
The U.S. gained 1,000 millionaires a day on average in 2024, new report finds
The U.S. saw the fastest growth of its millionaire population of any nation worldwide, according to the investment bank's newly released Global Wealth Report 2025. China came in second, adding around 380 millionaires a day.
The number of "everyday millionaires," or investors with between $1 million and $5 million in assets, is also on the rise globally. The volume of everyday millionaires worldwide has more than quadrupled since 2000 to about 52 million individuals, per UBS.
Real estate values were the largest driver of wealth growth worldwide, the report finds. Those assets make up the largest share of several countries' total wealth, with 53% of Australia's and 42% of the United Kingdom's wealth held in real estate net of mortgages, UBS reports.
In the U.S., however, securities and other financial instruments like stocks account for largest share of Americans' total wealth at 37%. Real estate follows at 30%.
Though many more individuals hit the million-dollar mark in 2024, those gains were likely not across the board.
The top 20% of the wealthiest U.S. households owned 71% of the country's total wealth at the end of September 2024, according to Federal Reserve data. The average net worth among those households was $3.8 million.
The bottom 50% of households, however, hold just over 2% of the nation's total wealth and have about $52,000 in total assets on average, the Fed reports.
What's more, household wealth for Americans at the top of the income distribution spectrum generally grows much faster than that of lower-earning households.
The highest-earning households saw their wealth grow by 147% between 1983 and 2016, Pew Research reported in 2020. Middle-earners' wealth grew by just 13% over the same period, while the lowest-earning households saw their wealth decrease by 8% during that time.
A growing number of investors are also becoming millionaires through their 401(k)s.
Around 544,000 Americans saw their 401(k)s hit a million-dollar value in the third quarter of 2024, according to data from Fidelity. That's nearly a 10% increase in 401(k) millionaires from the previous quarter, the firm reported.
"These all-time highs are probably more attributable to market appreciation than anything else, but if contributions remain robust, that's a good thing," Douglas Boneparth, a certified financial planner and president and founder of Bone Fide Wealth, told CNBC in 2024.
A 25-year-old who initially deposits $1,000 in their 401(k) and continues to contribute $400 each month would have over $1 million invested by the time they turn 65, assuming an average 7% annual return, according to CNBC Make It calculations.
You can use this calculator to see what it would take for you to reach millionaire status by the time you're ready to retire.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Indianapolis Star
an hour ago
- Indianapolis Star
Where to get free food, deals for National Drive-Thru Day 2025
National Drive-Thru Day, on Thursday, July 24, celebrates a food service trend we take for granted these days, but first gained momentum thanks to the growing car culture in 1950s. The first drive-thru is thought to have been Red's Giant Hamburg on Route 66 in Springfield, Missouri in 1947, according to the National Today site. In-N-Out Burger in California began offering drive-through services in 1948 in the Los Angeles area, and Jack in the Box joined the move to cater to car customers in 1951. (Jack in the Box also came up with the idea for National Drive-Thru Day, according to the National Day Calendar site.) Drive-thru lanes really kicked into gear after McDonald's adopted the practice in opening its first take-out window in Arizona in 1975, according to Smithsonian magazine. 'Stranger' snacks: Chips Ahoy! releasing 'Stranger Things' cookies with surprise ingredient Now there's more than 8,100 U.S. restaurants with drive-through lanes and that's expected to surpass 9,000 in 2026, according to Polaris Market Research. "Drive-thru culture isn't just a trend – it's core to how Americans eat," said Polaris Market Research senior analyst Apurva Agarwal in a statement to USA TODAY. "Even as delivery apps surge, the drive-thru remains the fastest, most dependable way to grab a meal. Major chains are doubling down on technology to keep lines moving and customers loyal." If you're in the mood for a mobile meal, here are some deals. Remember, check the social media accounts of your favorite local restaurants with drive-thru lanes for additional deals. Mike Snider is a national trending news reporter for USA TODAY. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @ & @mikesnider & msnider@

Miami Herald
an hour ago
- Miami Herald
Expert's Auto Loan Tax Deduction Announcement Changes Everything
