US Millionaires Count Rises to 7.9 Million in 2024, Outpacing Global Growth
US Millionaires Surge in 2024
The United States' high-net-worth population grew by 7.6% to 7.9 million in 2024, according to a new report. A strong stock market helped mint 562,000 new millionaires in the U.S. last year.
Global Comparison
That domestic surge pushed the number of millionaires worldwide to a record 23.4 million, far outpacing the global rise of 2.6%. High-net-worth individuals (HNWIs), defined as those with $1 million or more in investable assets, benefited from double-digit returns in the U.S. stock market.
Wealth Concentration Trends
- The ultra-rich emerged as clear winners, with their population growing by 6.2%.
- Meanwhile, the "millionaires next door" saw only 2.4% growth.
Investment Strategies
Wealthy investors favor traditional investments like real estate and stocks, although interest in alternative investments has risen, with 15% of portfolios now allocated to them.
The Upcoming Wealth Transfer
The report also highlighted the looming "great wealth transfer," predicting that older generations will pass on an estimated $83.5 trillion to younger generations by 2048.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.