More than 379,000 people in the United States became US dollar millionaires last year—an average of over 1,000 every day. This made America the country with the highest number of new millionaires, according to the latest Global Wealth Report by Swiss bank UBS. The country now holds nearly 40% of the world’s total millionaires. The increase in wealth was mainly driven by strong stock market performance and a stable US dollar. The S&P 500 index rose over 23% last year, boosting the value of investments and assets. Across the world, personal wealth grew by 4.6%, but the Americas saw an even bigger jump of more than 11%. That sharp rise made the region stand out compared to Europe, Asia, and other parts of the world.The global disparity Despite the increase in millionaires, most people across the world have far less wealth. According to the report, over 80% of adults have a net worth of under $100,000. Only about 1.6% of the global adult population is worth $1 million or more. Greater China—which includes mainland China, Hong Kong, and Taiwan—had the highest number of people with net worths between $100,000 and $1 million. Western Europe and North America followed. The report also explains that “net worth” includes the value of all financial and real assets, such as property, minus any debts. In the Americas, the average wealth per adult by the end of 2024 was around $312,000—far lower than the millionaire mark, showing that large wealth gains remain limited to a small group. UBS expects personal wealth to keep rising in the coming years, led by continued growth in the US and parts of Asia. By 2029, the bank estimates that over 5 million more people around the world will join the ranks of millionaires.
