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
America’s Top Millionaire Hubs
The USA Wealth Report 2025 also highlights the continued dominance of traditional American wealth hubs alongside the rapid ascent of emerging urban centers. New York City remains the wealthiest in the U.S. (and the world), with 384,500 millionaires, including 818 centi-millionaires and 66 billionaires. The Bay Area, which includes the city of San Francisco and Silicon Valley in California, follows closely with 342,400 millionaires, including 756 centi-millionaires and the nation’s highest concentration of billionaires at 82.
Between 2014 and 2024, the Bay Area’s millionaire population surged by 98%—the highest wealth growth among America’s Top 10 Wealthiest Cities.
Los Angeles ranks third with 220,600 millionaires, including 516 centi-millionaires and 45 billionaires, and a 35% growth rate over the past decade, while Chicago, Houston, and Dallas placed fourth, fifth and sixth. Dallas saw an increase of 85%, while Houston experienced a 75% growth in its resident millionaire population.
Further down the list, the report finds Seattle, Boston, Miami, and Austin are showing strong momentum. Miami and Austin, for instance, recorded 94% and 90% millionaire growth respectively.
“Despite a wave of policy changes and their subsequent implications around the world, the relative political stability, rule of law, economic prospects, culture of innovation, not to mention the U.S. dollar remaining the global reserve currency, have squarely positioned the USA as an environment in which to do business and to invest,” said David K. Young, President at the Committee for Economic Development of The Conference Board (CED).
Scottsdale, Ariz. has emerged as the fastest growing wealth hub in the U.S. by millionaire population, with a remarkable 125% increase between 2014 and 2024, primarily driven by its rapidly expanding tech sector. West Palm Beach, Fla. follows closely with a 112% rise. These highlight broader demographic and economic shifts, driven by an influx of tech companies, skilled professionals, and favorable regulatory conditions that are redefining America’s geography.
“America is the undisputed world leader when it comes to high-growth tech sectors such as software, microchips, online retail, internet hosting, social media, search engines and AI. As a result of this dominance, many tech entrepreneurs choose to move to the country in order to take their businesses to the next level,” said Andrew Amoils, Head of Research at New World Wealth. “While the Bay Area remains the epicenter of this innovation ecosystem and the top global destination for wealthy tech entrepreneurs, we’re also seeing a broader migration trend. Trade tensions and shifting economic priorities are driving HNWIs towards more business-friendly environments, with cities like Tampa, Salt Lake City, Denver and Santa Fe emerging as attractive alternatives thanks to their affordability, lifestyle appeal, and investment potential.”
In 2024, the U.S. recorded a net gain of approximately 3,800 HNWIs through migration—including 95 centi-millionaires and 10 billionaires. Many of these were founders, CEOs, and investors drawn to the nation’s innovation-driven economy and dynamic cities. Low-tax states like Florida and Texas are particularly attractive, while California continues to attract elite tech talent from around the globe.
Next page: Wealthy Americans seeking alternative citizenship
Wealthy Americans Seeking Alternative Citizenship
While the USA Wealth Report 2025 shows the U.S. remains one of the top destinations for global wealth migration, an increasing number of affluent Americans are actively seeking alternative residence and citizenship options abroad as a safeguard to protect wealth.
So far in 2025, U.S. citizens account for over 30% of all investment migration applications submitted through Henley & Partners—nearly double the combined total of the next five investor nationalities, which include Turkish, Indian, and British.
“We’re witnessing a new level of sophistication in how affluent Americans manage and diversify their wealth,” said Basil Mohr-Elzeki, Managing Partner at Henley & Partners North America. “Securing alternative residences and citizenships is now a strategic form of risk management—a thoughtful ‘Plan B’ that enhances family resilience, unlocks global opportunities, and safeguards multigenerational legacies.”
Prof. Peter J. Spiro, of Temple University Law School, observes in the report that “more Americans are confronting a stark reality: U.S. citizenship alone no longer feels like a sufficient safeguard. The enduring value of an American passport is now paired with a growing desire for a backup plan. Dual citizenship, once a luxury, is becoming the new American dream. In an era of rising uncertainty, many are seeking not just the right to stay, but the right to leave.”
Next page: Huge wealth transfer on tap
Huge Wealth Transfer on Tap
The Capgemini report says wealth management firms are actively preparing for a new era of wealth transfer in which $83.5 trillion will change hands over the next two decades, creating the next generation of HNWIs. According to the report, this handover will unfold in three phases: 30% of HNWIs will receive an inheritance by the end of 2030, 63% will inherit wealth by the end of 2035, and 84% by 2040.
“The great wealth transfer will be a defining moment for the industry. Despite global wealth on the rise, 81% of inheritors plan to switch firms within one to two years of inheritance. Potentially losing these unsatisfied clients is going to create significant risk for the global wealth management sector,” said Kartik Ramakrishnan, CEO of Capgemini’s Financial Services Strategic Business Unit and Group Executive Board Member.
“The next-generation of high-net-worth individuals arrive with vastly different expectations to their parents. This necessitates an urgent shift away from traditional strategies to effectively cater to their evolving needs on this wealth journey. Firms must also prepare to equip advisors with the digital capabilities, potentially augmented with agentic or generative AI, to mitigate the risk of losing both clients and key employees.”
As of January 2025, HNWI investors parked 15% of their portfolios in alternative investments, including private equity and cryptocurrencies. They are willing to take more risks to expand their wealth—allocating capital to higher-growth asset classes and niche product offerings, notably by 61% of Millennial and Gen Z HNWIs.
• See Capgemini Research Institute’s World Wealth Report 2025 here.
• See Henley & Partners USA Wealth Report 2025 here.
SEE ALSO:
• U.S. Millionaire Ranks Swell by 500,000
• How Advisors Can Prepare for the $124T Wealth Transfer
• 2025’s Best Places in the World to Retire