The US Has 23.8 Million Millionaires, More Than Any Other Country, per UBS
There are about 23.8 million millionaires in the US, per UBS, more than any other country and roughly 40 percent of the world total, as rising home values and asset prices mint more than a thousand new US millionaires a day.
America is minting millionaires faster than anywhere else
There are about 23.8 million millionaires in the US, more than any other country, per UBS. That works out to roughly 40 percent of every millionaire on the planet, and about 1 in 11 American adults once home equity is counted.
Nobody else is close. Mainland China ranks second with about 6.3 million millionaires, followed by France at 2.9 million, Japan at 2.73 million, and Germany at 2.68 million. The United States has more millionaires than Western Europe and Greater China combined, and it added more than a thousand new ones every single day last year.
A million is not what it used to be
The growth is broad. Global wealth rose 4.6 percent in 2024, and more than 680,000 people worldwide joined the millionaire ranks in a single year, bringing the global total to almost 60 million. Much of the expansion sits in what UBS calls everyday millionaires, the roughly 52 million people holding between $1 million and $5 million, who now control about $107 trillion, closing in on the $119 trillion held by everyone above $5 million.
Rising real estate prices do much of the work. With home equity counted, a paid down house in an expensive metro plus a retirement account is enough to clear the bar, which is why the US share runs so far ahead of countries with comparable incomes but shallower stock market participation.
The next wave is already mapped out. UBS estimates more than $83 trillion of wealth will change hands over the next 20 to 25 years, with the largest share of that transfer, over $29 trillion, taking place in the United States.
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Options market and stocks to watch
A swelling millionaire class is a structural tailwind for the wealth management business, and the names to watch are the firms competing to manage that money: UBS, which publishes the report, along with Morgan Stanley, Goldman Sachs, and Charles Schwab. The $83 trillion wealth transfer is the long dated catalyst: firms that keep inherited accounts keep the fees, and flow into adviser platforms and brokerage names will show how that fight is going. Follow the story on the Unusual Whales news feed.
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