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The U.S. had new millionaires emerge at quite a clip last year.
UBS said its Global Wealth Report, released Wednesday, found America gained more than 379,000 new millionaires in 2024.
It notched the biggest increase in new millionaires “in absolute growth terms” out of the dozens of markets that UBS looked at around the world last year, and the equivalent of over 1,000 people reached millionaire status each day, the report said.
Pedestrians walk past an American flag displayed outside the New York Stock Exchange in New York Sept. 12, 2016. (Michael Nagle/Bloomberg via Getty Images / Getty Images)
The total number of millionaires in the U.S. climbed 1.5% in 2024, hitting 23.8 million, according to the report.
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That figure accounts for 40% of all millionaires in the world.
Behind the U.S., mainland China, France, Japan and Germany had the highest number of millionaires in 2024, at roughly 6.33 million, 2.9 million, 2.73 million and 2.68 million, respectively, according to the report.
Overall, the world gained over 684,000 new millionaires in 2024, a jump of 1.2% from the year before, UBS said.
Global wealth was also on the rise in 2024, climbing 4.6%, according to the report.
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“Growth in wealth was tilted strongly towards North America, driven by a stable U.S. dollar and buoyant financial markets,” UBS said. “Eastern Europe performed exceptionally well last year, too.”
The number of millionaires in the U.S. rose by 1.5% in 2024. (iStock / iStock)
Regionally, the Americas boasted the highest average wealth per adult last year, at $311,846, according to the report. The region covering Europe, the Middle East and Africa averaged $167,696 per adult, while average wealth per adult in the Asia-Pacific came in at $66,808.
The subregion of North America clocked in at $593,347 for average wealth per adult in 2024, higher than the next wealthiest subregion, Oceania, by over $90,600, the report showed.
UBS predicted North America and Greater China will be the “main drivers of global wealth growth” in the coming five years.
The flags of the United States and China fly from a lamppost in the Chinatown neighborhood of Boston Nov. 1, 2021. (Reuters/Brian Snyder/File photo / Reuters Photos)
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It also projected that the world will have 5.34 million more new millionaires by 2029.