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  • Introduction
  • Market Rally Fuels Wealth Creation
  • Global Wealth Divergence
  • Generational Challenges Ahead
 
U.S. mints 562,000 new millionaires in 2024 in market surge

The United States minted 562,000 new millionaires in 2024, according to Capgemini's World Wealth Report 2025, leading a global surge in high-net-worth individuals that underscores America's continued dominance in wealth creation. The 7.6% increase brought the total U.S. millionaire population to 7.9 million, while their collective wealth grew 9.1%.

The boom reflects a year of market euphoria driven by artificial intelligence optimism and strong corporate earnings, but also highlights growing wealth concentration and regional disparities that could reshape global economic power.

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North America High-Net-Worth Individual Population Surges, While ...
North America High-Net-Worth Individual Population Surges, While ...
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US added 562,000 millionaires in 2024 but wealth management has a challenge
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The U.S. minted more than 560,000 new millionaires in 2024, far outpacing other countries
The U.S. minted more than 560,000 new millionaires in 2024, far outpacing other countries
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Market Rally Fuels Wealth Creation

The millionaire surge rode a wave of stock market gains that saw the S&P 500 climb more than 23% and the Nasdaq jump nearly 29%1. Nvidia alone rose 171% and accounted for 22% of the S&P 500's gains, exemplifying how a handful of technology companies drove much of the wealth creation1.

"Even in an environment of low interest rates, geopolitical tensions, and trade policy uncertainty, the wealth management sector will continue to grow," said Nic Dreckmann, chief operating officer of Swiss private bank Julius Baer1.

The ultra-wealthy benefited disproportionately, with those holding at least $30 million in investable assets seeing their ranks grow 6.2%, twice the rate of ordinary millionaires234. This group now controls an outsized share of American wealth, with just 19 households controlling 1.8% of total U.S. household wealth worth $2.6 trillion5.

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Global Wealth Divergence

While North America's high-net-worth population surged 7.3%, other regions struggled12. Europe saw its millionaire population decline by just over 2% due to economic stagnation, while Latin America and the Middle East also posted declines13.

The contrast with China was particularly stark. Chinese billionaire wealth retreated to $1.8 trillion from its 2020 peak of $2.1 trillion, reflecting what UBS attributed to "China's common prosperity campaign, tougher regulatory environment, and falling share of global equity market indices"4.

India emerged as a bright spot in Asia, with billionaire wealth surging 42.1% to $905.6 billion4.

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Generational Challenges Ahead

The wealth management industry faces a looming challenge as an estimated $84 trillion in wealth transfers to younger generations12. Nearly 81% of inheritors plan to switch away from their parents' wealth management firms within two years3.

"The next-generation of high-net-worth individuals arrive with vastly different expectations to their parents," said Kartik Ramakrishnan, CEO of Capgemini's Financial Services Strategic Business Unit1. "This necessitates an urgent shift away from traditional strategies."

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