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2w ago

U.S. Drives Global Wealth Gains by Adding 562,000 Millionaires in 2024

Strong U.S. stock market returns fueled the addition of 562,000 millionaires in 2024, driving a 2.6% rise in global high-net-worth individuals.

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Last year was a banner year for the ultra wealthy—at least for those based in the U.S.
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Overview

  • Global high-net-worth individuals grew 2.6% in 2024, propelled by a 6.2% surge in the ultra-wealthy segment holding over $30 million.
  • U.S. equity rallies, buoyed by AI stock optimism and favorable interest rates, lifted millionaire numbers by 7.6% to 7.9 million.
  • Asia-Pacific millionaires rose 2.7% even as Europe’s broader HNWI count fell 2.1% and its ultra-high-net-worth cohort climbed 3.5%.
  • Latin America saw an 8.5% drop in HNWIs amid currency devaluations and fiscal strains, while the Middle East declined 2.1% as oil prices softened.
  • HNWIs now allocate 15% of portfolios to alternative assets and face an $83.5 trillion wealth transfer, with 30% set to inherit by 2030 and 84% by 2040.