Latest news with #globalwealth
Forbes
a day ago
- Business
- Forbes
More Than 1,000 Americans Per Day Earned Millionaire Status In 2024
Nearly 400,000 Americans became new millionaires last year – more than 1,000 each day – to reach a total of 24 million U.S. millionaires, accounting for some 40% of the world's total 60 million millionaire population and more than in China and Western Europe combined, according to the UBS Global Wealth Report 2025. Across the globe, over 680,000 individuals became new millionaires in 2024. After the United States, Mainland China had the second-highest number of millionaires, 6.3 million in total, and their number increased by approximately 380 people per day or 2.3% from 2023. Across the globe, more than 680,000 individuals became new millionaires in 2024 – a 1.2% uptick over 2023 – yet the number of billionaires increased only slightly to 2.9 million. Everyday MILLIonaires, called EMILLIs, with wealth between one and five million dollars, reached 52 million globally, rising more than 18% since 2019. EMILLIs hold approximately $107 trillion in total wealth, not far below the $119 trillion in assets owned by those with over $5 million in wealth. The Americas led the world in total personal wealth growth, rising just over 11% last year, as compared with less than 3% in the Asia-Pacific region and basically flat in the EMEA region. At the end of 2024, the United States holds some 35% of the world's wealth and Mainland China, owing to its large population, has about 20%, with the rest of the world making up the remaining 46%. In this UBS's 16th annual 'Global Wealth Report,' wealth is defined as the sum of all financial assets and tangible assets, such as real estate, owned by private individuals minus debts. While the U.S. leads the world in the number of millionaires, Switzerland has the world's highest average personal wealth at $687,166, compared to $620,654 in the number two United States. But then, Switzerland has about 9 million residents, as opposed to 340 million in the U.S. 5.34 million – the number of people who will join the millionaire ranks by 2029, a 9% increase over 2024. UBS economist James Mazeau said that it is still too early to tell whether U.S. household wealth will grow at a slower rate this year. 'This year could be lower than last year, but it doesn't mean we'll have a reversal of fortune and see negative wealth creation,' he told CNBC. 'I don't think the engines of growth are dead in the United States – far from it.' Despite the growth in wealth and a rapidly expanding high-net-worth target market for luxury brands, particularly in the United States, Bain and Company forecasts the global luxury goods market will shrink by as much as 5% this year, its steepest decline since the 2009 financial crisis, aside from the black swan 2020 Covid year. In 2024, the Americas accounted for some 28% of the global luxury market – $115 billion of the total $418 billion – after sales declined by 1% here. All of which proves a universal truth: people don't get wealthy by spending their money but through disciplined saving and investing. This makes the 1996 classic The Millionaire Next Door by Thomas Stanley and William Danko as relevant as ever. The U.S. Added A Thousand New Millionaires A Day In 2024: Report (CNBC, 6/19/2025) The U.S. Minted 1,000 New Millionaires A Day Last Year, UBS Report Says (CBS News, 6/19/2025)
South China Morning Post
3 days ago
- Business
- South China Morning Post
Global millionaire ranks to swell by 5 million over next 5 years, UBS says
The world is expected to add more than 5 million millionaires in the next five years as global wealth grew for a second straight year, according to the latest UBS Global Wealth Report. 'This trend [of rising wealth] is expected to show up not only in rising total personal wealth, but also in a swelling millionaire population,' the Swiss bank said on Wednesday. The report did not specify where most new millionaires would be minted, but it highlighted that growth would be led by the US, with additional momentum coming from the Greater China region, followed by Latin America and Oceania. The annual report, now in its 16th year and covering more than 50 markets worldwide, showed that private individuals' wealth grew 4.6 per cent globally last year, despite ongoing wars and recession fears. This was the second consecutive year of growth in global wealth after a 4.2 per cent increase in 2023. Global wealth fell 2.4 per cent in 2022. The UBS Global Wealth Report, which covers more than 50 markets worldwide, showed that private individuals' wealth grew 4.6 per cent globally last year. Photo: Reuters The US led the growth in personal wealth last year, with an 11 per cent increase, driven by a stable US dollar and buoyant financial markets. Meanwhile, wealth in Greater China grew 3.4 per cent.
