Global millionaire growth is accelerating. According to the UBS Global Wealth Report 2025, the world added ≈680,000 new millionaires in 2024, and is projected to add 5.34 million more by 2029. With nearly 60 million millionaires globally, this marks a significant shift in wealth distribution. United States of America / CBS News
In this analysis, we’ll delve into millionaire statistics, examine the wealth growth forecast, and explore millionaire density across countries and regions. We’ll also highlight the drivers behind the surge, the potential challenges ahead, and give you actionable insights whether you’re an investor, analyst, or someone tracking global finance trends.
1. Millionaire Statistics: Where the Numbers Stand Now
How Many Millionaires Are There in 2024?
- As of 2024, there are nearly 60 million people globally with net worth of US$1 million or more. Entrepreneur / United States of America
- In the U.S., about 23.8 million millionaires (≈40% of global total) were recorded in 2024, with 379,000 new millionaires added that year – more than 1,000 per day on average. Entrepreneur / Fox Business
- China (Greater China) holds the second largest share with ~6.3 million millionaires. United States of America
Millionaire Density: Millionaires per Capita and Regional Spread
- Some smaller or affluent countries have high millionaire density – i.e. a large share of adult population with millionaire status. For example, Switzerland and Luxembourg are among the leaders in per-capita millionaire density. Investopedia / United States of America
- Larger markets (USA, China, Europe) dominate in absolute numbers, but density in some Asia-Pacific or smaller European nations is rising faster. Real estate and investment returns, local policy, population growth all contribute.
2. Forecasting Growth: Projections to 2029 and Beyond
What’s Driving the Growth Forecast
- According to UBS, global wealth growth in 2024 was ≈4.6% overall, with the Americas leading (≈11+%). Morningstar+2United States of America+2
- Key drivers include strong financial markets, real estate appreciation, favorable currency movements (a strong US dollar in many cases), and rising asset prices. CBS News+1
- The category of “Everyday Millionaires” (EMILLIs, with US$1-5M in net assets) is growing rapidly, driven by a mix of asset accumulation, savings, stock market gains, and increased home equity. United States of America+1
Projection: +5.34 Million New Millionaires by 2029
- UBS projects that from 2024 through 2029, the number of global millionaires will increase by about 5.34 million people, a roughly 9% increase over 2024 figures. Entrepreneur / Medium
- The main growth engines will be North America and Greater China, though other regions will contribute. United States of America
Potential Scenarios & Assumptions
- The forecast depends on steady or growing returns in real estate and equities. If markets, interest rates, or inflation diverge sharply, that could affect net worth growth.
- Currency fluctuations are a risk: for many people, gains in local currency may be eroded in US-dollar terms.
- Policy risk: tax laws, capital controls, or regulatory changes could either dampen or accelerate growth depending on region.
3. Regional & Demographic Differences: Who Gains, and Where
Region by Region: Which Areas Lead Growth
- North America: Expected to remain the dominant source of new millionaires. The U.S. benefits from mature markets, strong investment returns, and population of high-income earners. United States of America / Fox Business
- Greater China: Strong real estate, rising asset ownership, increasing middle/high-net worth population driving growth. United States of America
- Europe / EMEA: Mixed picture. Some countries see solid growth; others have forecasts flat or even declining millionaire counts (due to economic headwinds, taxation, real estate stagnation). Voronoi App
Demographics & Wealth Types
- “Everyday millionaires” make up a large and growing share of the growth – people whose wealth comes through savings, real / residential real estate, investment portfolios, not ultra-rich entrepreneurs or inherited billionaires. United States of America
- Younger generations (late Gen X, Millennials) will contribute to and benefit from this growth, particularly in developed economies. Wealth accumulation is slower than previous generations, but compounding, investment, real estate continues to help.
4. Implications & Challenges Ahead
What This Means for Wealth Inequality & Social Mobility
- Even as millionaire numbers grow, wealth concentration remains stark. Many millions may see small increases, but the gap between the top 1% or 0.1% and the rest is still large.
- Social mobility depends on access to education, investment markets, and wealth legislation. Regions with limited access may be left behind even in absolute growth.
Risk Factors That Could Slow the Boom
- Economic downturns, inflation, market crashes: A severe global recession or equity market collapse could reduce asset valuations sharply.
- Regulatory / tax changes: Stricter capital gains taxes, wealth taxes, or regulatory barriers could reduce net gains, especially for cross-border wealth.
- Real estate bubbles: In many markets, real estate contributes large share to wealth growth; if prices adjust downward, wealth growth could be set back.
The Role of Policy, Institutions & Financial Behavior
- Financial literacy, access to investment vehicles, robust legal systems, property rights matter. Regions with weak institutions may underperform.
- Policies that support savings, investment incentives, stable currencies, and favorable tax treatments can help accelerate growth.
- Behavior: disciplined saving, diversified portfolios, long-term investing remain key factors for individuals becoming millionaires.
The global millionaire growth trajectory is both remarkable and nuanced. Based on recent data (especially UBS 2025), the projection of 5.34 million additional millionaires by 2029 is plausible, driven by strong performance in North America and Greater China, real estate value climbs, and a growing class of “everyday millionaires.”
But forecasts are not guarantees. Economic headwinds, regulatory shifts, inflation and market volatility could change the path.
“In a world of rising assets, millionaire status becomes less about sudden windfalls and more about steady accumulation, prudent choices, and regional opportunity.”
Actionable Insight: If you’re an investor or wealth planner, focus on diversified exposure (financial markets + real estate), keep an eye on policy / tax changes in your jurisdiction, and plan for downside risk. For businesses or financial institutions: understand that the demand will increasingly come not just from ultra-rich clients but from growth of EMILLIs – service models, product offerings, and tools need to cater to that diversity.
People Also Asked (FAQs)
Here are some common questions people tend to ask around Global Millionaire Growth, along with answers using long-tail variations.
- How many new millionaires will there be by 2029?
According to UBS Global Wealth Report 2025, about 5.34 million new millionaires are projected globally by 2029, a ~9% increase from the 2024 base. Entrepreneur - What is millionaire density and which countries have the most per-capita millionaires?
Millionaire density refers to the number of millionaires relative to adult population. Switzerland, Luxembourg, and other smaller advanced economies show the highest densities. Larger markets like the U.S. and China have high absolute numbers but lower per-capita densities compared to some smaller or high-income countries. Investopedia / United States of America - What factors are driving the millionaire population growth?
Key drivers include: rising asset values (stocks, real estate), favorable financial markets, real estate gains, stable or favorable currency regimes, and increasing wealth in emerging / fast-growing economies. Also, accumulation by “everyday millionaires” via savings or long-term investing. United States of America - What are the risks to this wealth growth forecast?
Risks include: market volatility, inflation, real estate corrections, unfavorable tax or regulations, currency fluctuations, geopolitical instability. Regions with weak institutions may also lag. - How can someone position to benefit from global millionaire growth?
- Diversify your investment portfolio across asset classes & geographies.
- Focus on sectors or regions expected to grow.
- Keep abreast of tax policy and regulatory changes.
- Build savings, avoid high leverage, maintain liquidity.
- Develop financial literacy and use trusted advisors.
