The United States remains the epicenter of global wealth, boasting 23.8 million millionaires in 2024 – more than any other country – according to a new report by Swiss bank UBS, presented by CNBC.

The UBS study shows that roughly 379,000 new millionaires were added in the U.S. within just one year, averaging over 1,000 per day, marking a 1.5% increase. China ranks second with 6.3 million millionaires and an annual increase of 2.3%, corresponding to 141,000 new members of the global elite. Turkey showed an impressive 8.4% increase, with the number of millionaires rising to 87,000.

15 People Hold $2.4 Trillion in Wealth!

According to the same study, UBS estimates that approximately 60,000,000 individuals control a total of $226.5 trillion in assets—nearly 50% of global wealth. Among them, 2,860 billionaires hold $15.7 trillion, while just 15 millionaires—fewer than 1% of this group—collectively control $2.4 trillion.

UBS Chief Economist James Mazza emphasized that wealth concentration is visible even within the billionaire class, attributing the phenomenon largely to the tech sector’s outperformance and the rise of major industry figures.

UBS Global Wealth Report: Wealth Growth Accelerates for Second Year in a Row

How American Wealth Keeps Growing

Wall Street’s gains and the stability of the U.S. dollar fueled American wealth in 2024. However, the first half of 2025 brought turbulence. A revived trade war and fears of recession under Donald Trump’s presidency negatively impacted markets, causing the dollar to fall by roughly 9% this year.

James Mazza told CNBC it’s still too early to determine whether the pace of wealth growth in the U.S. will slow significantly. He explained that a weakening dollar typically boosts wealth in countries with other currencies, without necessarily reducing wealth within the U.S.

He also highlighted the resilience of the American housing market and expressed optimism that stocks could end the year slightly higher:

“This year may be more subdued than the last, but we don’t expect a reversal. The key drivers of the U.S. economy remain alive.”

Most Millionaires Are in the U.S., But Where’s Everyone Else Going?

While the U.S. hosts nearly 40% of the world’s millionaires, countries like Luxembourg and Switzerland have higher wealth density, with over 15% of adults holding assets above $1 million.

The global number of millionaires rose by 684,000, reaching 60 million, mainly due to real estate price increases. However, this growth was not uniform: countries like Japan lost thousands of millionaires, with a decline of 33,000, partly due to population shrinkage.

Billionaires on the Move: Shifting the Wealth Map

The number of billionaires rose slightly to 2,891. However, Mazza noted significant fluctuations: in 15 of the 56 surveyed markets, billionaires saw their wealth decline, with the largest drops recorded in the Netherlands and Uruguay. In contrast, Singapore, Qatar, Greece, and Poland reported the biggest increases in billionaire numbers.

The Hidden Power of “Everyday Millionaires”

On the other hand, data on individuals with net worths between $50 million and $1 billion remains sparse, distorting the full picture. Wealth growth in the middle and lower tiers tends to be underestimated.

According to UBS, “everyday millionaires”—those with wealth between $1 million and $5 million—now exceed 52 million people, a fourfold increase since 2000.

“Collectively, they hold more wealth than all the billionaires combined,” Mazza noted.

“The rise of this group often goes unnoticed,” he concluded.