Latest news with #wealthgrowth
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
2 days 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
2 days 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
CBS News
2 days ago
- Business
- CBS News
The U.S. minted 1,000 new millionaires each day last year, UBS report says
Financial steps to take when you're on the cusp of retirement Financial steps to take when you're on the cusp of retirement Financial steps to take when you're on the cusp of retirement 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.
Khaleej Times
2 days ago
- Business
- Khaleej Times
Every 30th person a millionaire; UAE added 13,000 new millionaires in 2024
The UAE added approximately 13,000 new millionaires in 2024, taking the total number of high-net-worth individuals in the country to 240,343, according to the UBS Global Wealth Report 2025 released on Wednesday. It is estimated that millionaires in the UAE command approximately $785 billion (Dh2.88 trillion) in wealth. The UAE saw a 5.8 per cent growth in millionaires last year, making it the second-fastest-growing market after Türkiye, which saw an 8.4 per cent increase in the number of US dollar millionaires, according to the 16th edition of the report. According to Worldometers data, the UAE's population grew by 385,048 last year, which means that every 30th person in the population was a millionaire. Stay up to date with the latest news. Follow KT on WhatsApp Channels. The Global Wealth Report 2025 states that close to 62 per cent of gross wealth in the UAE is allocated to financial assets, while non-financial assets, such as real estate and land, make up roughly 48 per cent. It is estimated that the average wealth per adult in the UAE is $147,663. It expects to see a volume of wealth transfers, both inter-generational and intra-generational (i.e., from widow/er to spouse), of $19 billion (Dh70 billion) in the UAE, equivalent to 1.4 per cent of the country's entire private wealth. In the Middle East, Saudi Arabia leads the ranking with almost 340,000 millionaires, followed by the UAE with 240,000 and Israel with 186,000. Earlier, property consultancy Knight Frank stated, quoting Henley & Partners data, that the UAE attracted 7,200 millionaires last year, a 53 per cent increase over the previous year, bringing the total number of high-net-worth individuals (HNWIs) in the country to 130,500. 'Wealth is not just an economic measure – it's a social and political force. As we navigate the fourth industrial revolution and rising public debt, the way wealth is distributed and transferred will shape opportunity, policy, and progress,' said Paul Donovan, chief economist at UBS Global Wealth Management. Globally, Switzerland maintained its top position in terms of average wealth per adult, at $687,166, followed by the US ($620,654), Hong Kong ($601,195), Luxembourg ($566,735), and Australia ($516,640). The Swiss bank's study noted that global wealth increased by 4.6 per cent in 2024, following a 4.2 per cent rise in 2023. The speed of growth was largely tilted towards North America, with the Americas overall accounting for the majority of the increase, with more than 11 per cent. A stable US dollar and buoyant financial markets were key contributors to this growth. The Asia-Pacific (APAC) and Europe, the Middle East, and Africa (EMEA) regions were lagging, with growth rates of below 3 per cent and less than 0.5 per cent, respectively. Over the next 20–25 years, UBS estimates that more than $83 trillion will 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 (over $29 trillion), Brazil (nearly $9 trillion), and mainland China (more than $5 trillion).
