The United States saw a massive rise in its millionaire population in 2024, adding 562,000 new high-net-worth individuals (HNWIs) to reach a total of 7.9 million millionaires, according to Capgemini’s 2025 World Wealth Report.
The report published Tuesday said that the global HNWI population rose 2.6% in 2024, fueled by a 6.2% surge in the number of ultra-high-net-worth individuals with at least $30 million in investable assets. The U.S. led all nations in HNWI growth, helping propel North America to a 7.3% regional increase in HNWIs.
Capgemini, an IT company headquartered in Paris, said a favorable interest rate environment and strong performance in U.S. equity markets were key contributors to the rise in wealth, citing the country’s “bullish stock market performance.”
While the U.S., India, and Japan saw gains in their HNWI population, other countries and regions saw declines.
Europe’s HNWI population dropped 2.1%, with the United Kingdom, France, and Germany together losing a combined 75,000 millionaires thanks to economic stagnation. At the same time, Europe’s ultra-high-net-worth population rose 3.5%, which the report said reflects increased wealth concentration.
Latin America reported the greatest regional decline of 8.5%, thanks to currency depreciation and fiscal instability, the report said. Brazil and Mexico were the two countries in the region to lose the most HWNIs, down 13.3% and 13.5% respectively. The Middle East saw a 2.1% decline thanks to falling oil prices.
The report also found that HNWIs are showing increased appetite for alternative investments. “As of January 2025, HNWI investors parked 15% of their portfolios in alternative investments, including private equity and cryptocurrencies,” it said.
This comes as many HNWIs are set to get even richer. Capgemini found that “30% of HNWIs will receive an inheritance by the end of 2030, 63% will inherit wealth by the end of 2035, and 84% by 2040.”
According to the latest Census Bureau data, nearly 37 million people in the U.S. were living in poverty in 2023.