Latest news with #GlobalWealthReport2025
CNBC
24-06-2025
- Business
- CNBC
The U.S. gained 1,000 millionaires a day on average in 2024, new report finds
The number of millionaires in the U.S. grew by an average of 1,000 people a day in 2024, according to new data from UBS. 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.
Korea Herald
19-06-2025
- Business
- Korea Herald
S. Korea has 10th-most millionaires in world
South Korea had the world's 10th-highest number of millionaires globally last year, with 1.3 million individuals holding wealth exceeding $1 million, or 1.37 billion won, a report showed Thursday. According to the Global Wealth Report 2025, released by Swiss investment bank UBS, the figure marked a slight increase from 1.2 million recorded in 2023, placing the country 10th among 56 countries surveyed. There were about 60 million millionaires globally, holding a total of $226.47 trillion in wealth. The US topped the list with 23.8 million millionaires, accounting for 39.7 percent of all millionaires worldwide. The report noted that the millionaire population in the US rose by 379,000 throughout last year, meaning about 1,000 people joined the millionaire club each day. UBS projected that more than 5 million new millionaires will be created globally over the next five years, with the US playing a key role in that growth. China had the second-highest number of millionaires, with 6.3 million, followed by France (2.8 million), Japan (2.7 million), Germany (2.6 million), the United Kingdom (2.6 million), Canada (2 million), Australia (1.9 million) and Italy (1.3 million). A separate study revealed that the millionaire population in Seoul is declining amid economic and political uncertainties at home. The number of millionaires living in the city stood at 66,000 as of December last year, a decrease of 16,500 from 82,500 the previous year, according to the 2025 World's Wealthiest Cities Report 2 published in April by English citizenship investment advisory firm Henley & Partners and global wealth intelligence firm New World Wealth. The report cited the weakening of the Korean won as the main factor behind the decline. It did not provide a number for the country as a whole. The Korean currency fell sharply to 1,472.5 won against the US dollar in December last year, up 184.5 won, or 14 percent, from 1,288.0 a year earlier, industry data showed. The report also suggested that the country's turbulent political climate may have prompted a number of high-net-worth individuals to leave the country. Since Dec. 3, when former President Yoon Suk Yeol declared emergency martial law, Asia's fourth-largest economy has been in political turmoil, leading to his impeachment, removal from office, and an early presidential election. The country now has a new president, Lee Jae Myung.
