U.S. Minted Over 1,000 New Millionaires Daily in 2024, UBS Report Shows
August 15, 2025 – New York City — The United States economy experienced a remarkable surge in wealth last year, creating over a thousand new millionaires every day in 2024, according to the latest Global Wealth Report from UBS.
Led by a robust 23.8 million-strong millionaire population, the U.S. welcomed approximately 379,000 new millionaires, translating to an average of more than 1,000 individuals per day—a 1.5% increase from the previous year (nbcwashington.com).
Key drivers of this extraordinary growth included:
Wall Street rally: The S&P 500 surged by roughly 23%, while the Nasdaq climbed nearly 29% in 2024, boosting asset portfolios nationwide (entrepreneur.com).
A steady U.S. dollar: Currency stability helped lock in gains as investors flocked to domestic assets (nbcwashington.com).
Real estate value gains: Rising property prices further contributed to overall wealth accumulation (financialexpress.com).
In global context, the U.S. accounted for over half of the 684,000 total new millionaires worldwide in 2024. China added 141,000, while Turkey had the highest growth rate (8.4%), though with much smaller base numbers (nbcwashington.com).
Despite these gains, UBS cautions that market volatility hit in early 2025. Ongoing trade tensions and recession fears have weakened the U.S. dollar by roughly 9%. However, analysts remain cautiously optimistic. UBS economist James Mazeau noted that, while 2025 wealth creation may moderate, U.S. real estate and equities remain resilient (nbcwashington.com).
Another notable trend is the rise of “everyday millionaires”—individuals possessing between $1 million and $5 million in assets. Their numbers have more than quadrupled since 2000, reaching 52 million globally, with collective wealth surpassing that of all billionaires combined (qz.com).
Looking ahead, UBS projects approximately 5.34 million more individuals worldwide will become millionaires by 2029, with North America remaining a central driver of this growth (entrepreneur.com).
The massive wealth creation seen in the U.S. during 2024—underpinned by surging markets and a strong currency—highlights both the power and the fragility of capital markets. As wealth increasingly concentrates, the middle-tier millionaires’ influence only continues to grow. Investigators will now be watching closely if this trend maintains momentum or if 2025 brings a pivot.
