Key Takeaways:
- The number of Americans with liquid investible assets exceeding $1 million has surpassed 5.5 million, marking a 62% increase over the last decade.
- Over the past five years, the population of millionaires in the United States has grown nearly twice as fast as that of China.
- The United States has emerged as the dominant market and primary source of growth for the high-net-worth economy, reflecting its robust economic performance and wealth generation capabilities.
There are now more than 5.5 million Americans with liquid investible assets of more than $1 million, marking a notable increase of 62% over the past decade, according to the 2024 USA Wealth Report from Henley & Partners and New World Wealth.
Over the past five years, the population of millionaires in the U.S. has experienced substantial growth, rising by 35%, nearly double the growth rate of China’s millionaire population during the same period. Additionally, the U.S. is now home to 37% of the world’s millionaires, up from 35% in 2018.
The divergence becomes even more apparent at the top of the wealth pyramid, with the U.S. boasting 9,850 centi-millionaires (those worth $100 million or more), compared to China’s 2,352. Moreover, the U.S. hosts approximately 788 billionaires, far surpassing China’s 305 billionaires.
According to the report, “The USA remains the world’s undisputed leader in private wealth creation and accumulation.”
Dominic Volek, group head of private clients at Henley, attributes China’s slowed wealth growth to strict Covid lockdowns and increased government intervention in the private sector. This shift has been advantageous for the U.S., as it has experienced a surge in wealth creation.
The migration of wealth from China to the U.S. is evident in the data. In 2023, a net 13,500 Chinese millionaires left China, setting a new record. Conversely, the U.S. witnessed a net inflow of 2,200 millionaires in 2023, with a projected inflow of 3,500 in 2024, according to the Henley report.
The U.S. remains an attractive destination for wealthy individuals, particularly tech entrepreneurs and engineers from Asia, Europe, and the UK, according to the report.
America’s leadership in wealth creation extends to spending and investing. A report from UBS and Art Basel reveals that the U.S. leads global art sales, accounting for 42% of sales by value, and also dominates sales of the highest-priced artworks.
While China is expected to remain a significant contributor to luxury and wealth growth, the U.S. has emerged as the dominant market and source of growth for the high-net-worth economy. Analysts and economists anticipate that wealth creation opportunities in the U.S. will continue to outpace global counterparts.