US added over 1,000 new millionaires a day in 2024 on upbeat markets, stable dollar
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Americans’ net worth rose on the back of a stable US dollar and upbeat financial markets.
PHOTO: REUTERS
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ZURICH – Wealth grew disproportionately quickly in 2024 in the United States, where over 379,000 people became new millionaires, more than 1,000 a day, a report published on June 18 showed.
Private individuals’ net worth rose 4.6 per cent worldwide and by over 11 per cent in the Americas, driven by a stable US dollar and upbeat financial markets, the 2025 Global Wealth Report by UBS found.
The United States accounted for almost 40 per cent of global millionaires in 2024.
In 2023, Europe, the Middle East and Africa led a rebound in global wealth after a decline in 2022.
Greater China – which the report defined as mainland China, Hong Kong and Taiwan – led in 2024 for individuals with a net worth of US$100,000 (S$128,000) to US$1 million, accounting for 28.2 per cent, followed by Western Europe with 25.4 per cent and North America with 20.9 per cent.
The majority of people worldwide were below that threshold, however, with over 80 per cent of adults in the UBS sample having a net worth of under US$100,000. Overall, about 1.6 per cent registered a net worth of US$1 million or more, the report said.
Over the next five years, the Swiss bank projects average wealth per adult to grow further, led by the United States, and, to a lesser extent, Greater China. REUTERS
