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The Citizen
12 hours ago
- Business
- The Citizen
Global Wealth Report: More dollar millionaires in SA, but also bigger inequality
The latest Global Wealth Report shows that the world became richer but it is a mixed picture, with most of the growth in North America. The Global Wealth Report for 2025 shows an increase in global wealth, but unfortunately South Africa did not share in this growth, while the country continues to be one of the most unequal countries in the world. It did, however, see an increase in dollar millionaires. UBS, a wealth manager and universal bank in Switzerland, compiles the Global Wealth Report with insights into personal wealth. The latest edition analyses 56 markets, estimated to represent over 92% of the world's wealth. The world's wealth landscape continued to evolve In a year marked by shifting economic tides and the data in the report echoes this. According to the report, global wealth increased by 4.6% in 2024 after a 4.2% increase in 2023, but it also shows that South Africa experienced negative real growth in average wealth per adult in 2023 and 2024. South Africa finds itself among the countries in negative territory for average as well as median wealth growth, alongside countries such as India, the UAE and Turkey. ALSO READ: SA still the most unequal country in the world – Oxfam Global Wealth Report shows inequality in SA In addition, South Africa ranked third-highest in the world for wealth inequality, with a Gini Coefficient of 0.81, just behind Brazil (0.82) and Russia (0.82), and equal to the UAE. This chart shows the wealth inequality in the world: ALSO READ: Six South Africans on Forbes Real-Time Billionaire list Global Wealth Report also had good news for SA However, South Africa did see a positive increase in dollar millionaires with a growth rate just under 2% but still indicating increasing upper-tier wealth and supporting the wider Everyday Millionaire trend. As an emerging market, South Africa is listed as one of the 15 emerging economies that collectively hold up to 30% of global wealth as of 2024, a statistic that has remained relatively flat since 2017. Iqbal Khan, co-president of UBS Global Wealth Management, says the speed of growth was far from uniform, largely tilted towards North America, with the Americas overall accounting for the majority of the increase, with more than 11%. 'A stable US dollar and buoyant financial markets were key contributors to this growth. Asia-Pacific and Europe, the Middle East and Africa (EMEA) were lagging behind, with growth rates of below 3% and less than 0.5% respectively.' ALSO READ: Where do the super-rich in SA live? Trends identified in the Global Wealth Report The 16th edition of the Global Wealth Report highlights these regional and demographic themes: Adults in North America were the wealthiest on average ($593 347) in 2024, followed by Oceania ($496 696) and Western Europe ($287 688). However, measured in US dollar, in real terms over half of the 56 markets in the sample not only did not take part in the world's growth last year, but saw their average wealth per adult decline. Despite this, Switzerland continued to top the list for average wealth per adult on an individual market level, followed by the US, Hong Kong and Luxembourg. Denmark, South Korea, Sweden, Ireland, Poland and Croatia recorded the biggest increases in average wealth, all growing at double-digit rates when measured in local currencies. The number of dollar millionaires increased by 1.2% in 2024, an increase of more than 684 000 people compared to the previous year, with the US adding over 379 000 new millionaires – more than 1 000 a day. The US, mainland China and France had the highest number of dollar millionaires, with the US accounting for almost 40% of global millionaires. There has been a marked and consistent increase in wealth all across the world over the past 25 years, both overall and in each main region individually. Total wealth increased at a compound annual growth rate of 3.4% since 2000. This decade, the wealth band below $10 000 ceased to be the most populated one in the sample, overtaken by the next-higher band between $10 000 and $100 000. Over the next five years, the report's projections for average wealth per adult point to continued growth, with the expansion led by the US as well as Greater China, Latin America and Oceania. ALSO READ: Bill Gates explains why his children will inherit less than 1% of his wealth This chart shows the change in total personal wealth from 203 to 2024: Khan also points out that this year's report highlights the rise of the Everyday MILLIonaire (EMILLIs), everyday millionaires with investable assets of between $1 million to $5 million. Their numbers have more than quadrupled since 2000, reaching around 52 million globally by the end of last year. This group now accounts for approximately $107 trillion in total wealth, approaching the $119 trillion held by individuals with over $5 million in assets. Khan says the growth of this segment has largely been driven by increasing real estate prices and exchange rate effects. 'Despite regional differences, the long-term upward trend in the Everyday Millionaire group is visible around the globe.' ALSO READ: Want to build wealth? This is how Differences in wealth distribution among generations The Global Wealth Report also highlights the differences in wealth distribution among generations in the US. It shows that Millennials (born after 1981) have the highest proportion of their assets in consumer durables and real estate and invest more heavily in private businesses. Baby Boomers (born between 1946 and 1964) hold over $83 trillion in net wealth, far surpassing Generation X (born between 1965 and 1980), the Silent Generation (born before 1945) and Millennials. Khan points out that globally, wealth allocation also varies, with the US standing out with its high allocation in financial investments, Australia in real estate and Singapore in insurance and pensions. 'Over the next 20–25 years, more than $83 trillion is expected to be transferred, with $9 trillion moving horizontally between spouses and $74 trillion moving between generations. The largest volume of wealth transfers is anticipated in the US of over $29 trillion, Brazil with nearly $9 trillion and mainland China with more than $5 trillion). ALSO READ: Wealth gap widens, ANC dodges wealth tax Global wealth expected to grow Robert Karofsky, co-president of UBS Global Wealth Management, says with global wealth expected to continue to grow, the ability to manage that wealth in a dynamic and complex financial environment becomes even more important, requiring strategic foresight and expert guidance. Paul Donovan, chief economist at UBS Global Wealth Management, notes that wealth is not just an economic measure but a social and political force. 'As we navigate the fourth industrial revolution and increasing public debt, the way wealth is distributed and transferred will shape opportunity, policy and progress. 'This year's report underscores the evolutionary shifts in wealth ownership, especially the growing influence of women and the enduring importance of property and long-term asset trends.'
