America Minted 1K New Millionaires Daily In 2024

While most Americans worry about making ends meet, the country’s wealth-creation engine operated at breakneck speed throughout 2024. According to UBS’s latest Global Wealth Report, the US added over 379K new millionaires last year — equivalent to over 1K fresh millionaires every single day. This surge pushed America’s total millionaire count to 23.8M individuals, cementing its position as the world’s undisputed wealth capital. The primary catalyst? Wall Street’s banner year delivered massive portfolio gains that transformed ordinary investors into seven-figure success stories.

• The S&P 500’s 23% climb and Nasdaq’s 30% rise last year aided the wealth accumulation, with household wealth jumping over 11% — far outpacing other global regions.
• These “everyday millionaires” or “EMILLIs” — individuals holding $1M to $5M in assets — now represent 52M people worldwide and control $107T in combined wealth.

Generational gold rush: The wealth creation party faces potential trouble ahead, especially as President Trump’s trade policies and recession fears have already rattled markets in early 2025, with the dollar declining ~9% YTD. However, UBS economist James Mazeau remains optimistic, telling CNBC that “the engines of growth are dead in the United States — far from it.” Additionally, the coming “Great Wealth Transfer” of $90T is expected to pass between generations over the next two decades, which could further accelerate America’s millionaire production, with women positioned to benefit disproportionately due to longer lifespans and dual inheritance opportunities.