Global wealth rebounds unevenly in 2024; US adds 1K+ new millionaires daily

The world is getting richer again, but not equally everywhere. Wealth management firm UBS’s newly released Global Wealth Report 2025 highlights a notable 4.6% increase in total global personal wealth in 2024, with US millionaires increasing at the rate of 1.5 percent, marking the second consecutive year of recovery following a downturn in 2022. Despite the positive trend, the report emphasizes that wealth growth is far from uniform across regions and economic groups.

North America emerged as the standout performer, responsible for the bulk of global wealth gains in 2024, fueled by a buoyant US dollar and thriving financial markets. The United States alone accounted for nearly 35% of global personal wealth, adding over 1,000 new millionaires daily. Meanwhile, Eastern Europe recorded the highest regional growth rate, exceeding 12%.

In contrast, wealth contracted in Western Europe, Oceania and Latin America. Greater China and Southeast Asia posted modest gains of 3.42% and 2.67%, respectively. Wealth per adult remains heavily skewed, with North America averaging USD 593,347 and regions like Latin America lagging significantly at USD 34,694.

The rise of the “EMILLI” — Everyday Millionaires with assets between USD 1 million and 5 million — is a key theme in this year’s report. Their ranks have quadrupled since 2000 to around 52 million individuals, collectively holding USD 107 trillion.

Globally, over 684,000 individuals joined the ranks of USD millionaires in 2024, a 1.2% increase year-on-year. Türkiye led in percentage growth with an 8.4% rise, followed by the UAE at 5.8%. India saw an increase of 4.4%, adding 39,000 millionaires.

However, the report underscores disparities in wealth distribution. Median wealth levels rose faster than averages in many markets, reflecting a more inclusive form of wealth growth in places like the US, Mexico and Switzerland. Still, inequality remains pronounced: the Gini coefficient surpassed 0.8 in Brazil, Russia and South Africa.

Women are set to benefit significantly from the coming USD 83 trillion “great wealth transfer” over the next 20-25 years, with USD 9 trillion expected to shift between spouses. Emerging markets, although contributing nearly 30% of global wealth, have shown stagnation in their share since 2017.

With 2,891 billionaires now globally, and the number of “Everyday Millionaires” steadily climbing, UBS concludes that strategic planning and localized financial insight will be crucial in navigating a more complex, dynamic wealth landscape.

The full UBS report can be downloaded from here.