Imagine waking up to find a thousand new millionaires in the U.S. every single day.
According to CNBC, in 2024, the United States solidified its position as the world’s wealth powerhouse, boasting 23.8 million millionaires and adding 379,000 new ones—over a thousand per day—while facing turbulent markets in early 2025 due to trade disputes and economic uncertainty.
According to a recent UBS report, the U.S. far outpaces other nations with its millionaire count. That’s a 1.5% increase in just one year. A strong Wall Street and a stable dollar fueled this growth throughout 2024.
Compare that to Mainland China, which has 6.3 million millionaires and added 141,000 last year—a 2.3% rise. Turkey, meanwhile, posted the highest percentage jump at 8.4%, reaching 87,000 millionaires. But the U.S. lead remains unchallenged.
Globally, the millionaire tally grew by over 684,000 to about 60 million. Rising real estate values played a big role. These individuals collectively hold $226.47 trillion, nearly half the world’s wealth.
At the very top, 2,891 billionaires control $15.7 trillion. Even more striking, just 15 centibillionaires—less than 1% of this elite group—hold $2.4 trillion combined. Wealth concentration is staggering, even among the ultra-rich.
UBS economist James Mazeau noted, “We do see wealth inequality, even amongst billionaires.”
He also pointed out, regarding billionaire fortunes, “There can be great reversals.” Indeed, billionaires lost wealth in 15 of 56 markets studied by UBS, with the Netherlands and Uruguay seeing the steepest drops.
Yet, not all markets struggled—Singapore, Qatar, Greece, and Poland recorded the highest gains in billionaire wealth. Meanwhile, Japan saw a decline of 33,000 millionaires, largely due to its shrinking population.
Interestingly, Mazeau highlighted the often-overlooked “everyday millionaires”—those with $1 million to $5 million in assets. He said, “They have more wealth collectively than all billionaires.” Their numbers have quadrupled since 2000 to about 52 million.
Mazeau also emphasized, “Wealth is rising toward the middle.” This suggests that while headlines focus on the ultra-wealthy, a broader base of millionaires is quietly building significant wealth.
But not all is rosy—data on those with wealth between $50 million and $1 billion remains sparse, clouding the full picture. Luxembourg and Switzerland, for instance, show higher wealth concentrations, with over one in seven adults worth at least $1 million.
Fast forward to the first half of 2025, and the U.S. faces headwinds. Market volatility has spiked due to President Donald Trump’s trade war and growing recession fears. The U.S. dollar has weakened by roughly 9%.
Mazeau remains cautiously optimistic, stating, “The engines of growth aren’t dead in the U.S.” He also warned that 2025 might not match last year’s gains but doesn’t foresee a complete reversal of wealth creation. For investors, this signals a time for prudence—focus on diversified portfolios and safe-haven assets like gold or Treasury bonds to weather potential storms.