US Millionaires 2024: Daily Growth Report
The U.S. continues to dominate, with 23.8 million millionaires in 2024,but the landscape is shifting.Discover how global economic factors are reshaping wealth distribution, with China and turkey showing significant growth. The report reveals that while the U.S.leads in the number of millionaires, a weaker dollar and global trade concerns are impacting the financial sector. The global millionaire population swelled to 60 million, but the concentration of wealth among billionaires is also increasing. From UBS data to insights from economist James Mazeau,we uncover the critical trends. Further insights are provided by News directory 3. Discover what’s next for global wealth.
U.S. Leads in Millionaires,but Global Wealth Distribution Shifts
The United States continues to lead the world in the number of millionaires,boasting 23.8 million in 2024,according to a UBS report. The U.S. saw an increase of 1.5%, adding approximately 379,000 new millionaires.However, global economic factors are creating shifts in wealth distribution.
China holds the second-largest millionaire population at 6.3 million,a 2.3% increase with 141,000 new millionaires. Turkey experienced the largest percentage increase in its millionaire population, rising 8.4% to 87,000.
While the U.S. dollar’s stability and Wall Street’s performance boosted America’s millionaire count, the first half of 2025 has been turbulent. Trade war concerns and recession fears have weakened the dollar by about 9%.
UBS economist James Mazeau said it remains uncertain whether U.S. household wealth growth will slow this year. He noted that a weaker dollar typically stimulates wealth growth in countries with non-dollar currencies. Mazeau added that U.S. real estate remains strong, and U.S. equities could see a slight increase by year’s end.
Luxembourg and Switzerland have the highest concentrations of wealth, with over one in seven adults possessing at least $1 million. The global millionaire population increased by more than 684,000 to roughly 60 million, largely due to rising real estate values. Japan, though, saw a decrease of 33,000 millionaires due to its shrinking population.
The number of billionaires saw a modest increase to 2,891, but Mazeau pointed out meaningful turnover. Billionaires in 15 of 56 markets experienced wealth losses, with the Netherlands and Uruguay seeing the steepest declines. Singapore, Qatar, Greece, and Poland recorded the largest gains.
Wealth remains concentrated at the top. UBS estimates that 60 million individuals hold $226.47 trillion, nearly half of the world’s global wealth. Within this group, 2,860 billionaires possess $15.7 trillion in assets. At the very top, 15 centibillionaires, less than 1% of the group, hold a combined net worth of $2.4 trillion.
“We do see that there is wealth concentration or,I would say,wealth inequality,even amongst billionaires,” Mazeau said.
Mazeau attributed this concentration to the tech sector’s strong performance and the rise of “mega tech entrepreneurs.” He also noted that the wealth growth among middle and lower wealth brackets is often underestimated. The number of individuals with $1 million to $5 million, dubbed ”everyday millionaires” by UBS, has more than quadrupled as 2000 to about 52 million.
“They have more wealth collectively than all the billionaires in the world,” he said. “it is often overlooked how much wealth is rising and is going towards the middle of the pack.”
What’s next
The future of wealth distribution hinges on various factors, including economic policies, market stability, and demographic shifts.While the U.S. maintains its lead in the number of millionaires, global trends suggest a more dynamic and geographically diverse landscape for wealth creation and distribution.