Latest news with #millionaires
Forbes
4 hours 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)
Yahoo
9 hours ago
- Business
- Yahoo
US created eye-popping number of new millionaires in 2024, report finds
The U.S. had new millionaires emerge at quite a clip last year. UBS said its Global Wealth Report, released Wednesday, found America gained more than 379,000 new millionaires in 2024. It notched the biggest increase in new millionaires "in absolute growth terms" out of the dozens of markets that UBS looked at around the world last year, and the equivalent of over 1,000 people reached millionaire status each day, the report said. The total number of millionaires in the U.S. climbed 1.5% in 2024, hitting 23.8 million, according to the report. That figure accounts for 40% of all millionaires in the world. Behind the U.S., mainland China, France, Japan and Germany had the highest number of millionaires in 2024, at roughly 6.33 million, 2.9 million, 2.73 million and 2.68 million, respectively, according to the report. Read On The Fox Business App Overall, the world gained over 684,000 new millionaires in 2024, a jump of 1.2% from the year before, UBS said. Global wealth was also on the rise in 2024, climbing 4.6%, according to the report. Goodbye Nyc, Hello Miami: Why Millionaires Are Flocking To South Florida "Growth in wealth was tilted strongly towards North America, driven by a stable U.S. dollar and buoyant financial markets," UBS said. "Eastern Europe performed exceptionally well last year, too." Regionally, the Americas boasted the highest average wealth per adult last year, at $311,846, according to the report. The region covering Europe, the Middle East and Africa averaged $167,696 per adult, while average wealth per adult in the Asia-Pacific came in at $66,808. The subregion of North America clocked in at $593,347 for average wealth per adult in 2024, higher than the next wealthiest subregion, Oceania, by over $90,600, the report showed. UBS predicted North America and Greater China will be the "main drivers of global wealth growth" in the coming five years. Click Here To Read More On Fox Business It also projected that the world will have 5.34 million more new millionaires by article source: US created eye-popping number of new millionaires in 2024, report finds 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
Yahoo
21 hours ago
- Business
- Yahoo
Americans have a new ‘retire comfortably' number for 2025 — but here's why 97% of them miss it completely
According to the 2025 Northwestern Mutual Planning & Progress study, the average American now believes they need $1.26 million to retire. That's $200,000 less than they said they needed last year and nearly the same as the figure quoted in 2022. The fact that the target hasn't moved much in the last three years hasn't made it more accessible, however. The vast majority of U.S. adults are still falling short of this benchmark and are hurtling towards a difficult and uncomfortable retirement. Here's why, and what you can do to help yourself reach that figure. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Although most Americans agree that they need to enter the seven-figure club to retire comfortably, only a small fraction of the population has actually achieved this target. As of 2024, the U.S. was home to 7.9 million millionaires, according to Capgemini Research. That's roughly 3% of the country's total adult population, which means that 97% of Americans haven't yet reached millionaire status. And keep in mind: that figure includes people of all ages and wealth levels, not just those nearing retirement. Several factors contribute to this shortfall. While some Americans may not prioritize retirement savings, many face barriers that make it difficult to set aside money, including rising housing costs, student loan debt and inflation. Even those who are diligently saving can find it challenging to keep up with the growing cost of a comfortable retirement. Although 97% of people aren't millionaires, many could meet that target eventually if they start investing at a young enough age. A 20-year old, for instance, needs to invest just $330 a month into an asset class that delivers a steady 7% annual return to reach $1.26 million by the time they turn 65. Having the luxury of time significantly boosts your chances of becoming a millionaire. This doesn't mean it's too late for middle-aged savers, but it takes a significantly greater investment. If a 50-year-old hasn't started saving for retirement, they'd need to invest $3,958 a month at a steady 7% return to reach $1.26 million by retirement. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it Saving $1.26 million doesn't guarantee a comfortable retirement for everyone. For example, if your net worth is $1 million but your annual living expenses are $200,000 or $300,000, you need much more than $1 million in savings to continue living the same lifestyle in retirement. In fact, two thirds of millionaires don't consider themselves 'wealthy' and half of them say their financial planning needs improvement, according to another study by Northwestern Mutual. In short, being a millionaire doesn't mean you're ready for retirement. If you live in a state or another country with a lower cost of living, your target might be smaller. According to Empower's calculations of tax burdens and costs of living, states like Alaska and New Hampshire might be ideal for retirees looking to minimize their expenses. Try using a retirement calculator or consulting a financial planner to determine your personal target. With enough time and meticulous planning, you can be on track for almost any type of retirement you might want. Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Arabian Business
a day ago
- Business
- Arabian Business
The great wealth migration: How Dubai became the world's top millionaire magnet
