Updated posts 2026
In a notable shift, the United States has surpassed China to claim the title of the world’s foremost destination for millionaires and billionaires, according to a recent study.
The 2024 USA Wealth Report, jointly produced by Henley & Partners and New World Wealth, finds a substantial increase in the country’s affluent population. With over 5.5 million Americans holding liquid investible assets exceeding $1 million, the US has recorded 62% growth over the past decade, well above the global average of 38%.
Over the last five years alone, the number of millionaires in the US has risen by 35%, nearly double China’s rate. The US is now home to 37% of the world’s millionaires, up from 35% in 2018.
The gap widens further at the top. The US has 9,850 centi-millionaires, individuals with assets exceeding $100 million, compared with China’s 2,352. It also has approximately 788 billionaires against China’s 305.
Dominic Volek, group head of private clients at Henley, attributes the shift to China’s strict Covid lockdowns and increased government intervention in the private sector.
Migration patterns reflect the same trend. In 2023, a record 13,500 Chinese millionaires left China, while the US recorded a net inflow of 2,200. Projections for 2024 suggested an inflow of 3,500.
The firm producing these figures is worth identifying. Henley & Partners is an investment migration advisory, which is to say its business consists of helping wealthy individuals acquire residence and citizenship in other countries. Research showing millionaires on the move is not fabricated, but it is produced by a company that benefits commercially from the perception that relocation is common and advisable. The underlying wealth counts also rest on modelling rather than tax records, since no country publishes a register of its millionaires.
“The USA remains a top draw for wealthy tech entrepreneurs and engineers, especially from Asia, Europe, and the UK,” the Henley report notes.
The pattern appears in spending as well. A report by UBS and Art Basel found the US leading global art sales at 42% by value. Luxury spending in the US surpassed China’s in 2023, at $80 billion against $52 billion.
While China remains a significant contributor to luxury and wealth growth, analysts expect the US to continue driving the high-net-worth economy.
“The wealth creation opportunities in the U.S. are second to none globally,” Volek says.
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