Nearly 30 million Americans are millionaires, as are 60 million people in the world as a whole. “A new report from UBS claims that there were 52 million people with a net worth between $1 million and $5 million in 2024. That’s 2.5 times as many as there were in 2000 after adjusting for inflation,” notes The Doomslayer.
There are even more millionaires today. Since 2024, stock markets have risen substantially in much of the world, turning more people into millionaires. Greece’s stock market has risen 36% so far this year, while Poland’s stock market has risen 34%, Germany’s has risen 16%, Hong Kong’s has risen 23%, Austria’s has risen 26%, Spain’s has risen 23%, and South Korea’s has risen 22%.
Home values have also risen, increasing people’s net worth.
Axios reports:
The number of ‘everyday’ millionaires — those with wealth between $1 million and $5 million — is soaring…
There were nearly 52 million ‘everyday’ millionaires in the world last year, per a recent report from UBS. That’s four times the number in 2000.
Even accounting for inflation, the number of everyday millionaires in 2024 was 2.5 times what it was in 2000. The wealth manager does not break down how many of these folks live in the U.S. But America has, by far, more millionaires than any other country in the world.
New American millionaires were minted at a rate of about 1,000 a day last year. There are nearly 24 million millionaires in the U.S., 40% of the global total, and about four times the number than runner-up China….
- More and more boomers are sitting free and clear on homes that have seen their values rise. The share of Americans who own their homes mortgage-free sits at a record high of 40%, and over half of these folks have reached retirement age.
- This is also a population that has hugely benefited from federal tax policies, like the mortgage interest deduction, and the ability to put money into 401(k)s tax free.
Poverty has fallen in most of the world even as poverty has been redefined to include more income levels.
Poverty has fallen rapidly in the world’s most mountainous country, which is 98.8% mountains and contains many remote areas that are hard to reach.
Poverty has declined in Latin America, except in socialist dictatorships like Venezuela.
Global life expectancy has hit an all-time high
