The U.S. continues to lead the world in millionaires, with a total of 23.8 million high-net-worth individuals by the end of 2024, according to a new UBS report.
Last year, the country added an average of 379,000 new millionaires — more than 1,000 each day — reflecting a 1.5% increase in its millionaire population.
China followed in second place with 6.3 million millionaires, growing by 2.3%, while Turkey saw the highest percentage increase, up 8.4% to 87,000. The U.S. extended its lead due to a strong year for Wall Street and the stability of the U.S. dollar.
However, 2025 has started with some turbulence, with concerns over a potential recession and trade tensions affecting markets. The U.S. dollar, in particular, has dropped by 9%.
James Mazeau, UBS economist, told CNBC that it’s too early to predict whether U.S. wealth growth will slow this year.
While a weaker dollar tends to spur wealth growth in countries with non-dollar currencies, Mazeau remains confident in the resilience of U.S. real estate and stock markets, suggesting that U.S. equities could end 2025 slightly higher.
The U.S. accounts for nearly 40% of the world’s millionaires, although countries like Luxembourg and Switzerland have a higher concentration of wealth, with over one in seven adults holding at least $1 million.
Globally, the millionaire population grew by more than 684,000 to 60 million, driven largely by increasing real estate values.
However, wealth growth has not been uniform across the globe, as countries like Japan saw a loss of 33,000 millionaires due to its shrinking population.
The billionaire population increased modestly to 2,891, although Mazeau noted that there was significant turnover among this elite group.
Countries like Singapore, Qatar, Greece, and Poland saw the biggest gains in billionaire wealth, while markets like the Netherlands and Uruguay experienced declines.
“There can be great reversals of fortune even within that segment,” Mazeau noted.
Wealth concentration remains a dominant theme.
UBS estimates that 60 million individuals control $226.47 trillion, nearly half of global wealth.
Among them, 2,860 billionaires hold $15.7 trillion in assets. At the very top, 15 centibillionaires — less than 1% of this group — have a combined net worth of $2.4 trillion.
Mazeau acknowledged the growing wealth inequality among billionaires, mainly driven by the outperformance of the tech sector and the rise of “mega tech entrepreneurs.”
However, he emphasized the often-overlooked wealth growth among middle-class individuals, noting that the number of “everyday millionaires” (those with $1 million to $5 million) has more than quadrupled since 2000 to 52 million — surpassing the combined wealth of all billionaires.
“It’s often overlooked how much wealth is rising and is going towards the middle of the pack,” Mazeau said.
This increasing wealth among the middle class is reshaping the global business landscape, highlighting the growing economic influence of the everyday millionaire and their impact on industries worldwide.
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