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March 26, 2024 at 01:25 PM
Americans account for 32% of global liquid investable wealth, $67 trillion, making the U.S. the world leader in private wealth creation and accumulation, according to the 2024 USA Wealth Report.
Thirty-seven percent of the world’s millionaires call the U.S. home: a 5.5 million-strong contingent of high-net-worth individuals. This number rose by 62% over the past decade, compared with the worldwide growth rate of 38%.
Although the country’s GDP is similar to that of rival superpower China, the U.S. ranks far ahead in terms of liquid wealth — for the purpose of the report, this includes only listed company holdings, cash holdings and debt-free residential property holdings.
Likewise, the U.S. boasts 9,850 centi-millionaires and 788 billionaires, versus China’s 2,352 centi-millionaires and 305 billionaires. And although 862,000 millionaires live in China, its wealth per capita is only $18,800, compared with $201,500 in the U.S., which puts the country in sixth place globally on this measure, behind Monaco, Luxembourg, Switzerland, Australia and Singapore.
For its 2024 report, Henley & Partners collaborated with global wealth intelligence firm New World Wealth, which tracks the movements of some 150,000 high-net-worth individuals in its in-house database, with a special focus on those with more than $30 million in listed company holdings.
The database’s primary focus is on company founders and individuals from high-value companies who serve as chairperson, chief executive, president, director and managing partner.
New World Wealth relied primarily on its database when assessing the wealth breakdowns in American cities. Researchers used various public sources to check city locations, including LinkedIn and other business portals. They also took into account prime property statistics, specifically the number of high-priced homes in each city or area.
See the gallery for the 11 U.S. cities with the largest number of millionaires, ranked by the rate of growth in their numbers over the past 10 years.
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