America Minted Over 1,000 New Millionaires A Day In 2024 Amid Stable Dollar, Over 23% S&P 500 Rally: Report

The United States generated more than 379,000 new millionaires in 2024, averaging over 1,000 per day, according to UBS Group’s 2025 Global Wealth Report released on Wednesday.

What Happened: Private wealth in the Americas surged 11% last year, significantly outpacing the global average of 4.6%. The surge was driven by a stable U.S. dollar and robust equity market performance, with the S&P 500, tracked by SPDR S&P 500 SPY, gaining 23.31% in 2024, according to a Reuters report.

The U.S. now accounts for nearly 40% of global millionaires, cementing its position as the world’s dominant wealth center. This concentration reflects the outsized performance of American financial markets and the dollar’s strength against other major currencies.

UBS data shows Greater China, including mainland China, Hong Kong and Taiwan, led growth in the $100,000 to $1 million net worth segment at 28.2%, followed by Western Europe at 25.4% and North America at 20.9%.

Why It Matters: Wealth distribution remains highly skewed globally. Over 80% of adults in the UBS sample maintained net worth below $100,000, while only 1.6% achieved millionaire status or higher.

The wealth surge coincided with significant gains among top billionaires. Tesla Inc. TSLA CEO Elon Musk added $2.7 billion to his net worth in a single trading session on Monday, while Meta Platforms Inc. META CEO Mark Zuckerberg gained $6.55 billion and Amazon.com Inc. AMZN founder Jeff Bezos added $3.36 billion following the NASDAQ’s 1.52% rally.

UBS projects continued wealth growth over the next five years, with the United States expected to lead globally, followed by Greater China.

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