The number of billionaires worldwide surged by nearly 8% last year, with the United States leading the charge in wealth creation. Now home to almost 40% of the world's super-rich, the U.S. continues to dominate as the top nation for wealthy individuals. This rise in affluence is driven by favorable market conditions and robust financial growth, notably in equity markets and the unprecedented run of bitcoin through 2024.
In the past year alone, approximately 204 new billionaires emerged, marking a significant uptick in high-net-worth individuals. This trend is part of a broader global increase, with the number of multimillionaires rising by 4.4% worldwide. The U.S. particularly saw a 5.2% growth in Americans with assets exceeding $10 million, underscoring its pivotal role in the burgeoning wealth landscape.
China follows closely behind the U.S., boasting the next highest contingent of wealthy individuals. The S&P 500 stock index's impressive 23% gain, coupled with the Nasdaq's 29% growth and the Dow Jones Industrial Average's more than 12% rise in 2024, significantly boosted investor confidence and wealth accumulation.
"We've reached a new era now, we are in the era of the billionaire," – Jenny Ricks, general secretary of the human rights group Fight Inequality Alliance
Despite geopolitical tensions, resilient global trade played a crucial role in sustaining this economic momentum. Liam Bailey, global head of research at Knight Frank, commented on the situation:
"While the global economy slowed through 2024, the resilience of the U.S. helped prop up investor confidence," – Liam Bailey, global head of research at Knight Frank
However, this wealth surge contrasts sharply with domestic poverty levels. Currently, 36.8 million Americans live in poverty, accounting for 11.1% of the total population. This disparity highlights ongoing challenges within the U.S. socio-economic landscape.
The global population of individuals worth at least $100 million also surpassed the 100,000 mark for the first time, further accentuating the rapid pace of wealth creation amid broader economic uncertainties.
"Not only has the rate of billionaire wealth accumulation accelerated — by three times — but so too has their power," – Amitabh Behar, Oxfam International's executive director