US Gaining 1,000 New Millionaires Daily Amid Global Wealth Shift

In 2024, the United States saw the creation of approximately 379,000 new millionaires, averaging more than 1,000 per day, primarily driven by strong markets, a stable dollar, rising real estate prices, and a record stock market year. Despite this growth, about 36.8 million Americans continued to live in poverty, with inflation disproportionately affecting lower-income groups who lack investment assets. The U.S. now hosts the largest number of millionaires worldwide, with wealth increasingly held in diversified assets such as securities, pensions, and real estate. Simultaneously, the U.S. is expected to see a net influx of 7,500 millionaires from overseas by the end of 2025, adding nearly $44 billion in wealth. Globally, emerging markets like India are experiencing rapid increases in dollar millionaires, with India's number expected to grow by over 55% from 2024 to 2029, driven by millennial entrepreneurs and integration of AI in wealth management. This global wealth expansion contrasts with slower growth regions like North America, highlighting a shift in financial power toward Asia-Pacific markets.