‘Number of Millionaires in the US Jumps 62% in the Last Ten Years’

The United States has experienced a significant increase in its millionaire population, surpassing the global growth rate by a wide margin. Over the past decade, the U.S. has seen a 62% growth in millionaires, highlighting the nation’s resilience and economic dynamism in the face of various challenges.

According to financial analyst Edith Reads from Stocklytics.com, the U.S. is leading in private wealth creation on a global scale, thanks to its rapid technological growth and robust entrepreneurial environment. This growth rate of millionaires reflects America’s ability to foster innovations and attract investments.

With over 5.5 million millionaires, the United States leads globally, boasting trillion in liquid investable wealth. However, its per capita wealth of 1,485 ranks sixth worldwide, behind Monaco, Luxembourg, Switzerland, Australia, and Singapore. New York stands out as the wealthiest city in the U.S., with 349,500 millionaires.

The growth rates for millionaires in the U.S. have been consistent, with a 35% increase over the last five years, nearly doubling China’s growth rate. U.S. millionaires now make up 37% of the global millionaire population, showing a 2% increase from 2018.

As the wealth scales towards the top, there is a significant disparity between the U.S. and China, with the U.S. hosting 9,850 centi-millionaires compared to China’s 2,352. Additionally, there are approximately 788 billionaires in the U.S. compared to China’s 305.

One contributing factor to the growth of America’s millionaire population is its reputation for providing a conducive environment for millionaires worldwide. The United States has consistently been among the top destinations for millionaire migrants.

While Australia, the UAE, and Singapore remain the top destinations for millionaire migrations, the U.S. has attracted over 2,000 millionaires in 2023, securing the fourth spot. In contrast, China saw a decline of over 13,000 millionaires in the same period, possibly due to post-COVID-19 economic challenges. The U.K. also lost over 12,000 millionaires since the Brexit vote in 2016.