New report discovers 1,000 new American millionaires are created every single day

The United States saw more than 1,000 new people join the much-envied Millionaire Club every single day last year. By the time 2025 rolled around, that had added up to a quite staggering total figure of 23.8 million millionaires nationwide. Which is quite easily the largest number of any nation on Earth. That’s according to the Union Bank of Switzerland's latest Global Wealth Report, which tracked wealth across 56 countries representing over 92% of all global assets (Picture: Getty Images)

UBS reported that around 379,000 new American millionaires were created last year, a 1.5% bump from the year before. A big part of that growth came from what had been a pretty steady dollar and strong financial markets, according to the report. But that pace may very well be slowing down in 2025. 'This year could be a fair bit lower than last year, but it doesn’t mean we’ll have a reversal in fortune,' said UBS economist James Mazeau. 'I don’t think the engines of growth are dead in the United States. Far from it' (Picture: Getty Images)

Roughly 40% of all of the world’s millionaires now live in the US. In total, 684,000 people worldwide reached millionaire status in 2024 and UBS expects that number to keep rising. By 2029, the firm projects an extra 5.34 million people will have a net worth of at least $1 million across the planet. That growing number is part of a long-term trend. Since the year 2000, global wealth has gone up at an average rate of 3.4% per year. Each major region has seen steady gains, although not every demographic group has shared in the growth equally. As you might expect (Picture: Getty Images)

For example, Baby Boomers hold more than $83 trillion in net worth - far more than Gen X, Millennials or The Silent Generation. Meanwhile, Millennials tend to own more real estate and consumer goods and are investing more in private businesses than previous generations (Picture: Getty Images)

Billionaires saw growth too, with 2,891 worldwide by 2024's end. Of those, 813 live in the United States, according to Forbes. Most Americans, though, still aren’t anywhere even close to that much-fabled millionaire - let alone billionaire - territory. At the end of 2024, average wealth per adult across the Americas was about $312,000 (Picture: Getty Images)

'Wealth is not just an economic measure - it’s a social and political force,' said Paul Donovan, Chief Economist at UBS Global Wealth Management. He then pointed out that how exactly wealth is shared or passed down will very often affect future opportunities, policy and progress. Especially during what he called 'the fourth industrial revolution' (Picture: Getty Images)

One major shift highlighted in the report is the rise of women as financial power players. Long-term investments and real estate still play a key role in wealth building, but ownership trends are evolving fast. The report also points to generational shifts in how people invest and hold wealth. 'This year’s report underscores the evolutionary shifts in wealth ownership,' says Donovan. 'Especially the growing influence of women and the enduring importance of property and long-term asset trends' (Picture: Getty Images)