The United States continues to dominate global wealth creation, with 40% of individuals possessing over $10 million in assets residing in the country1. This wealth concentration is driven by several key factors:

• Strong financial markets, particularly in equities, with the S&P 500 rising 23% in 20242

• Robust global trade despite geopolitical challenges2

• Technological innovation and the potential AI-driven economic boom1

• Favorable tax policies, including reduced top marginal federal income tax rates from 91% in 1960 to 35% in 20103

• High returns on capital and differing savings rates across wealth brackets4

These factors have contributed to the U.S. outpacing global wealth growth, with a compound annual growth rate of 6.3% since 2010 compared to the global average of 4.5%5. However, this wealth concentration has also led to significant inequality, with the top 1% holding 40.5% of national wealth, far exceeding other OECD countries6.

China's wealth growth has been remarkable, though it still lags behind the United States in terms of total wealth and ultra-high-net-worth individuals (UHNWIs). The country has experienced a significant increase in its centi-millionaire population, growing by 108% over the past decade, outpacing even the US's 81% growth in the same period1. Despite this rapid expansion, China's share of global wealth stands at 18%, compared to the US's 29%2.

Key points in China's wealth landscape include:

• China now accounts for 18% of the world's total wealth, up from a much smaller share two decades ago2.

• The country is home to nearly 10% of the world's millionaires, despite having a population four times larger than the US2.

• Approximately 700 Chinese individuals are worth more than US$500 million, compared to 1,300 such individuals in the US2.

• Wealth inequality in China is increasing, with the richest 10% owning a growing share of the country's total wealth2.

• The Gini coefficient for wealth in China (0.73) is lower than that of the US (over 0.8), indicating less overall wealth inequality3.

While the United States currently dominates global wealth creation, future trends suggest a shift in the distribution of super-rich individuals worldwide. According to Knight Frank's 2025 Wealth Report, other regions are expected to see their ultra-wealthy populations grow more rapidly in the coming years12. Africa, in particular, is projected to experience significant wealth growth, with its high-net-worth individual (HNWI) population forecasted to increase by 65% over the next five years2.

The global landscape of wealth creation is evolving, with emerging markets playing an increasingly important role. India, for instance, ranks fourth globally with 85,698 super-rich individuals, trailing only the US, China, and Japan3. This trend underscores the growing economic power of developing nations and suggests a potential rebalancing of global wealth distribution in the future. However, it's important to note that despite these shifts, the US is expected to maintain its position as the world's primary wealth hub in the near term, with its share of global high-net-worth individuals remaining significantly higher than other countries45.