Yahoo
3 days ago
- Business
- Yahoo
US added over 1,000 new millionaires a day last year, UBS report says
ZURICH (Reuters) -Wealth grew disproportionately quickly last year in the United States, where over 379,000 people became new U.S. dollar millionaires, more than a 1,000 a day, a report published on Wednesday showed. Private individuals' net worth rose 4.6% worldwide, and by over 11% in the Americas, driven by a stable U.S. dollar and upbeat financial markets, the 2025 Global Wealth Report by UBS found. The United States accounted for almost 40% of global millionaires in 2024. In 2023, Europe, the Middle East and Africa had led a rebound in global wealth after a decline in 2022. Greater China - which the report defined as mainland China, Hong Kong and Taiwan - led last year for individuals with a net worth of $100,000 to $1 million, accounting for 28.2%, followed by Western Europe with 25.4% and North America with 20.9%. The majority of people worldwide were below that threshold, however, with over 80% of adults in the UBS sample having a net worth of under $100,000. Overall, about 1.6% registered a net worth of $1 million or more, the report said. Over the next five years, the Swiss bank projects average wealth per adult to grow further, led by the United States, and, to a lesser extent, Greater China. 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
04-06-2025
- Business
- Bloomberg
Frothy Tech Returns Helped Mint 600,000 Millionaires Last Year
Global wealth surged last year, with the number of millionaires across the world hitting a record 23.4 million. The annual World Wealth Report from Capgemini, an IT services and consulting group, shows the number of people with at least $1 million in investable assets grew 2.6% in 2024, driven in large part by gains in American portfolios.
Khaleej Times
01-06-2025
- Business
- Khaleej Times
Why millionaires are migrating to Dubai and what it signals
Amid intensifying global scrutiny of wealth and rising tax pressures, Dubai is emerging as a strategic base for high-net-worth individuals seeking long-term security, capital preservation, and global mobility, a new report says. Betterhomes' latest mini-paper, Dubai: No Longer a Pit Stop, But the Finish Line for Global Wealth, shows that in less than ten hours, residents can easily connect with major cities worldwide, whether it's for business or leisure, highlighting Dubai's strategic location and seamless access to global markets. 'Far from being a transient luxury hub, the city is becoming a permanent home for the world's elite, drawn not only by its favourable tax regime and political stability but also by its infrastructure, safety, and unmatched global access,' the report says. This shift reflects more than a property trend; it signals a structural recalibration of global wealth flows. As legacy cities like London, San Francisco, Hong Kong, and Paris grapple with rising taxes and growing instability, Dubai offers rare clarity: low tax, luxury lifestyle, and a robust infrastructure. In a world increasingly challenging wealth creation, Dubai stands out as a stronghold for the financially free, where wealth is not only respected but celebrated. Here, policies are designed to attract, not restrict, enabling individuals to safeguard their wealth, plan their legacies, and influence global markets from a secure base. As of December 2024, the UAE was ranked as the 14th largest wealth market globally, with 130,500 dollar millionaires, reflecting a 98% surge over the past decade, data shows. A historic migration surge Betterhomes anticipates a substantial surge of international wealth flowing into Dubai in 2025. This influx is projected to significantly reshape Dubai's standing within the global financial system. 2024 marked a significant peak in global millionaire migration, with over 134,000 individuals possessing at least $1 million in liquid investable assets relocating across borders. Early forecasts for 2025 suggest this figure will rise further, with approximately 142,000 high networth individuals expected to move internationally in search of security, stability, and opportunity. If even 5% of this cohort were to choose Dubai, the emirate would welcome an estimated 7,100 new millionaires, Betterhomes estimates. These are not transient tourists, but capitalised entrants arriving with substantial liquidity. At a conservative estimate, this would represent an inflow exceeding $7.1 billion (Dh26 billion), equivalent to nearly half of Dubai's total foreign direct investment for 2024. In a market defined by momentum and investor confidence, such capital inflows serve as both signal and catalyst. Diverse origins of wealth migration The origins of this capital migration are as diverse as they are strategic. Some arrive from East Asia, including Chinese entrepreneurs establishing offshore holdings in response to domestic policy shifts. Others are Vietnamese investors diversifying against rising political and economic uncertainty. From Turkey and Argentina come wealthy individuals seeking refuge from currency depreciation and systemic volatility. Even within established markets, such as the United Kingdom or the United States, Dubai is increasingly perceived as a pragmatic choice for capital preservation and growth, analysts say. These new arrivals are not mere spectators; they are institution builders, family office founders, and long-term strategists. They bring with them enterprises, teams, and a forward-looking mindset. Their presence underscores a growing recognition of Dubai not simply as a taxefficient jurisdiction, but as a platform for legacy, influence, and sustained wealth creation. 'Dubai's real estate market is no longer driven by speculation, but by strategic, long-term capital. We are seeing global wealth not just arrive, but anchor itself here, in branded residences, legacy properties, and high-quality developments built for permanence. As millionaire migration accelerates, the city's property sector will continue to evolve from a cyclical opportunity into a structural asset class. Dubai is not only a magnet for capital, it is becoming the benchmark for global residential investment,' said Louis Harding, CEO of Betterhomes.