In recent times, Dubai has seen sharp growth in the number of high-net-worth individuals (HNWIs) relocating to the country. The UAE has solidified its position as the top destination for millionaires, with an increasing inflow of wealthy individuals — more than any other country in the world. In an exclusive interview with Arabian Business, Louis Harding, CEO of Betterhomes Dubai, said: 'Wealth is moving where it's treated best. Dubai's appeal to HNWIs lies in a rare combination: zero income tax, political stability, world-class infrastructure, and a strategic location within an 8-hour flight to two-thirds of the world's population. It's not just about escaping taxes — it's about building a secure, global life. The city now offers what few others can: capital preservation, mobility, and clarity in an uncertain world.' According to a recent report by Betterhomes, the UAE emerged as the 14 th largest wealth market globally, housing 130,500 dollar millionaires, indicating a 98 per cent surge in the last decade. The unprecedented migration represents a fundamental shift in global wealth patterns, driven by a complex interplay of economic policy, geopolitical uncertainty and the country's strategic positioning between the East and the West. The scale of millionaire migration to Dubai is staggering, with numbers currently at a record high, surpassing previous records of 128,000 millionaires in 2024 and 120,000 in 2023. As part of this global movement, the UAE captures more than any other single destination, accounting for over 5 per cent of all millionaire revocations worldwide. Recent data reveals that the millionaire migration numbers are expected to reach over 142,000 millionaires this year. Of this, Dubai stands to gain 7,100 new millionaires and $7.1 billion (AED 26 billion) in capital, nearly half the value of Dubai's total foreign direct investment (FDI) in 2024. The numbers suggest that the trend is not necessarily a temporary phenomenon, but rather a structural shift in global wealth distribution. 'The shift is structural, not cyclical. The UAE saw a 98 per cent increase in millionaires over the last decade, reaching 130,500 HNWIs by the end of 2024. Dubai alone ranks as the fastest-growing hub for centi-millionaires ($100mn+) globally, ahead of Miami, Milan, and even Shenzhen. In contrast, legacy hubs like London and Paris are experiencing outflows due to rising tax pressures and political instability,' Harding explained. The British exodus The appeal of Dubai is more evident, particularly in the dramatic inflow of migration from the United Kingdom. Earlier this year, Arabian Business reported that Dubai and Abu Dhabi are set to see a rising number of HNWIs amid the ongoing exodus of wealthy individuals from the UK despite some steps toward softening the Labour government's highly controversial non-dom tax reforms. 'It appears there is some backpedalling on the UK government's attack on non-doms. However, the Labour Party's proposed changes to the non-dom tax regime, even with Rachel Reeves' apparent watering down, still risk driving high-net-worth individuals away from London,' said Karim A. Youssef, a leading arbitration lawyer and dispute resolution expert. Britain is expected to see an unprecedented net loss of over 9,500 millionaires this year, second to only China worldwide, and more than double the 4,200 who left the country last year. Nearly a thousand HNWIs from the UK are set to make Dubai their new home. With nearly 9,500 UK-based millionaires expected to leave the country this year, the UAE is fast becoming a prime destination for expats seeking new opportunities. This exodus reflects broader concerns about the UK's evolving tax landscape and potential climate. Many wealthy Britons cite increasing wealth taxes, inheritance tax complications, and political uncertainty as primary drivers of their decision to relocate. Dubai's appeal to this demographic extends beyond tax considerations to include factors such as weather, lifestyle, and business opportunities in emerging markets. Aside from wealthy individuals, Dubai is also seeing an increasing number of Middle-class families from the UK relocating to the UAE. Industry experts attribute this shift to several factors, including the UK's recent introduction of VAT on private school fees, opportunities of remote work and Dubai's increasing status as a global hub. In addition, Harding noted, 'The new wave includes not just legacy wealth but tech founders, crypto entrepreneurs, and global business leaders establishing family offices. They're not buying holiday homes – they're relocating teams, setting up businesses, and planting flags. It's a more entrepreneurial, mobile, and future-focused cohort, reshaping what wealth looks like in the region' The Indian connection India represents another significant source of millionaire migration to Dubai. According to a recent report by Driven Properties titled Global Millionaire Migration to the UAE 2025, the highest millionaire losses occurred in China, the UK and India. Over 4,300 millionaires are expected to move from India this year, this reflects growing wealth creation in India and the traditional commercial ties between the two regions. For Indian entrepreneurs and investors, Dubai offers several compelling advantages. The emirate serves as a natural hub for accessing African and Middle Eastern markets, while its robust financial infrastructure provides sophisticated wealth management services. Central to Dubai's appeal is the UAE's Golden Visa programme, which has fundamentally altered the landscape for long-term residency. The Golden Visa is a long-term residence visa which enables foreign talent to live, work or study in the UAE while enjoying exclusive benefits. The UAE's tax structure remains perhaps the most compelling factor driving millionaire migration. The country's Golden Visa comes with tax benefits that offering a compelling advantage for HNWIs. The tax-free environment creates substantial wealth preservation opportunities. For HNWIs facing increasing tax burdens in their home countries, the UAE offers not just tax efficiency but also the ability to structure global investments and businesses through Dubai's sophisticated financial centre. 