The UBS Global Wealth Report of 2023 unveils that over 1,000 individuals in the U.S. are achieving millionaire status daily, reflecting a significant trend in global wealth distribution.
Key Points
- The U.S. added over 1,000 millionaires a day in 2024, the highest globally.
- Wealth growth in 2024 was primarily in North America, supported by a stable US dollar and positive financial markets.
- The U.S. and China together hold more than half of the personal wealth in the 56 global markets analyzed.
- UBS predicts North America and Greater China will drive global wealth growth over the next five years.
- The U.S. had nearly 24 million millionaires in 2024, more than Western Europe and Greater China combined.
Surge in Millionaire Status Amidst Economic Challenges
Amidst ongoing economic hurdles, the 2023 UBS Global Wealth Report highlights a remarkable surge in millionaire statistics, with over 1,000 individuals in the United States alone joining their ranks each day. This achievement positions the U.S. ahead globally in millionaire creation.
Such growth occurs despite global economic volatility, suggesting resilience in North America’s financial markets. The stable US dollar and robust market conditions underpin this increase in wealth, reflected in the favorable statistics from the wealth report. These conditions provided fertile ground for wealth accumulation.
Global Wealth Concentration
The report underscores that the U.S. and China dominate personal wealth across 56 global markets. These two nations hold a substantial share of worldwide wealth, a telling indicator of economic power dynamics in 2024.
“US ADDED OVER 1,000 NEW MILLIONAIRES A DAY LAST YEAR: UBS REPORT” – Reuters
The U.S. boasts nearly 24 million millionaires, outpacing Western Europe and Greater China combined. This statistic illustrates not only a robust financial environment but also underscores significant disparities in wealth distribution that still exist globally. The statistics form a compelling narrative of American economic dominance.
Future Outlook for Wealth Growth
UBS anticipates continued dominance by North America and Greater China in global wealth growth. These regions are expected to be significant drivers over the next five years, with stable currencies and keen market environments contributing to these predictions. This outlook suggests sustained investment opportunities in North America.
Despite these positive projections, the report also highlights the profound divide, where over 80% of adults own less than $100,000 in assets. Only 1.6% of the global populace boasts a net worth exceeding $1 million, reflecting stark realities of wealth inequality that echo louder than the numbers themselves.
Sources:
https://www.ubs.com/global/en/media/display-page-ndp/en-20250618-gwr-2025.html
