In a remarkable shift, the United States has surpassed China to claim the title of the world’s foremost destination for millionaires and billionaires, reveals a recent study.
According to the 2024 USA Wealth Report, jointly conducted by Henley & Partners and New World Wealth, the U.S. has seen a staggering surge in its affluent population. With over 5.5 million Americans possessing liquid investible assets exceeding $1 million, the country has experienced a remarkable 62% growth over the past decade. This growth far exceeds the global average of 38%.
Over the last five years alone, the number of millionaires in the U.S. has soared by 35%, nearly double the rate of China’s growth. Presently, the U.S. is home to 37% of the world’s millionaires, a significant increase from 35% in 2018.
The disparity becomes even more pronounced in the upper echelons of wealth. The U.S. boasts 9,850 centi-millionaires (individuals with assets exceeding $100 million) compared to China’s 2,352. Similarly, the U.S. lays claim to approximately 788 billionaires, overshadowing China’s 305.
Dominic Volek, the group head of private clients at Henley, attributes this shift to the stringent Covid lockdowns in China and the government’s increased intervention in the private sector, which have hampered wealth creation in the country.
Moreover, the trend is reflected in migration patterns. In 2023, a record number of 13,500 Chinese millionaires left China, while the U.S. witnessed a net inflow of 2,200 millionaires. Projections for 2024 suggest an even higher inflow of 3,500 millionaires into the U.S.
“The USA remains a top draw for wealthy tech entrepreneurs and engineers, especially from Asia, Europe, and the UK,” notes the Henley report.
This dominance in wealth creation is also evident in spending and investment patterns. According to a report by UBS and Art Basel, the U.S. leads the world in global art sales, accounting for 42% of sales by value. Additionally, luxury spending in the U.S. surpassed that of China in 2023, reaching $80 billion compared to China’s $52 billion.
While China remains a significant contributor to luxury and wealth growth, analysts predict that the U.S. will continue to be the primary driver of the high-net-worth economy.
“The wealth creation opportunities in the U.S. are second to none globally,” affirms Volek.
Also read: Top Cities with the Most Billionaires Revealed
Millionaires Increasingly Investing in Second Homes: A Look at U.S. Towns Embracing the Trend
