The United States added more than 1,000 new millionaires each day in 2024, widening its lead as the country with the largest number of wealthy individuals, according to a new report from UBS.
The Swiss financial firm found that the U.S. reached a total of 23.8 million millionaires last year, after gaining roughly 379,000 new US millionaires, marking a 1.5% rise from the previous year.
The surge in American wealth was driven largely by strong performance on Wall Street and the stability of the US dollar throughout 2024. However, the early months of 2025 have presented a more uncertain economic picture.
Ongoing trade tensions and growing recession fears under President Donald Trump have weighed on markets and caused the dollar to lose nearly 9% of its value so far this year.
Uncertainty ahead despite strong 2024 gains
UBS economist James Mazeau told CNBC it remains unclear whether American household wealth will grow at the same pace this year. He noted that while a weaker dollar can benefit other countries with different currencies, it doesn’t necessarily lead to a loss of wealth in the United States. He added that American real estate remains steady and equities could rebound before year’s end.
“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,” Mazeau said. “I don’t think the engines of growth are dead in the United States — far from it.”
US added over 1,000 new millionaires a day last year: report
Wealth grew disproportionately quickly last year in the United States, where over 379,000 people became new US dollar millionaires, more than a 1,000 a day, a report published on Wednesday showed. pic.twitter.com/uJOyWUcyfR
— Forbes India (@ForbesIndia) June 19, 2025
Globally, the millionaire population expanded by more than 684,000 in 2024, reaching about 60 million people. Most of this growth came from rising real estate values.
Mainland China ranked second behind the US, with 6.3 million millionaires and a 2.3% increase, adding around 141,000 individuals. Turkey saw the fastest percentage growth, with its millionaire count rising 8.4% to 87,000. Japan, by contrast, lost 33,000 millionaires due to population decline.
While the US holds the largest number of millionaires, Luxembourg and Switzerland top the list in wealth concentration. In both countries, more than one in seven adults holds assets worth at least $1 million, the report said.
Billionaire numbers climb, but volatility remains
The billionaire population also increased slightly to 2,891 in 2024, though not all markets saw gains. Billionaires in 15 of the 56 countries tracked lost wealth, with the sharpest declines in the Netherlands and Uruguay. Meanwhile, Singapore, Qatar, Greece, and Poland posted the largest billionaire gains.
UBS estimates the 60 million millionaires worldwide now hold $226.47 trillion—nearly half of all global wealth. Of that, 2,860 billionaires control $15.7 trillion. At the very top, just 15 individuals, each with a net worth above $100 billion, hold a combined $2.4 trillion.
“We do see that there is wealth concentration or, I would say, wealth inequality, even amongst billionaires,” Mazeau said, pointing to the dominance of the tech sector and the rise of major tech founders.
Though less often spotlighted, mid-level millionaires are quietly growing in number and influence. Individuals with $1 million to $5 million in assets—dubbed “everyday millionaires” by UBS—now total 52 million, a more than fourfold increase since 2000. Together, this group holds more combined wealth than all the world’s billionaires.
“It is often overlooked how much wealth is rising and is going towards the middle of the pack,” Mazeau said.