Neither China nor in Europe: this country generates 1,000 a day, accounting for 40% in the world

The number of millionaires (in U.S. dollars) increased last year, according to the Global Wealth Report compiled by financial services firm UBS. Most of them are in the United States, which saw its millionaire count grow by around 1,000 per day throughout 2024.

Globally, more than 680,000 people joined the ranks of millionaires in 2024, a 1.2% increase. In percentage terms, the biggest growth came in Turkey, followed by the United Arab Emirates. But the U.S. still holds the highest number overall.

“Most millionaires are in the United States, and their numbers grew by over a thousand per day in 2024. As we observed in last year’s Global Wealth Report, the U.S. remains by far the country with the most millionaires, outnumbering Western Europe and China combined,” the report said.

The U.S. is home to nearly 40% of all millionaires

UBS estimates that the U.S. is home to nearly 24 million millionaires, accounting for 39.7% of the global total. That’s more than four times the number in mainland China – and more than the combined total of China, France, the UK, Germany, Canada, Japan and Australia.

According to the report, North America’s wealth expansion was driven by strong U.S. financial markets and a stable currency.

Nearly 10% more millionaires expected by 2029

Since the start of the millennium, global personal wealth has steadily increased. In total, it has grown at a compound annual growth rate (CAGR) of 3.4%, with further expansion projected.

UBS projects that another 5.34 million people will join the global millionaire ranks by 2029, representing a rise of nearly 9% compared to last year.

9 of the world’s 10 richest people are American

As of June 21, nine of the ten wealthiest individuals in the world are from the U.S., according to Forbes’ real-time billionaire rankings. Elon Musk tops the list with an estimated fortune of $409 billion, followed by Larry Ellison, Mark Zuckerberg, Jeff Bezos, Warren Buffett and Larry Page.

The only non-American in the top ten is Bernard Arnault and family, of France, in seventh place. The remaining names – Steve Ballmer, Sergey Brin and Jensen Huang – are all based in the United States.

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