US Millionaire Population Soars to 23.8 Million: Stock Market Drives Unprecedented Wealth Growth
The United States millionaire population reached a historic milestone in 2024, with approximately 23.8 million millionaires according to UBS Global Wealth Report data. This figure represents about 7% of the American population, highlighting significant wealth accumulation amid favorable economic conditions.
The US millionaire population grew by 1.5% in 2024, adding 379,000 new millionaires—equivalent to over 1,000 individuals achieving millionaire status daily. This surge positions America as the global leader, accounting for 40% of the world’s millionaires despite representing only 4% of the global population.
Stock Market Gains Fuel Millionaire Growth
The remarkable US millionaire population expansion was primarily driven by robust stock market performance and economic stability. The S&P 500 surged over 23% in 2024, while financial markets remained “upbeat” throughout the year. This stock market strength, combined with a stable US dollar, propelled wealth growth tilted heavily toward North America.
Financial assets, particularly stock market investments, constitute 37% of total US wealth, while real estate accounts for 30%. Many Americans reached millionaire status through retirement accounts, with approximately 544,000 individuals seeing their 401(k) balances hit $1 million in 2024’s third quarter.
Everyday Millionaires Redefine Wealth
The US millionaire population increasingly comprises “everyday millionaires” or EMILLIs—individuals with net worth between $1-5 million. This group has quadrupled globally since 2000, reaching 52 million people who collectively hold $107 trillion in wealth.
Unlike stereotypical images of lavish lifestyles, most US millionaire population members achieved status through consistent saving, disciplined investing in the stock market, and homeownership. Real estate appreciation played a crucial role, with median home prices rising over 150% since 2000.
Future Outlook and Global Comparison
UBS projects the US millionaire population will continue expanding, with an additional 5.34 million people expected to reach seven-figure net worth by 2029—a 9% increase. North America and Greater China are forecasted as primary drivers of global wealth growth over the next five years.
Mainland China ranks second globally with 6.3 million millionaires, followed by France (2.9 million), Japan (2.73 million), and Germany (2.68 million). However, the US millionaire population exceeds Western Europe and China combined.
The growth of the US millionaire population amid stock market strength demonstrates wealth concentration trends, with the richest 10% of Americans holding two-thirds of household wealth. Despite these disparities, accessibility to low-cost index funds and consistent stock market investing has made millionaire status more attainable for ordinary Americans.
Keywords: US millionaire population, stock market, millionaires 2024, UBS wealth report, American millionaires, wealth growth, financial markets, investment growth, seven-figure net worth, economic growth
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DISCLAIMER
Disclaimer: This article is for educational and informational purposes only. It does not constitute financial advice, investment recommendations, or professional guidance. The statistics and data presented are based on publicly available reports and research. Readers should conduct their own research and consult with qualified financial advisors before making any investment or financial decisions. Past performance of stock markets and wealth accumulation trends does not guarantee future results. Individual financial circumstances vary, and achieving millionaire status depends on numerous personal and economic factors.