The Blubber

According to UBS' 2024 global wealth report, nearly 22 million people in the U.S.—or approximately one in 15 Americans—had a net worth of over $1 million last year. While this is a decrease from 22.7 million in 2022, the U.S. still accounted for 38% of the world's total millionaire population.

This also places the U.S. far ahead of other countries, with more than three times the number of millionaires compared to mainland China, which holds the second-largest population of millionaires. In fact, the U.S. millionaire count rivals the combined total of millionaires in Western Europe and China.

Globally, the number of millionaires dropped from 59.4 million in 2022 to 58 million in 2023. Despite this decline, global wealth saw a 4.2% increase in 2023, marking a rebound from the previous year’s drop, which was the first decrease in wealth since the 2008 financial crisis. The 2022 dip, driven by high interest rates and inflation that stifled economic growth, caused global wealth to fall by 3%, with 3.5 million individuals losing their millionaire status.

UBS noted that this decline in 2022 was likely temporary, stating in the report, "The dip we saw in global wealth in 2022 appears to have been just a blip. Wealth’s already bounced back—in line with the long-term trend we’ve identified."

Looking ahead, the report projects further growth in millionaire numbers. By 2028, UBS expects millionaire populations to rise in 52 of the 56 markets analyzed in the report. Taiwan is forecast to lead the world with a 47% increase in millionaires, largely due to its booming microchip industry, which is set to play a crucial role in the development of artificial intelligence.

In contrast, the U.S. is expected to see more moderate growth in its millionaire population, with a projected increase of 16%, reaching 25.4 million by 2028. Nevertheless, this gain would further widen the gap between the U.S. and the rest of the world in terms of millionaire numbers.