The United States has solidified its position as the world’s top spot for millionaires and billionaires, surpassing China in a new report released by Henley & Partners and New World Wealth.
According to the 2024 USA Wealth Report, there are now more than 5.5 million Americans with liquid investible assets of over $1 million, representing a 62% increase over the past decade. This growth rate far exceeds the global average of 38%.
In the past five years alone, the population of millionaires in the U.S. has grown by 35%, nearly double the rate of growth in China. The U.S. now boasts 37% of the world’s millionaires, up from 35% in 2018.
The wealth disparity between the U.S. and China becomes even more pronounced at the top end of the spectrum. The U.S. is home to 9,850 centi-millionaires (individuals worth $100 million or more) compared to China’s 2,352. Additionally, the U.S. has 788 billionaires, while China has 305.
Dominic Volek, group head of private clients at Henley, attributes the U.S.’s wealth growth to strict Covid lockdowns in China and increased government intervention in the private sector, which have hindered wealth creation in the country.
As a result of these factors, a net 13,500 Chinese millionaires left China in 2023, while the U.S. saw a net inflow of 2,200 millionaires. The U.S. is projected to attract 3,500 more millionaires in 2024, according to the report.
The U.S.’s dominance in wealth creation is also evident in spending and investing patterns. The country leads the world in global art sales, accounting for 42% of sales by value, and also leads in sales of the highest-priced works.
While China is expected to remain a significant source of luxury and wealth growth in the future, 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,” Volek stated.
Overall, the report highlights the U.S.’s growing influence in the global wealth landscape and its appeal to wealthy individuals from around the world.