Time of India
a day ago
- Business
- Time of India
1,000 millionaires a day: US added 379K people in 2024; holds 40% of world's total
. More than 379,000 people in the United States became US dollar millionaires last year—an average of over 1,000 every day. This made America the country with the highest number of new millionaires, according to the latest Global Wealth Report by Swiss bank UBS. The country now holds nearly 40% of the world's total millionaires. The increase in wealth was mainly driven by strong stock market performance and a stable US dollar. The S&P 500 index rose over 23% last year, boosting the value of investments and assets. Across the world, personal wealth grew by 4.6%, but the Americas saw an even bigger jump of more than 11%. That sharp rise made the region stand out compared to Europe, Asia, and other parts of the world. The global disparity Despite the increase in millionaires, most people across the world have far less wealth. According to the report, over 80% of adults have a net worth of under $100,000. Only about 1.6% of the global adult population is worth $1 million or more. Greater China—which includes mainland China, Hong Kong, and Taiwan—had the highest number of people with net worths between $100,000 and $1 million. Western Europe and North America followed. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 임플란트, 지금 시작하세요 [자세히 보기] 임플란트 더 알아보기 Undo The report also explains that 'net worth' includes the value of all financial and real assets, such as property, minus any debts. In the Americas, the average wealth per adult by the end of 2024 was around $312,000—far lower than the millionaire mark, showing that large wealth gains remain limited to a small group. UBS expects personal wealth to keep rising in the coming years, led by continued growth in the US and parts of Asia. By 2029, the bank estimates that over 5 million more people around the world will join the ranks of millionaires.
Yahoo
a day ago
- Business
- Yahoo
US Added Over 1,000 Millionaires a Day Last Year—More Than Elsewhere, UBS Says
The U.S. added over 1,000 millionaires a day last year, more than in any other market globally, according to a UBS report out Wednesday. The Global Wealth Report 2025 from UBS noted that mainland China, in contrast, added over 380 U.S.-dollar millionaires a day last year. UBS said that in 2024, North America led wealth growth, driven by a "stable US dollar and upbeat financial markets."The U.S. added over 1,000 millionaires a day last year, more than in any other market globally. That's according to the Global Wealth Report 2025 from UBS, which noted that mainland China, in contrast, added over 380 U.S.-dollar millionaires a day in 2024. Collectively, the two areas are home to more than half of the personal wealth in the 56 global markets analyzed in the report. "In 2024 wealth growth was tilted strongly towards North America, driven by a stable US dollar and upbeat financial markets," UBS said. The U.S. was also home to the largest number of millionaires globally in 2024 with nearly 24 million, exceeding Western Europe and Greater China combined, the Swiss bank said. "Over the next five years, we expect North America and Greater China to be the main drivers of global wealth growth,' UBS said. Switzerland and Luxembourg have the highest density per capita of U.S.-dollar millionaires, according to UBS. In those countries, more than 1 in 7 adults is a millionaire, per the report. Read the original article on Investopedia
Yahoo
a day ago
- Business
- Yahoo
The U.S. minted 1,000 new millionaires a day last year, UBS report says
The U.S. minted 1,000 new millionaires each day last year, according to a new report from investment bank UBS. The nation outpaced other countries in wealth growth during 2024, with more than 379,000 people becoming U.S. dollar millionaires for the first time, according to UBS' annual Global Wealth Report, which analyzed individual wealth across 56 markets. U.S. residents accounted for more than half of all new millionaires created across the globe in 2024. The surge in American millionaires was bolstered by robust stock market returns, with the S&P 500 jumping more than 23% last year. "Wealth growth was tilted strongly towards North America, driven by a stable U.S. dollar and upbeat financial markets," UBS analysts wrote in the report. Globally, a total of 680,000 people became new millionaires in 2024, a 1.2% uptick compared to the year prior. UBS expects that number to keep growing over the next five years. By 2029, the bank projects an additional 5.34 million people will see their net worths reach at least $1 million. Despite the growing share of millionaires, most Americans' wealth falls well short of seven figures. At the end of 2024, in the Americas, the average wealth per adult was around $312,000, according to the report. Personal wealth Total global personal wealth rose 4.6% worldwide last year, driven by a greater than 11% increase in the Americas, UBS said. "Thus, the particularly strong outperformance of financial markets in the United States in 2024, coupled with a stable currency, is what brought about the region's rather unilateral performance measured in USD, even though financial markets were generally upbeat in most other parts of the world, too," UBS said in the report. Combining the new millionaires with the ranks of those already in the seven-figure club, the Americas accounted for nearly 40% — or about 24 million — of the world's millionaires in 2024, followed by Asia-Pacific (36%), and Europe, the Middle East and Africa (25%). The report uses net worth and wealth interchangeably, measured by the value of an individual's financial assets and real assets, including housing, but subtracting their debts. Teen questioned after family's quadruple murder Iranians evacuate capital Tehran, some say the regime is frightened Parents, brother of slain Minnesota lawmaker Melissa Hortman speak about her death Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
a day ago
- Business
- Bloomberg
Stock Surge Saw US Add More Than 379,000 Millionaires Last Year
The US added more than 1,000 new millionaires per day last year, with surging stocks driving the wealth increase, according to a new report from UBS. There were more than 684,000 millionaires created worldwide in 2024, including over 379,000 in the US. Overall, wealth increased 4.6% across the globe, though the 'speed of growth was far from uniform, largely titled toward the US,' according to UBS' 2025 Global Wealth report.
