Recent data from Swiss bank UBS revealed that the number of 'millionaires' has quadrupled over the past twenty-five years.
The number of millionaires worldwide has more than quadrupled since 2000, reaching about 52 million individuals, according to Switzerland's largest bank.
According to recent data from the bank, the number of millionaires in the United States increased by 1,000 people daily in 2024.
According to the recently released Global Wealth Report 2025 from the investment bank, the United States experienced the fastest growth in the number of millionaires compared to any other country in the world, with China coming in second, adding about 380 millionaires daily.
The number of American millionaires reached 23.8 million in 2024, an increase of 1.5 percent over the previous year, equivalent to adding 379,000 new millionaires during the year, or more than a thousand daily.
The number of 'daily millionaires' - investors with assets between one and five million dollars - is also witnessing a global rise.
The report concluded that real estate values have been the largest driver of global wealth growth. These assets make up the largest share of total wealth in many countries, as real estate - after deducting mortgages - accounts for 53 percent of Australia's wealth and 42 percent of the UK's wealth, according to UBS reports.
In the United States, securities and other financial instruments such as stocks make up the largest share of total wealth for Americans at 37 percent, followed by real estate at 30 percent.
Although a larger number of individuals reached the million-dollar threshold in 2024 compared to the previous year, financial gains remained concentrated among the wealthy.
According to data from the Federal Reserve - the U.S. central bank - the richest 20 percent of American households owned 71 percent of the country's total wealth by the end of September 2024, with an average net worth among these households of $3.8 million.