New revelations from the collaborative efforts of Henley & Partners and New World Wealth have confirmed a long-held belief regarding US wealth. According to the report, the United States has firmly positioned itself as the top choice for millionaires and billionaires, surpassing China in claiming this prestigious status. The achievement carries significant implications, particularly as over 5.5 million Americans now possess liquid investible assets exceeding $1 million. The remarkable surge marks a 62% increase over the past decade, significantly outpacing the global average growth rate of 38%. It speaks volumes about the nation’s distinguished allure for affluent individuals seeking stability and opportunity.
Over just five years, the millionaire population in the US has witnessed an impressive surge of 35%, almost doubling the growth rate observed in China during the same period. The United States proudly claims 37% of the world’s millionaires, a notable increase from the 35% share recorded in 2018. The wealth disparity between the two nations also extends to the upper echelons, with the US boasting an astounding 9,850 centi-millionaires, meaning individuals with a net worth of $100 million or more. The stat sheds light on a stark contrast to China’s 2,352. Additionally, the US is home to approximately 788 billionaires, significantly surpassing China’s count of 305.
The report unequivocally asserts that the United States remains the undisputed leader in private wealth creation and accumulation. Dominic Volek, Group Head of Private Clients at Henley, attributes China’s slowdown in wealth creation to strict COVID lockdowns and heightened government intervention in the private sector, leading to a discernible shift in favor of the US.
Wealth migration trends further illustrate the transition from China to the US. In 2023, a net total of 13,500 Chinese millionaires departed their homeland, setting a new record. Meanwhile, the US experienced a net influx of 2,200 millionaires in 2023, with a projected increase to 3,500 in 2024, as outlined in the Henley report. The United States continues to attract wealthy tech entrepreneurs and engineers, particularly from Asia, Europe, and the UK, further solidifying its affluent reputation.
The ascendancy of the United States in wealth creation permeates various sectors, extending to spending, investing, and beyond. According to a UBS and Art Basel report, the US leads global art sales, accounting for 42% of sales by value and dominating sales of the highest-priced artworks. Despite projections indicating that China will maintain prominence in luxury and wealth growth, the United States has risen as the dominant market and growth catalyst for the high-net-worth economy. The unparalleled wealth creation prospects offered by the US remain globally unmatched. Volek further echoes that sentiment, emphasizing the United States’ distinct appeal to wealthy individuals worldwide.
The United States rise as the epicenter of wealth creation depicts its enduring ability to beckon and foster millionaires and billionaires. The country compels the rich to seek opportunities for growth and prosperity on a global scale. On track to continue attracting and nurturing wealth, the nation’s influence on the global economy is poised to expand even further, cementing its status as the ultimate destination for those aiming to fulfill their most ambitious financial aspirations.
