Nearly 22 Million Americans Are Now Millionaires – UBS Global Wealth Report 2024

America is still the land of opportunity — at least for millionaires. According to the latest UBS Global Wealth Report, 21.6 million Americans now have a net worth of $1 million or more, reaffirming the United States’ dominant position as the global capital of personal wealth.

But what’s fueling this growing millionaire class? And what does it say about wealth inequality, global economic trends, and generational shifts in money?

Let’s unpack the numbers and what they mean for the future.

📊 The Numbers: Breaking Down the 2024 UBS Report

The UBS Global Wealth Report 2024, formerly produced by Credit Suisse (which merged with UBS in 2023), provides a sweeping analysis of global household wealth and inequality. Here are some standout findings:

• 21.6 million Americans are millionaires as of mid-2023.
• This is more than 38% of all millionaires in the world.
• The U.S. far outpaces other countries — more than five times the number of millionaires in China.
• Despite inflation and market volatility, the U.S. still leads in total household wealth, with a growing number of individuals surpassing the million-dollar net worth threshold.

🌍 The Global Picture: Where Does the U.S. Stand?

UBS estimates that globally there are about 56.1 million millionaires in 2024. Here’s how the top five countries compare:

“Despite a year of inflation and financial turbulence, the U.S. remains the center of wealth creation,” the report noted.

💡 What Is Driving the Rise in Millionaires?

The surge in U.S. millionaires is not by accident. Several key factors are at play:

1. Stock Market Rebound

Many Americans saw their net worth balloon due to investments in the stock market — especially through retirement accounts (like 401(k)s) and brokerage portfolios that have benefited from tech sector growth.

2. Real Estate Appreciation

Housing values in key markets (California, Florida, New York, Texas) remain high. Homeowners with fully paid-off properties often see their net worth cross the $1 million mark simply because of rising property valuations.

3. Boom in Tech & Entrepreneurship

The rise of tech startups and a vibrant creator economy have created a new generation of young millionaires, particularly in Silicon Valley, Austin, and New York.

4. Intergenerational Wealth Transfer

As Baby Boomers pass down wealth to younger generations, more Millennials and Gen Xers are joining the millionaire ranks.

⚖️ Wealth Gap Still Exists

While the number of millionaires is rising, so is wealth inequality. UBS points out that:

• The top 1% of Americans control over 30% of national wealth.
• Millions still live paycheck-to-paycheck, even as others become asset-rich.
• Rising living costs, student debt, and wage stagnation make it harder for average Americans to build wealth.

In essence, while more people are millionaires, the divide between the wealthy and the working class is also widening.

🧠 Who Is the Average American Millionaire?

Forget the stereotype of the flashy millionaire. According to UBS data and other wealth surveys:

• Most millionaires are self-made, not inheritors.
• Many live in modest homes and drive regular cars.
• Most became wealthy through consistent investing, saving, and real estate — not lottery wins or overnight success.

In fact, many are business owners, professionals (doctors, lawyers, engineers), or retirees with long-term financial planning.

📉 A Note of Caution: Dollar Millionaires Are Not What They Used to Be

Due to inflation and currency fluctuations, a million dollars today does not carry the same purchasing power it did 20 years ago. In many urban areas, a net worth of $1 million might just barely guarantee a comfortable retirement — let alone luxury.

This raises the question: Does being a millionaire still mean you’re rich?

🔮 What It Means for the Future

The 2024 UBS Global Wealth Report offers a snapshot of where wealth is concentrated — and how it’s evolving:

• Digital finance, crypto, and AI industries may create new millionaires in the years to come.
• Meanwhile, inflation, job insecurity, and housing costs may prevent millions from climbing the ladder.
• Financial literacy, long-term investing, and entrepreneurship remain the most reliable paths to wealth.

🗞️ Final Thoughts: Opportunity Still Exists, But the Ladder is Steeper

While the U.S. leads the world in wealth, the ability to become a millionaire in today’s economy depends heavily on education, access to resources, and smart financial decisions.

The new class of millionaires is growing — but so is the pressure to rethink what wealth really means in a changing world.

Street.co.ke will continue to track global economic trends, money shifts, and wealth inequality as they affect both the streets and the suites. Stay tuned for more updates on the global wealth landscape.