 2025, its 2024 performance supported asset valuations and international purchasing power.
James Mazeau, UBS economist, emphasized that while the first half of 2025 has shown signs of volatility—primarily due to President Trump’s renewed trade tensions and recession fears—the long-term outlook for U.S. wealth remains positive.
“This year could be lower than last year, but it doesn’t mean we’ll have a reversal in fortune,” Mazeau said. “I don’t think the engines of growth are dead in the United States—far from it.”
Concentrated Wealth: Billionaires and Centibillionaires
Although millionaires now make up a larger portion of the global population, wealth is heavily concentrated at the very top:
- 60 million individuals globally control $226.47 trillion, nearly half of the world’s wealth.
- Among them are 2,860 billionaires holding a combined $15.7 trillion.
- The top 15 centibillionaires (those with $100 billion or more) alone command $2.4 trillion in wealth.
UBS noted that much of this concentration stems from the tech sector, with “mega tech entrepreneurs” outperforming traditional industries. Billionaire wealth has also seen volatility; in 15 of 56 countries studied, net worths declined, especially in the Netherlands and Uruguay.
On the flip side, Singapore, Qatar, Greece, and Poland saw the most significant increases in billionaire wealth.
Everyday Millionaires: Quiet Drivers of Global Wealth
Perhaps the most surprising insight from the UBS report is the rise of what the bank calls “everyday millionaires”—individuals with $1 million to $5 million in assets. This group has grown more than fourfold since 2000, now totaling about 52 million people.
“They have more wealth collectively than all the billionaires in the world,” Mazeau pointed out.
UBS believes this wealth tier often flies under the radar in mainstream analysis. These individuals play a critical role in driving consumption, investment, and economic resilience in their respective nations.
Frequently Asked Questions
How many millionaires were added in the U.S. in 2024?
The U.S. added 379,000 new millionaires in 2024—averaging over 1,000 per day.
What is the total number of millionaires in the U.S. now?
There are approximately 23.8 million millionaires in the United States.
Which country has the second-highest number of millionaires?
Mainland China ranks second with 6.3 million millionaires.
Which country had the highest growth rate in millionaires?
Turkey posted the highest percentage increase, growing its millionaire population by 8.4%.
What are ‘everyday millionaires’?
UBS defines “everyday millionaires” as individuals with a net worth between $1 million and $5 million.
What factors contributed to the growth of millionaires in the U.S.?
Strong stock market returns, resilient real estate, and a previously strong dollar contributed to the rise.
How is wealth concentrated among billionaires?
A small group of billionaires, especially those in tech, controls a disproportionate share of global wealth.
Are other countries catching up to the U.S.?
While countries like China and Turkey are experiencing strong growth, the U.S. still holds a dominant lead.
Conclusion
The 2024 surge in U.S. millionaires reflects more than just rising markets—it showcases a broader shift in global economic power dynamics and wealth distribution. While tech billionaires capture headlines, the silent rise of everyday millionaires is redefining economic influence around the world.
As global markets adjust to political shifts and monetary changes in 2025, it’s uncertain whether the U.S. can maintain the same pace. Yet, according to UBS and analysts like Mazeau, America’s core growth engines remain intact.