Wealth Growth: A Look at Millionaires in the United States

The United States continues to lead the world in the number of millionaires, boasting an impressive total of 23.8 million as of 2024. This figure highlights the country’s economic strength, with the creation of approximately 379,000 new millionaires in the previous year, translating to more than a thousand new millionaires every day and marking a 1.5% growth.

Global Comparison of Millionaires

Following the U.S. is mainland China, which has seen its millionaire count rise to 6.3 million, reflecting a 2.3% year-on-year increase and adding 141,000 new affluent individuals to its ranks. Notably, Turkey experienced the most significant percentage increase in its millionaire population, rising by 8.4% to reach 87,000 individuals.

Factors Behind U.S. Wealth Growth

The growth of millionaires in the U.S. can be attributed to a booming Wall Street and a stable dollar. However, the first half of 2025 has presented some challenges. Market fluctuations driven by trade tensions and concerns about an economic downturn have negatively impacted the dollar, leading to a roughly 9% decline this year. UBS economist James Mazeau emphasized that it’s too early to definitively assess whether household wealth in the U.S. will grow at a slower pace this year. He also noted that while a weaker dollar can hinder U.S. wealth accumulation, it may promote growth in countries using other currencies. Despite these challenges, American real estate remains robust, and U.S. equities may close the year with positive growth.

Wealth Inequality in the United States

While the U.S. is home to nearly 40% of the world’s millionaires, the concentration of wealth is noted to be higher in smaller nations like Luxembourg and Switzerland. In these countries, over one in seven adults has a net worth of at least $1 million.

Globally, the millionaire population surged by more than 684,000, reaching around 60 million, largely fueled by rising real estate prices. However, not all regions shared in this growth; for instance, Japan’s millionaire count dropped by 33,000 as its population declined.

Billionaire Statistics

The number of billionaires increased slightly to 2,891 individuals, although there was considerable variability in wealth among this elite group. Notably, billionaires in 15 out of 56 surveyed markets experienced declines, particularly in the Netherlands and Uruguay. Conversely, countries like Singapore, Qatar, Greece, and Poland witnessed substantial gains in billionaire wealth.

Mazeau pointed out that even among billionaires, wealth can shift dramatically, leading to substantial reversals of fortune.

Wealth Distribution Among the Rich

UBS’s analysis reveals that wealth is highly concentrated even within the higher echelons. Approximately 60 million individuals collectively possess $226.47 trillion, nearly half of the world’s total wealth. Within this group, a mere 2,860 billionaires control $15.7 trillion in assets. Among them, just 15 centibillionaires make up less than 1% and collectively hold a staggering $2.4 trillion.

Mazeau noted the significant wealth inequality within the billionaire population, attributing much of this disparity to the exceptional growth in the technology sector and the emergence of "mega tech entrepreneurs."

The Rise of Everyday Millionaires

Interestingly, there is limited data concerning individuals with wealth between $50 million and $1 billion, which can obscure the broader economic landscape. Mazeau also pointed out that the wealth accumulation among middle and lower wealth brackets is often underestimated. For example, the category of "everyday millionaires," defined as those with assets ranging from $1 million to $5 million, has more than quadrupled since 2000, now numbering around 52 million.

This group holds more wealth collectively than all billionaires combined, highlighting that the story of wealth generation extends beyond the ultra-wealthy. It emphasizes the rising financial success among a larger segment of the population, indicating that significant wealth growth is occurring within the broader middle class.