If you felt poorer last year, you weren’t imagining things. You probably just were not one of the 3,79,000 people in the US who became millionaires in 2024. That is more than a thousand new millionaires per day, according to Swiss bank UBS’s latest Global Wealth Report. This sharp rise has cemented the US’s position as home to nearly 40% of the world’s total millionaire population.
So, what drove this wealth wave?
In short, a rip-roaring stock market and a stable US dollar. The S&P 500 surged over 23% last year, lifting investment portfolios with it. The report notes that personal wealth across the globe grew by 4.6% in 2024, but the US stood out with an 11% increase, outpacing regions such as Europe and Asia.
Despite these gains, global wealth remains unevenly distributed. Over 80% of adults globally still have a net worth under $100,000, according to the same report. Only about 1.6% of the world’s population has made it into the millionaire club.
Interestingly, Greater China leads the global middle-wealth category, with the most people having net worths between $100,000 and $1 million. Western Europe and North America followed in this mid-wealth category.
UBS clarified that net worth includes all financial and real assets, like property, minus any debts. While the average wealth per adult in the US reached approximately $312,000 by the end of 2024, this figure remains far below the millionaire threshold. This trend pointed out that wealth gains are still concentrated among a relatively small segment of the population.
Global millionaire population and rise in billionaire club
Globally, the number of millionaires rose by more than 6,84,000 to around 60 million, largely due to rising real estate values. However, the trend was not uniform across regions. Japan, for instance, saw its millionaire count fall by 33,000.
UBS projects continued growth in global personal wealth, particularly in the US and parts of Asia. By 2029, the bank estimates that over five million additional people worldwide will become millionaires.
While the US leads in the total number of millionaires, countries like Luxembourg and Switzerland report the highest concentrations of wealthy individuals. In both countries, more than one in seven adults have a net worth of at least $1 million.
The global number of billionaires also rose modestly, reaching 2,891 by the end of 2024.