U.S. Adds 379,000 Millionaires in 2024, Dominates Global Wealth

The U.S. has emerged as a dominant force in global wealth generation, accounting for approximately 40% of the world’s millionaires despite representing only 4% of the global population. This trend is highlighted in the 2025 edition of the UBS Global Wealth Report, which provides a comprehensive overview of wealth distribution across over 50 key markets worldwide. The report reveals that nearly 60 million individuals globally hold millionaire status, collectively owning around $226.47 trillion in assets.

Global wealth experienced a significant rebound in 2023 after a dip in 2022, with total personal wealth increasing by 4.6% in 2024, up from 4.2% the previous year. This growth, however, was not evenly distributed across regions. The U.S. stands out as the leader in wealth creation, adding 379,000 new millionaires in 2024, which translates to over 1,000 new millionaires per day. This surge brings the total number of millionaires in the U.S. to nearly 24 million, surpassing the combined totals of Western Europe and Greater China.

In contrast, mainland China added 141,000 new millionaires in 2024, averaging more than 380 per day, while India saw an increase of 39,000 new millionaires, about 107 per day. The report also notes that Eastern Europe achieved the highest regional growth in total personal wealth in 2024, at over 12%, closely followed by North America with nearly 12% growth, largely driven by the U.S. Greater China and Southeast Asia experienced moderate growth, while Western Europe, Oceania, and Latin America saw slight declines in wealth relative to 2023.

The distribution of millionaires is heavily concentrated in North America, which is home to 43.2% of the world’s millionaires, followed by Western Europe at 26.2%, Greater China at 12.9%, and Southeast Asia at 9.3%. Switzerland and Luxembourg have the highest per capita density of millionaires, with more than one in seven adults qualifying as millionaires. Luxembourg also has the highest median wealth per adult.

The U.S. and mainland China together account for more than half of the world’s personal wealth, with the U.S. holding almost 35% and mainland China commanding nearly 20%. This dominance is reflected in the number of high-net-worth individuals, with the U.S. leading in total wealth and the number of millionaires. Mainland China, with its vast population and continuing economic growth, is home to over 6.3 million millionaires, a figure that has grown steadily over the past decade. Combined, these two countries control approximately 54% of the world’s personal wealth, leaving the remaining 54 markets in the UBS sample to share the other 46%.

While North America and Greater China surge ahead, other regions lag behind. Western Europe, despite its historical wealth, now accounts for just over a quarter of the world’s millionaires and a shrinking share of global wealth. The share of global wealth held by emerging markets has plateaued at around 30%, with little movement expected in the coming years. Latin America, Oceania, and Africa collectively hold a minor share of global wealth, reflecting both demographic and economic challenges.

Looking ahead, UBS projects that the number of millionaires will continue to rise, with an additional 5.34 million people expected to join the ranks of the world’s millionaires by 2029—an increase of almost 9% over 2024. The bank forecasts that Latin America and Oceania are set to play supporting roles, Europe and Southeast Asia are forecast to see solid, if somewhat slower, growth, and North America and Greater China are expected to remain the main engines of global wealth growth.