Last year, over 684,000 new millionaires were added globally, according to the UBS Global Wealth Report 2025.
“This trend [of rising wealth] is expected to show up not only in rising total personal wealth, but also in a swelling millionaire population,” the Swiss bank said.
It added that over 684,000 new millionaires were added globally.
The U.S. spearheaded personal wealth growth in 2024 with an 11% surge, fueled by a stable U.S. dollar and robust financial markets.
Over 379,000 people in the country became new millionaires last year, equivalent to more than a 1,000 a day.
In comparison, China produced 380 millionaires daily. Wealth in the country rose 3.4%.
“The continued economic growth we have seen in China has been one of the main drivers [for generating millionaires],” said James Mazeau, an economist at UBS Global Wealth Management.
He added that this wealth-generating momentum is expected to persist, though risks like tariff wars could slow growth.
The U.S. held approximately 35% of global personal wealth, while mainland China accounted for 20%.
A report by data researcher Knight Frank earlier this year said that nearly 40% of the world’s wealthy reside in the U.S. No other country is as successful at creating homegrown wealth or attracting wealthy migrants.
Last year the U.S. had the largest number of high-net-work individuals (those with at least $10 million in net worth) at 905,400, followed by mainland China (471,600) and Japan (122,100), it added.
