The United States has quickly surpassed China to become the world’s leading hub for millionaires and billionaires, according to the latest report. There are now over 5.5 million Americans with liquid investible assets exceeding $1 million, representing a 62% increase over the past decade. This growth far outpaces the global average of 38%, as stated in the 2024 USA Wealth Report from Henley & Partners and New World Wealth. Over the last five years, the number of millionaires in the U.S. has surged by 35%, nearly double the rate of growth seen in China. Currently, the U.S. is housing 37% of the globe’s millionaires, up from 35% in 2018. The disparity becomes even more pronounced at the higher end of the wealth spectrum, with the U.S. boasting 9,850 centi-millionaires (those with assets exceeding $100 million), compared to China’s 2,352. The U.S. is also home to approximately 788 billionaires, dwarfing China’s 305. The report asserts that “The USA remains the world’s undisputed leader in private wealth creation and accumulation.”
Dominic Volek, group head of private clients at Henley, suggests that China’s restrictive Covid lockdowns and increased government intervention in the private sector have contributed to a slowdown in wealth generation within the country. This has had the unintended consequence of accelerating wealth accumulation in the U.S., benefiting the American economy. This trend is further evidenced by wealth migration patterns, with a net 13,500 Chinese millionaires departing China in 2023, a new record. In contrast, the U.S. experienced a net influx of 2,200 millionaires in 2023, with a projected increase to 3,500 in 2024, in accordance with the Henley report. The U.S. continues to attract affluent tech entrepreneurs and engineers, particularly from Asia, Europe, and the UK, reaffirming its status as a premier destination for wealth creation.
America’s leadership in wealth creation has spilled over into spending and investment activities. A UBS and Art Basel report indicates that the U.S. leads the global art market, accounting for 42% of all sales by value. Moreover, the U.S. is at the forefront of sales of high-value art pieces. Projections from Bain suggest that by 2030, China will only represent 35% to 40% of global luxury goods consumption, with marginal growth from current levels. In contrast, luxury spending in China is approximately 40% lower than in 2019. Last year, luxury sales in the U.S. totaled $80 billion, surpassing China’s $52 billion in the same period. While experts acknowledge China’s potential as a significant contributor to luxury and wealth expansion in the foreseeable future, the U.S. has emerged as the dominant market and growth engine for the high-net-worth economy. Volek emphasizes that “The wealth creation opportunities in the U.S. are second to none worldwide.”
The United States has solidified its position as the epicenter of wealth creation, attracting a growing number of millionaires and billionaires. With superior economic conditions, favorable investment opportunities, and a conducive environment for affluent individuals, the U.S. is set to maintain its lead in private wealth accumulation and high-end spending for the foreseeable future.
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