Even in the face of economic and political uncertainty, the United States continued to lead the world in wealth creation in 2024, according to a report released by Douglas Elliman and Knight Frank, on Wednesday.
The number of high net worth individuals – or people with more than $10 million in assets – increased by 4.4% in 2024, with North America alone seeing a 5.2% growth.
Among ultra-high net worth individuals – those with more than $10 million in assets – American dominance is even starker. There are 905,413 UHNWIs in the U.S., more than twice the population of the ultra-wealthy in second place China. Nearly 40% of the richest individuals in the world live in the U.S., according to the report.
“While the global economy slowed through 2024, the resilience of the U.S. helped prop up investor confidence,” said Liam Bailey, global head of research at Knight Frank, in a statement. “The trends powering wealth creation, including growth in financial markets led by equity markets and the bitcoin run, continued through 2024. And despite geopolitical tensions, resilient global trade further contributed to growth.”
The Douglas Elliman and Knight Frank analysts anticipate the U.S. holding onto its dominance in wealth creation for the next four years – but they also anticipate other regions seeing dramatic growth. Africa, with its young population and rich natural resources, could see a 17.8% increase in its population of HWNIs. In Asia, the population of HWNI is expected to increase from 854,465, in 2024, to 928,722, in 2028.
The means of wealth creation in Asia are also shifting from manufacturing into high-tech enterprise, said James Pomeroy, a global economist at HSBC (HSBC), in the Douglas Elliman and Knight Frank report.
This shift is partially due to increased smart phone access, enabling “a very entrepreneurial population that is able to grow businesses internationally,” he said. “This has created a start-up culture that’s been a big part of the growth story in places like India and the Philippines.”
Continue reading to see how much the population of high net worth individuals increased in every region of the world.
