U.S. Dominates World Wealth Growth, Millionaire Populations
Newly released wealth reports from Capgemini and Henley & Partners show U.S. as clear leader in HNWIs and where the most millionaires reside
A pair of reports released this week show that the United States leads the world in the growth of its high-net-worth individual (HNWI) population—and millionaire populations in particular.
According to the Capgemini Research Institute’s World Wealth Report 2025, published June 4, the global HNWI population rose by 2.6% in 2024. Within the largest individual markets, the U.S. was the clear leader, adding 562,000 millionaires as the country’s HNWI population grew by 7.6% to 7.9 million. That’s 62,000 more than last year’s report.
And the USA Wealth Report 2025, released May 20 by Henley & Partners, found the U.S. to be home to over 6 million HNWIs with investable wealth of $1 million or more.
That report found the U.S. commands an extraordinary 34% of global liquid private wealth and houses 37% of the world’s millionaire population. It found the U.S. wealth dominance extends across all brackets, with 36% of the world’s centi-millionaires (those with $100 million+) and 33% of its billionaires residing in the U.S. America now boasts approximately 6,041,000 millionaires, 10,800 centi-millionaires, and over 850 billionaires. China follows with around 827,900 millionaires, 2,250 centi-millionaires, and about 280 billionaires, significantly trailing when it comes to private wealth numbers despite its rapid growth.
It also shows that over the past 10 years, the U.S. has surged ahead in wealth generation. From 2014 to 2024, the country’s millionaire population grew by 78%, slightly outpacing China’s 74%, and significantly exceeding growth in other nations.
U.S. compared to the world
Capgemini’s World Wealth Report 2025 found a favorable interest rate environment and strong U.S. equity market returns helped boost wealth creation domestically in 2024. North America in general saw the biggest gains, with the HNWI population rising by 7.3%. In contrast, Europe, Latin America and the Middle East saw declines in their HNWI populations, as macroeconomic challenges weighed.
Europe’s HNWI population declined 2.1% due to economic stagnation in major countries, with United Kingdom, France and Germany losing 14,000, 21,000 and 41,000 millionaires, respectively. In contrast, Europe’s UHNWI population rose 3.5%, reflecting increased wealth concentration.
Asia-Pacific’s HNWI population increased 2.7%, while Latin America’s HNWI population declined 8.5%, due to currency depreciation and fiscal instability. Brazil (-13.3%) and Mexico (-13.5%) witnessed the biggest population declines. The Middle East’s HNWI population declined 2.1%, driven by lower oil prices.
Really driving the worldwide 2.6% growth of the HNWI population, the Capgemini report continues, was specific growth in the population of ultra-high-net-worth individuals (UHNWIs), which grew by 6.2%, as strong stock markets and AI optimism boosted portfolio returns. The Capgemini data indicates that alternative investments, such as private equity and cryptocurrencies, are now an established presence in HNWI holdings, representing 15% of their portfolios.
Next page: America’s top millionaire hubs