A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
The United States continues to lead the world in millionaire population, boasting an impressive 23.8 million millionaires in 2024, as reported by UBS. This marks a considerable milestone, with 379,000 new millionaires minted in just the past year, translating to more than a thousand new millionaires each day, reflecting a growth rate of 1.5%.
Following the United States, Mainland China ranks second with 6.3 million millionaires, representing a 2.3% increase and the addition of 141,000 new millionaires. Notably, Turkey recorded the largest percentage increase in its millionaire population, surging by 8.4% to reach a total of 87,000 millionaires.
The growth in the U.S. millionaire population can be attributed to a robust year for Wall Street and a stable U.S. dollar. However, the first half of 2025 has presented challenges, with President Donald Trump's ongoing trade war and recession fears causing market instability and a decline in the dollar's value by approximately 9% this year.
Despite these challenges, UBS economist James Mazeau emphasized that it is premature to conclude that U.S. household wealth will grow at a slower pace this year. He noted that a weaker dollar might actually stimulate wealth growth in countries with non-dollar currencies, rather than hindering it in the U.S. Additionally, he pointed out that the American real estate market has shown resilience and that U.S. equities could potentially end the year slightly higher than current levels.
While it's possible that 2024 may not see the same wealth growth as last year, Mazeau remains optimistic, stating, "I don’t think the engines of growth are dead in the United States — far from it."
Interestingly, nearly 40% of the world's millionaires reside in the United States. However, countries like Luxembourg and Switzerland boast higher concentrations of wealth, with over one in seven adults in these nations worth at least $1 million. The global millionaire population has risen by over 684,000, reaching approximately 60 million, largely due to rising real estate values. Nonetheless, this growth has not been uniform, with countries like Japan losing 33,000 millionaires due to demographic shifts.
The count of billionaires has increased modestly to 2,891, but Mazeau highlighted a high turnover rate among this elite group. Notably, billionaires experienced wealth losses in 15 out of 56 markets analyzed by UBS, with the most significant declines occurring in the Netherlands and Uruguay. Conversely, countries like Singapore, Qatar, Greece, and Poland saw substantial gains.
Even within the billionaire category, wealth concentration remains pronounced. UBS estimates that around 60 million individuals collectively hold $226.47 trillion, nearly half of the world's total wealth. This group includes 2,860 billionaires, who represent $15.7 trillion in assets. At the pinnacle, just 15 centibillionaires, comprising less than 1% of this group, hold a staggering combined net worth of $2.4 trillion.
Mazeau underscored the growing wealth among middle and lower wealth brackets, noting that the number of individuals with assets between $1 million and $5 million — referred to as everyday millionaires — has more than quadrupled since 2000, now totaling approximately 52 million. Collectively, these everyday millionaires possess more wealth than all the billionaires in the world, highlighting a significant shift in wealth distribution that is often overlooked.
In summary, while the U.S. maintains its position as the leader in millionaire population, the dynamics of wealth growth and distribution reveal a complex landscape that warrants close observation in the coming years.
