1,000 NEW Millionaires Created EVERY Day!

Person clutching leather bag with money sticking out.

In striking evidence of a booming financial landscape, each day last year, the United States saw the emergence of 1,000 new millionaires.

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The United States achieved a remarkable feat in 2024, creating over 379,000 new millionaires throughout the year.

This growth positioned the country at the forefront of global wealth expansion, accounting for more than half of all new millionaires worldwide.

While this may seem like a success story, it’s worth considering who benefits the most from these booming financial markets.

The strength of the stock market undeniably played a key role in this financial upswing, with the S&P 500 rising over 23% in 2024.

This surge primarily fueled wealth growth in North America, facilitated by the stability of the U.S. dollar and positive financial markets.

This trend, however, primarily favored those with significant investments, raising questions about wealth distribution.

Globally, the number of new millionaires grew by 1.2% to 680,000, indicating a broader trend of wealth accumulation.

UBS anticipates that by 2029, an additional 5.34 million people worldwide will join the millionaire ranks.

Despite these gains, the average wealth per adult in the Americas hovered around $312,000 at the end of 2024, highlighting the disparity between wealth accumulation and individual financial well-being.

The Americas constituted nearly 40% of the world’s millionaires, followed by the Asia-Pacific region and Europe, the Middle East, and Africa.

This distribution pattern underscores the dominance of the U.S. and neighboring regions in accumulating wealth.

However, it’s essential to note that wealth distribution remains uneven, with a large portion of the population not reaping the benefits of this growth.

The report defines net worth by assessing the value of financial and real assets, minus any debts.

This caveat is crucial, as it reflects a distinction between those who hold wealth in assets versus those burdened by debt.

While the overall global wealth increased by 4.6% in 2024, countries in the Americas saw an impressive 11% rise, emphasizing the favorable conditions for wealth growth in these regions.

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