The United States added approximately 379,000 new millionaires in 2024, averaging more than 1,000 every single day, according to the latest UBS Global Wealth Report. This brings the nation’s total millionaire population to 23.8 million, maintaining its lead as the world’s wealth capital.
UBS attributes the growth primarily to a strong U.S. stock market and a resilient dollar throughout 2024, although both have faced increased volatility in 2025 amid trade war developments and recession concerns.
Global Wealth Trends: U.S. Dominance, But Shifting Dynamics
While the U.S. remains home to nearly 40% of the world’s millionaires, the report notes divergent trends across the globe:
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Mainland China ranked second with 6.3 million millionaires, up 2.3% year-over-year.
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Turkey posted the highest percentage gain at 8.4%, with 87,000 millionaires.
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Japan lost 33,000 millionaires amid population decline and currency weakness.
Despite the global increase of 684,000 new millionaires, not all markets shared in the gains. UBS warned of shifting capital flows and reversals of fortune even among ultra-high-net-worth individuals.
Billionaire Dynamics and Wealth Concentration
The global billionaire count edged up slightly to 2,891, though UBS flagged high turnover rates. Billionaires in 15 of the 56 markets analyzed saw wealth declines, most notably in the Netherlands and Uruguay, while Singapore, Qatar, Greece, and Poland led gains.
UBS economist James Mazeau emphasized that wealth remains heavily concentrated, even among the rich. Of the estimated $226.47 trillion in global private wealth, just 2,860 billionaires control $15.7 trillion, and 15 centibillionaires, less than 1%, account for a combined $2.4 trillion.
"We do see wealth concentration, or wealth inequality, even amongst billionaires," Mazeau said, pointing to the dominance of mega tech entrepreneurs as a key factor.
Rise of the “Everyday Millionaire”
One of the report’s most striking insights is the rise of mid-tier millionaires, or “everyday millionaires.” The number of individuals with $1 million to $5 million has quadrupled since 2000, now standing at 52 million globally.
"They have more wealth collectively than all the billionaires in the world," Mazeau said, adding that this segment’s rise is often underappreciated in global wealth narratives.
What Lies Ahead for U.S. Wealth?
While 2024 was a landmark year, 2025 may be more challenging. Market volatility, driven by renewed U.S.-China trade friction and policy uncertainty, has already pushed the dollar down by 9% this year. However, Mazeau noted that a weaker dollar may benefit non-dollar economies more than it hurts the U.S.
Despite headwinds, U.S. real estate remains strong, and equities may rebound, Mazeau said. “This year could be lower than last year, but it doesn’t mean we’ll have a reversal in fortune,” he added. “The engines of growth are not dead in the United States, far from it.”
