The United States of America has once more proved that it is the most dominant economy in the world, as it created 379,000 new millionaires in 2024, which comes out to around 1000 new millionaires per day, according to a report published on Wednesday.
According to the report, on average, the net worth of individuals around the world increased by around 4.6%. However, in the United States of America, this average has shot up to a massive 11%. A steady US dollar and upbeat regional financial markets mostly drove this development, as per a report published by UBS. Because of this massive increase in the number of millionaires, the US accounted for almost 40% of the global millionaires in 2024.
However, when it comes to individuals with a net worth between $100k and $1 million, “Greater China” which is, apparently, a world used for the combination of Mainland China, Hong Kong and Taiwan, topped the charts, Greater China accounted for almost 28.2% such individuals, followed by Western Europe with 24.5% and North America with 20.9%.
You Might Also Like: Pizza Hut Appoints Pranav Dahiya and Nadia Abidi
According to the study, around 80% of the sample size UBS took had a net worth of below $100,000. Only around 1.6% had a net worth of above $1 million. Moreover, the Swiss Bank projects that the average wealth per person will grow even further in the next 5 years. This will mostly be led by the US, closely followed by Mainland China.