Congress's recently passed "Big, Beautiful Bill" generated buzz among drivers with its auto loan interest tax deduction that's capped at $10,000 annually. However, an industry expert at Caribou, a leading auto refinance platform, has highlighted that only a small percentage of drivers will qualify for this tax break, and for those who do, the savings will likely be underwhelming. Based on Experian's typical new car loan amount of $41,720, an average interest rate of 6.73%, and a loan term of 68.63 months, Caribou estimates that fewer than 3% of the 100 million Americans with auto loans, approximately 2.8 million Americans, will qualify for the new tax deduction. For those who do qualify, the average annual tax savings will be approximately $333, not $10,000. To qualify for the tax break, a vehicle must have been purchased on or after January 1, 2025, it must be for personal use and assembled in the United States, and the deduction begins phasing out at a modified adjusted gross income (MAGI) of $100,000 for single filers ($200,000 for joint filers), with no deduction available if your MAGI exceeds $149,000 ($249,000 for joint filers). Caribou's 3% estimation is also based on about 13 million new cars expected to be sold for personal use in 2025, roughly 50% of new vehicles sold in the U.S. being assembled domestically, about 57% of new cars being financed with a loan, and approximately 76.1% of U.S. consumers falling below the income thresholds for the full deduction. When asked if the auto loan interest deduction may change consumer decisions on whether to finance, lease, or pay outright for a new vehicle, given that leases and used vehicles are excluded from eligibility, Caribou Financial President Eric Stradley said: [The Bill's] auto loan interest deduction is narrowly targeted-limited to certain new U.S.-assembled vehicles and excluding used cars, leases, and as a result, most buyers. Because so few consumers qualify due to vehicle type, assembly location, or income limits, the deduction is unlikely to shift most purchase decisions. For the vast majority, personal needs, budget, and preferences still drive the choice, with little impact from the new law." Caribou noted in its report that those not meeting the auto loan tax break's eligibility requirements can lower their monthly payments and reduce total interest costs through refinancing, since the method is achievable regardless of a car's age, type, where it was assembled, or a driver's income level. Stradley described what pitfalls borrowers should watch for when refinancing, and how Caribou helps its clients avoid these mistakes: "Our advisors work closely with each customer, taking time to understand individual goals, whether that means lowering monthly payments or paying off a loan faster. We guide customers through the refinancing process by providing clear and transparent information about rates, terms, and fees. Borrowers should stay alert during refinancing, watching for hard credit checks that could affect credit scores, hidden fees, and costly add-ons that they don't need, which might get bundled into new loans. Caribou helps customers avoid these pitfalls by offering upfront disclosures, soft credit checks for pre-qualification, and dedicated loan advisor support." Auto loan interest deductions seemed like a highlight of Congress's Big, Beautiful Bill, but the number of drivers set to qualify and their savings appear slim. As Caribou Financial President Eric Stradley highlighted, personal needs and budgets will be the primary drivers of purchase decisions, and refinancing can be a practical option for achieving savings. Still, borrowers should approach refinancing carefully. Copyright 2025 The Arena Group, Inc. All Rights Reserved.


USA Today
an hour ago
- USA Today
Where to get free food, deals for National Drive-Thru Day 2025
National Drive-Thru Day, on Thursday, July 24, celebrates a food service trend we take for granted these days, but first gained momentum thanks to the growing car culture in 1950s. The first drive-thru is thought to have been Red's Giant Hamburg on Route 66 in Springfield, Missouri in 1947, according to the National Today site. In-N-Out Burger in California began offering drive-through services in 1948 in the Los Angeles area, and Jack in the Box joined the move to cater to car customers in 1951. (Jack in the Box also came up with the idea for National Drive-Thru Day, according to the National Day Calendar site.) Drive-thru lanes really kicked into gear after McDonald's adopted the practice in opening its first take-out window in Arizona in 1975, according to Smithsonian magazine. 'Stranger' snacks: Chips Ahoy! releasing 'Stranger Things' cookies with surprise ingredient Now there's more than 8,100 U.S. restaurants with drive-through lanes and that's expected to surpass 9,000 in 2026, according to Polaris Market Research. "Drive-thru culture isn't just a trend – it's core to how Americans eat," said Polaris Market Research senior analyst Apurva Agarwal in a statement to USA TODAY. "Even as delivery apps surge, the drive-thru remains the fastest, most dependable way to grab a meal. Major chains are doubling down on technology to keep lines moving and customers loyal." If you're in the mood for a mobile meal, here are some deals. Remember, check the social media accounts of your favorite local restaurants with drive-thru lanes for additional deals. National Drive-Thru Day deals Mike Snider is a national trending news reporter for USA TODAY. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @ & @mikesnider & msnider@ What's everyone talking about? Sign up for our trending newsletter to get the latest news of the day