'Tax is just the starting point, not the full story. Dubai's low-tax regime opens the door, but what keeps HNWIs here is the ecosystem: personal safety, political neutrality, modern infrastructure, and a globally connected lifestyle. In short, Dubai offers both asset protection and quality of life — two things increasingly hard to find in the same place,' Harding said. He also revealed that the influx is highly diverse. HNWIs are arriving from: From EU nations as well (particularly from high-tax countries like Germany and France) East Asia (e.g. Chinese and Vietnamese investors reacting to domestic policy and political uncertainty) Turkey and Argentina (seeking refuge from currency and systemic volatility) UK and US (as a strategic choice for wealth preservation and business growth) Dubai's elite magnetism While tax benefits capture headlines, the lifestyle and infrastructure improvements in Dubai has created a strong proposition for affluent families. Dubai's luxury lifestyle amenities are another reason for the magnetism. The city offers world-class healthcare, international schooling options, and a cosmopolitan environment that appeals to global citizens. The safety factor is evident, Dubai consistently ranks among the world's safest cities, a crucial consideration for families with significant wealth. Infrastructure investment have also paid dividends. Dubai International Airport serves as a global hub, while the city's business districts rival those of London, New York and Singapore in terms of facilities and connectivity. Push and pull factors The migration to Dubai reflects both 'push' and 'pull' factors operating globally. The report identifies key global 'push' factors influencing millionaire migration, including increasing wealth taxes, political instability, and tightening immigration policies. These are contrasted with Dubai's appeal as a tax-efficient, safe and globally connected lifestyle hub. Push factors vary by region but include: Increasing wealth and inheritance taxes in Europe Political uncertainty in several major economies Currency instability in emerging markets Regulatory tightening in traditional financial centers COVID-19 policy responses that restricted movement Dubai's pull factors have evolved beyond the traditional tax haven model: Strategic location between Europe, Asia, and Africa Advanced digital infrastructure and smart city initiatives Growing importance as a fintech and cryptocurrency hub Expanding cultural and entertainment offerings Government policies explicitly welcoming global talent Economic impact and multiplier effect The economic implications of this millionaire migration extends far beyond the individuals themselves. According to Henley & Partners, 20 per cent of HNWIs are entrepreneurs (rising to 60 per cent for centi-millionaires and billionaires). As a result, countries that attract HNWIs from other parts of the world might see benefits such as job creation and investment. 'This is no longer speculative money. We're seeing long-term, strategic capital flowing into legacy properties, branded residences, and high-quality developments. This wave of migration is turning Dubai's property market into a structural asset class, not just an investment cycle. If just 5 per cent of the projected 142,000 migrating millionaires in 2025 choose Dubai, that's a potential $7.1 billion in fresh liquidity — nearly half of Dubai's total FDI in 2024,' Harding explained. These entrepreneurs often establish new businesses, invest in local markets, and create employment opportunities. The country's strategic focus on economic diversification benefits directly from this influx of business talent and capital. Real estate markets provide the most visible impact. High-end property purchases by relocating millionaires have contributed to price appreciation in prime locations in Dubai. 'While preferences vary, demand is clearly concentrated in trophy assets and global-branded residences, developments that signal permanence and prestige. Think of locations like Jumeirah Bay Island, Palm Jumeirah, and Emirates Hills. Areas where land is finite, privacy is built-in, and pricing is being reset by global demand. These are not just homes; they're wealth anchors,' he revealed. However, these effects ripple through luxury retail, private banking, legal services and family offices – creating entire ecosystems around wealth management. Despite the clear momentum, the millionaire migration trend faces several potential obstacles. Global tax policy coordination efforts, such as the OECD's international tax initiatives, could potentially affect the tax advantages that currently drive much of this movement. The UAE also addressed concerns about financial transparency and anti-money laundering measures. Recent regulatory enhancements, while necessary for international compliance, adds layers of complexity that some wealth migrants must navigate. Cultural adaptation remains a consideration for some relocating families, particularly those from Western countries. While Dubai has evolved into a highly international city, differences in legal systems, business practices, and social norms require adjustment periods. The sustainability of Dubai's millionaire magnetism depends on several factors. The city's continued economic diversification away from oil dependence strengthens its long-term appeal. Major initiatives in renewable energy, space, technology and artificial intelligence (AI) signal ambitions beyond traditional wealth management. 'This is a permanent shift. Dubai is no longer a pit stop for the wealthy, it's the finish line. As global volatility rises and traditional centres become harder to navigate, cities like Dubai that offer clarity, control, and capital security will define the next generation of wealth hubs. The real question isn't whether the millionaires are coming, it's how fast the city can build to meet the demand,' Harding concluded.
Bloomberg
a day ago
- Business
- Bloomberg
US Officials Said to Be Preparing for Iran Strike
Good morning. US officials are said to be preparing for a possible strike on Iran. The Federal Reserve signals higher prices are coming. And UBS says the world added more than 684,000 new millionaires last year. Listen to the day's top stories. US officials are preparing for a possible strike on Iran as soon as this weekend, people familiar said. Donald Trump had earlier approved attack plans but withheld the final authorization, the WSJ reported.
