Soaring real estate values are driving a sharp increase in global millionaires, according to a new UBS report. More than 1,000 Americans became millionaires daily last year, while the number of so-called “everyday millionaires”, individuals with assets between $1 million and $5 million, has quadrupled globally since 2000. Today, there are over 52 million of them worldwide.
Millionaires Multiply Worldwide
The UBS report revealed that the number of millionaires globally grew by 1.2% last year, with the U.S. adding over 379,000 new millionaires alone. In total, more than 684,000 people worldwide crossed the millionaire threshold in 2024.
‘Everyday Millionaires’ on the Rise
Defined as those holding $1 million to $5 million in investable assets, everyday millionaires now number 52 million globally, more than four times the count at the start of the 21st century. Combined, they control roughly $107 trillion in wealth, nearly matching the $119 trillion held by individuals with more than $5 million.
Real Estate Drives Wealth Gains
UBS identified the growth in real estate values as the most significant contributor to the rise in everyday millionaires. Additionally, currency exchange rates play a critical role. The report warned that a sharp devaluation against the U.S. dollar could quickly shrink millionaire populations overseas.
North America Tops Wealth Charts
North Americans saw their wealth climb by over 11% last year, leading global rankings with an average wealth per adult of $593,347. Oceania followed at $496,696, with Western Europe averaging $287,688.
Switzerland Claims Top Spot
While the U.S. leads in total number of millionaires, Switzerland had the highest average wealth per adult at $687,166. The U.S. placed second with $620,654, and Hong Kong came third at $601,195.
Younger Generations Shift Investment Focus
Though baby boomers hold most of America’s wealth, younger cohorts are redefining asset allocation. Those born after 1981 dedicate the highest share of their wealth to real estate and consumer durables while investing the least in financial markets, according to UBS.
Wealth as a Social Force
Paul Donovan, chief economist at UBS Global Wealth Management, emphasized the broader implications of growing wealth concentration. “Wealth is not just an economic measure, it’s a social and political force. As we navigate the fourth industrial revolution and rising public debt, the way wealth is distributed and transferred will shape opportunity, policy, and progress,” he said.
