UBS’ 2024 Global Wealth Report highlights that nearly 22 million Americans were classified as millionaires in 2023, equivalent to roughly one in 15 people. Although this is a slight decrease from 22.7 million in 2022, the U.S. remains dominant globally, housing 38% of all millionaires worldwide.
The U.S. stands far ahead of other countries in terms of wealth, with more millionaires than mainland China, the second-largest holder of millionaires. In fact, the U.S. alone has more millionaires than the combined totals of China and Western Europe.
On a global scale, the number of millionaires fell from 59.4 million in 2022 to 58 million in 2023. However, global wealth rebounded with a 4.2% increase in 2023, recovering from the previous year’s 3% decline caused by inflation and high interest rates. The 2022 dip marked the first global wealth decrease since the 2008 financial crisis, resulting in 3.5 million people losing their millionaire status.
Despite the setback in 2022, UBS remains optimistic about the future, stating that global wealth has already bounced back in line with long-term trends.
Looking ahead, UBS predicts that by 2028, the number of millionaires will continue to rise in 52 out of 56 markets. Taiwan is expected to lead the way with a 47% increase, driven by its rapidly growing microchip industry, which plays a significant role in advancing artificial intelligence.
In comparison, the U.S. is forecasted to see a steadier rise in millionaires, with a projected 16% increase, bringing the total to 25.4 million by 2028. This growth will further widen the wealth gap between the U.S. and other regions around the world.
