The United States has solidified its position as the world’s leading country for millionaires and billionaires, leaving China in the dust, according to a new report. The 2024 USA Wealth Report, released by Henley & Partners and New World Wealth, reveals that there are now over 5.5 million Americans with liquid investible assets exceeding $1 million. This number has increased by an impressive 62% over the past decade, outpacing the global growth rate of 38%.
Over the past five years, the population of millionaires in the United States has grown by 35%, nearly twice as fast as China’s. The United States now boasts 37% of the world’s millionaires, up from 35% in 2018. The disparity between the two countries becomes even more pronounced when looking at the ultra-wealthy. The United States is home to 9,850 centi-millionaires (individuals worth $100 million or more), while China has only 2,352. Furthermore, the United States has approximately 788 billionaires compared to China’s 305.
“The USA remains the world’s undisputed leader in private wealth creation and accumulation,” states the report. Dominic Volek, group head of private clients at Henley, attributes this dominance to China’s strict Covid lockdowns and increased government intervention in the private sector, which have slowed wealth creation in the country. These factors have worked in favor of the United States, allowing it to attract more wealthy individuals.
This shift from China to the United States is also evident in wealth migration patterns. In 2023, a record-breaking net of 13,500 Chinese millionaires left China. Meanwhile, the United States experienced a net inflow of 2,200 millionaires in the same year and is projected to see an inflow of 3,500 millionaires in 2024. The report highlights that the United States continues to be a top destination for affluent tech entrepreneurs and engineers, particularly from Asia, Europe, and the UK.
The United States’ leadership in wealth creation extends beyond individuals’ bank accounts and spills over into spending and investing. A report from UBS and Art Basel reveals that the United States leads the global art market, accounting for 42% of sales by value. The country also dominates the sales of the highest-priced artworks.
Looking ahead, Bain predicts that China’s share of global luxury goods consumption will only increase slightly from its current levels of 35% to 40% by 2030. In contrast, luxury spending in China is currently about 40% lower than it was in 2019. Luxury sales in the United States totaled $80 billion last year, surpassing China’s $52 billion.
While analysts acknowledge that China will continue to be a significant contributor to luxury and wealth growth in the future, the United States has emerged as both the dominant market and source of growth for the high-net-worth economy. “The wealth creation opportunities in the U.S. are second to none globally,” says Volek.
The United States has cemented its position as the global leader in millionaire and billionaire wealth. With its thriving economy, attractive investment opportunities, and vibrant luxury market, the country continues to draw wealthy individuals from around the world. As China faces challenges in its wealth creation and luxury consumption, the United States stands tall as the beacon of prosperity and abundance.
