Rama Krishna Sangem
America is still the undisputed leader in private wealth creation and accumulation. It accounts for 32% of global liquid investable wealth — a colossal $67 trillion, according to the 2024 Wealth Report by Henley and Partners, The country is also home to 37 per cent of the world’s millionaires: some 5.5 million high-net-worth individuals who hold over $1 million in liquid investable assets.
This number has risen by 62% over the past decade, well ahead of the worldwide growth rate of 38 per cent.
“However, political divisions and societal tensions bubbling under the surface for years have now erupted and dominate the headlines as the country heads towards the polls, with some questioning how long the USA’s dominance will last,” said Mehdi Kadiri, Managing Partner and Head of North America at Henley & Partners.
Although the USA’s GDP is similar to that of rival superpower China, America ranks way ahead when it comes to liquid wealth (which for the purpose of this report only includes listed company holdings, cash holdings, and debt-free residential property holdings).
The USA boasts 9,850 centi-millionaires versus China’s 2,352, and 788 billionaires versus China’s 305. While just over 862,000 millionaires live in China, its wealth per capita is only USD 18,800 compared to USD 201,500 in America, which ranks 6th globally after Monaco, Luxembourg, Switzerland, Australia, and Singapore when it comes to this measure.
Migrant millionaires
The ‘American dream’ was built by migrants, and the world’s millionaires continue flocking to its shores, though net inflows for 2023 are well below the likes of Australia, Singapore, and the UAE. While the USA saw a dip in high-net-worth individual inflows during the pandemic, 2023 marked a recovery with a net inflow of 2,200 millionaires compared to 1,500 in 2022.
2024 is projected to see another net rise over 3,500 based on current trends. However, all these figures still fall short of peak levels of 5,000+ per year seen before 2019.
The USA remains a top draw for wealthy tech entrepreneurs and engineers, especially from Asia. Europe, and the UK. Major hubs such as Silicon Valley and Austin continue to attract human capital critical for innovation and business growth. This tech influx counters domestic millionaire migration to states such as Florida and Texas with lower taxes.
It is $ 67 trillion versus $27 trillion in total liquid wealth according to New World Wealth’s 2023 estimates. Wealth per capita and the number of millionaires, centi-millionaires, and billionaires are all substantially higher stateside.
