U.S. Added 1,000 New Millionaires Daily in 2024

Introduction to Millionaires in the United States

The United States is home to the most millionaires of any country, with a tally of 23.8 million in 2024, according to a new report by UBS. The Swiss bank estimated the U.S. minted some 379,000 new millionaires last year, or more than a thousand each day, for an increase of 1.5%. Mainland China came in second at 6.3 million, up 2.3%, with 141,000 new millionaires. By percentage, Turkey’s millionaire population increased the most with an 8.4% bump to 87,000.

Factors Contributing to the Increase in Millionaires

America extended its lead thanks to a banner year for Wall Street as well as a stable U.S. dollar. The first six months of 2025, however, have been rocky. President Donald Trump’s trade war and recession fears have roiled markets and weighed on the dollar, which is down about 9% this year. UBS economist James Mazeau told CNBC it’s too early to say whether U.S. household wealth will grow at a slower rate this year. A weaker dollar spurs wealth growth in countries with non-dollar currencies rather than stalling it in the U.S., according to Mazeau.

Real Estate and Equities

But he also said American real estate has been resilient and that U.S. equities could end the year slightly higher than where they are now. "This year could be lower than last year, but it doesn’t mean we’ll have a reversal in fortune and see negative wealth creation," he said. "I don’t think the engines of growth are dead in the United States — far from it." While nearly 40% of the world’s millionaires are based in the U.S., Luxembourg and Switzerland have higher concentrations of wealth. In both countries, more than one in seven adults are worth at least $1 million, according to UBS.

Global Millionaire Population

The worldwide millionaire population rose by more than 684,000 to some 60 million, due in large part to increasing real estate values. However, this growth was disparate geographically, with some countries losing share. Japan, for instance, lost 33,000 millionaires with its shrinking population. The billionaire count increased modestly to 2,891, but Mazeau noted that there was high turnover. Billionaires lost wealth in 15 of 56 markets in UBS’s sample, with the sharpest declines in the Netherlands and Uruguay. Singapore, Qatar, Greece, and Poland recorded the highest gains.

Concentration of Wealth

Even among the world’s richest people, the wealth is concentrated toward the top. UBS estimates some 60 million individuals hold $226.47 trillion combined, nearly half of the world’s global wealth. Within that group are 2,860 billionaires who represent $15.7 trillion in assets. And at the very top, 15 centibillionaires, less than 1% of the group, boast 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. He attributed most of the concentration to the outperformance of the tech sector and the rise of "mega tech entrepreneurs."

Wealth Inequality

There is not much data on individuals in the $50 million to $1 billion range, which distorts the picture, according to Mazeau. He also said the wealth growth among middle and lower wealth brackets is underappreciated. For instance, the number of individuals with $1 million to $5 million, whom UBS dubs "everyday millionaires," has more than quadrupled since 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."

Conclusion

The increase in millionaires in the United States and around the world is a complex phenomenon driven by various factors, including a strong stock market and stable currency. While there is a concentration of wealth among the top percentile, the growth of "everyday millionaires" is a significant trend that should not be overlooked. As the global economy continues to evolve, it will be interesting to see how the millionaire population changes and how wealth is distributed.

FAQs

Q: How many millionaires are there in the United States?
A: According to UBS, there are 23.8 million millionaires in the United States.
Q: Which country has the second-highest number of millionaires?
A: Mainland China has the second-highest number of millionaires, with 6.3 million.
Q: What is the total wealth held by the worldwide millionaire population?
A: The worldwide millionaire population holds $226.47 trillion in combined wealth.
Q: How many billionaires are there in the world?
A: There are 2,891 billionaires in the world, according to UBS.
Q: What is the combined net worth of the top 15 centibillionaires?
A: The top 15 centibillionaires have a combined net worth of $2.4 trillion.