U.S. Surpasses China as Global Leader in Millionaire and Billionaire Growth, Report Reveals
The U.S. has overtaken China as the leading nation for millionaires and billionaires, reports Henley & Partners and New World Wealth in their 2024 USA report. The U.S. now boasts over 5.5 million people with assets over $1 million, a 62% increase in a decade, surpassing the global average growth of 38%. Notably, the number of U.S. millionaires has surged by 35% in the last five years, almost double China’s rate.
This gap is even more pronounced among the ultra-rich. America has 9,850 centi-millionaires and about 788 billionaires, significantly more than China’s 2,353 and 305, respectively. The report highlights the U.S. as the global leader in private wealth growth due to strict COVID lockdowns and increased government intervention.
Moreover, there’s a notable shift in wealthy individuals migrating to the U.S. In 2023, the U.S. saw a net inflow of 2,200 millionaires, with projections indicating an increase to 3,500 in 2024. This makes the U.S. a preferred destination for affluent tech entrepreneurs, especially from Asia, Europe, and the UK.
The impact of America’s wealth dominance extends to spending and investments, particularly in luxury and art markets. The U.S. leads global art sales and luxury purchases, while China’s luxury market remains below its 2019 levels. Despite China’s expected continued growth in luxury and wealth sectors, the U.S. is now the primary market and growth driver for high-net-worth individuals, as per Dominic Volek of Henley.
WHY IS THIS IMPORTANT?
The shift in wealth to the U.S. is significant for several reasons. The growing number of affluent individuals in the U.S. can lead to increased demand for high-end and specialized logistics services. This could include secure transport of luxury goods, customized delivery services for high-value products, and private transportation options for wealthy clients.
Additionally, the influx of wealthy tech entrepreneurs might spur innovation and investment in the logistics industry, potentially benefiting the industry with advanced solutions for efficiency and service enhancement. There’s also a likely increase in demand for logistics related to art and luxury goods, a market in which the U.S. is now a global leader.
🔥 OUR HOT TAKE?
The U.S. emerging as the new epicenter of global wealth is a wake-up call for the logistics industry. It’s time to upscale services and embrace technology to cater to the sophisticated needs of a burgeoning elite clientele.
This is not just about moving goods; it’s about redefining the luxury of logistics.
Wealthy American families are increasingly obtaining second, or even multiple, citizenships and residences, a trend highlighted by Henley & Partners, a law firm specializing in high-net-worth citizenships.