In 2024…the United States produced 20% of its electricity with solar and wind. It is home to 23.8 million multi-millionaires, cementing its preeminence in the global wealth leadership. Wall Street’s very good year pushed new millionaires around the globe to record highs. Another reason for this increase is the stability of the U.S. dollar.
Over the last year, the U.S. created about 379,000 new millionaires, a 1.5% rise. During that same period, the number of millionaires around the world shot up by more than 684,000. Today, there are about 60 million millionaires on the planet. Such growth is an example of the global trend of accumulating sea wealth, located especially in countries with robust capital markets.
The increase in millionaires in the U.S. is part of a broader global trend. With 141,000 newcomers bringing a total of 6.3 million mainland Chinese millionaires—an increase of 2.3%—Mainland China retained its ranking as the country with the most millionaires. Turkey’s millionaire population increased by 8.4%, boosting their total number of millionaires to 87,000.
Singapore, Qatar, Greece and Poland were among the top countries to post the largest percentage increase in their numbers of millionaires. Japan saw a drop, with its shrinking population sending 33,000 millionaires packing.
The growing concentration of wealth is a relevant topic. According to UBS, more than one in seven adults in the U.S.—17 percent—are millionaires. The same is true for Switzerland too. Yet, wealth inequality continues even among the ultra wealthy.
James Mazeau, an expert on wealth distribution, commented on this phenomenon:
“We do see that there is wealth concentration or, I would say, wealth inequality, even amongst billionaires.” – James Mazeau
Though modest, creating 25 new billionaires, the billionaire class did go on to make even greater strides, growing to 2,891 worldwide. These people are together in charge of $15.7 trillion in assets. Of them, 15 centibillionaires just on their own have a combined net worth of an incredible $2.4 trillion.
“Everyday” millionaires has more than doubled since the turn of the century. Now, over 52 million people have assets in the $1 million-$5 million range! This demographic shift represents a rising tide of wealth that stretches beyond just the classic definition of billionaires.
Mazeau noted:
“This year could be lower than last year, but it doesn’t mean we’ll have a reversal in fortune and see negative wealth creation.” – James Mazeau
The dynamics of wealth creation are often subject to dramatic shifts from one year to the next. To that end, stakeholders need to be on constant alert for changes in economic conditions that could affect the distribution of wealth.