The U.S. Surpasses China as Top Spot for Millionaires and Billionaires
A recent report has revealed that the United States has overtaken China as the world’s top spot for millionaires and billionaires. According to the 2024 USA Wealth Report from Henley & Partners and New World Wealth, there are now more than 5.5 million Americans with liquid investible assets of over $1 million, which is a 62% increase over the past decade.
In the past five years alone, the population of millionaires in the U.S. has grown by 35%, almost twice as fast as China. The U.S. is now home to 37% of the world’s millionaires, up from 35% in 2018. At the top of the wealth ladder, the U.S. has 9,850 centi-millionaires (those worth $100 million or more) compared to China’s 2,352, and about 788 billionaires compared to China’s 305.
“The USA remains the world’s undisputed leader in private wealth creation and accumulation,” according to the report. Dominic Volek, group head of private clients at Henley & Partners, stated that China’s strict Covid lockdowns and increased government intervention in the private sector have slowed wealth creation in China, while the U.S. has benefited from these factors.
The shift from China to the U.S. is also reflected in wealth migration patterns, with a net 13,500 Chinese millionaires leaving China in 2023 and a projected inflow of 3,500 millionaires to the U.S. in 2024, according to the Henley report. America’s leadership in wealth creation is influencing spending and investing trends, with the U.S. leading global art sales and luxury goods consumption.
While analysts believe that China will still be a major source of wealth growth in the coming years, the U.S. has emerged as the dominant market and source of growth for the high-net-worth economy. “The wealth creation opportunities in the U.S. are second to none globally,” said Volek.
The U.S. has solidified its position as the leader in private wealth creation and accumulation, a trend that is expected to continue in the foreseeable future. For more insights on the high-net-worth economy, sign up to receive CNBC’s Inside Wealth newsletter with Robert Frank.
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