According to UBS’ 2024 Global Wealth Report, nearly 22 million Americans—approximately one in 15—had wealth exceeding $1 million last year
This statistic highlights that the number of millionaires in the U.S. is more than three times that of mainland China, which ranks second in millionaire population. In fact, the U.S. millionaire count matches the combined total of Western Europe and China.
Globally, the number of millionaires decreased to 58 million in 2023 from 59.4 million in 2022. Despite this, global wealth grew by 4.2%, recovering from the previous year’s decline—the first since the 2008 financial crisis.
In 2022, global wealth fell by 3% amid high interest rates and inflation, which stunted economic growth and caused 3.5 million people to lose their millionaire status.
The decline in global wealth observed in 2022 seems to have been a temporary setback, according to the latest UBS report. Wealth has already rebounded, aligning with the long-term trends identified by UBS.
Future projections indicate continued growth. By 2028, UBS predicts the number of millionaires will increase in 52 of the 56 markets analyzed. Taiwan is expected to see the highest growth rate at 47%, driven by its robust microchip industry, which is set to play a crucial role in the development of artificial intelligence.
In the United States, the millionaire population is projected to grow by 16%, reaching 25.4 million by 2028. This significant increase will further widen the gap between the U.S. and other countries.
China’s millionaire count is expected to rise by 8%, reaching 6.5 million by 2028. Meanwhile, Japan is anticipated to overtake China and secure the second position on the list of countries with the highest number of millionaires.
The UK, currently third in the global ranking of millionaires, is expected to see a 17% decrease in its millionaire population over the next four years. This decline is largely attributed to recent changes in tax policy for non-domiciled residents and the Labour Party’s victory, which is likely to result in higher capital gains taxes.
UBS noted that the increase in the number of USD millionaires is significantly influenced by the steady rise in asset values driven by consistent economic growth. This trend has been evident in the past and is expected to continue into the future.