Home Business News US millionaire population surges by 62% over the past decade

US millionaire population surges by 62% over the past decade

by Thea Coates Finance Reporter
16th Apr 24 6:41 am

The United States has witnessed a remarkable surge in its millionaire population, outstripping the global growth rate by a significant margin. According to Stocklytics.com, the U.S. has grown its millionaire population by 62% over the past decade.

This surge highlights a remarkable economic trend that underscores the nation’s resilience and dynamism in the face of various challenges.

Edith Reads, a financial analyst at Stocklytics.com, said, “The U.S. is leading in private wealth creation globally due to its rapid technology growth and robust entrepreneurial space. The millionaire growth rate points to America’s ability to cultivate innovations and attract investments.”

America’s millionaire population has surpassed 5.5 million, marking a 62% growth over the past ten years. This number surpassed the global average of 38%.

The United States leads globally with $67 trillion in liquid investable wealth. However, its per capita wealth of $201,485 ranks sixth worldwide, trailing Monaco, Luxembourg, Switzerland, Australia, and Singapore. New York stands as the wealthiest city, boasting 349,500 millionaires.

In the U.S., millionaire growth rates have remained consistent. Over the last five years, the millionaire population has surged by 35%, nearly doubling China’s rate. U.S. millionaires now comprise 37% of the global millionaire population, marking a 2% increase from 2018, when the U.S. accounted for 35%.

As one scale towards the wealthiest, there is a great disparity between the U.S. and China. The U.S. hosts 9,850 centi-millionaires, compared to China’s 2,352. Similarly, there are approximately 788 billionaires in the U.S. compared to China’s 305.

A contributing factor to the growth of America’s millionaire population is its establishment of a conducive environment for millionaires worldwide. Over time, the United States has consistently ranked among the leading destinations for millionaire migrants.

Although Australia (5200), UAE(4500), and Singapore(3200) remain the top destinations for millionaires’ migrations, the U.S. sits in fourth place, attracting more than 2000 millionaires in 2023. China saw the worst migration over the same period, losing over 13,000 millionaires. This may be due to post-COVID-29 economic difficulties. Additionally, the U.K. has lost over 12,000 millionaires since the Brexit vote in 2016.

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