The number of millionaires in the United States grew by more than 379,000 in 2024 — over 1,000 new dollar millionaires every day — accounting for nearly 40% of global millionaires last year, according to the 2025 Global Wealth Report published by UBS on Wednesday.
The report said private wealth rose 4.6% globally, with the Americas registering an 11% increase, driven by a stable US dollar and strong equity market performance. The US remained the largest contributor to the rise in millionaire households worldwide, according to Reuters report.
The surge follows a broader rebound in global wealth, after a dip in 2022 and a strong recovery across Europe, the Middle East and Africa in 2023.
UBS defined "Greater China" as mainland China, Hong Kong, and Taiwan. In the sub-millionaire wealth bracket — individuals with net worths between $100,000 and $1 million — Greater China led with 28.2%, followed by Western Europe at 25.4% and North America at 20.9%.
However, the report noted that the majority of global adults — over 80% — had a net worth below $100,000, while only about 1.6% had net wealth of $1 million or more.
UBS projected that average adult wealth is likely to increase further over the next five years, led by gains in the United States, followed by Greater China.
Stay informed with the latest business news, updates on bank holidays and public holidays.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The TOI Business Desk is a vigilant and dedicated team of journal...
Read MoreThe TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.
Read Less
Start a Conversation
Post comment