The US Retains Title as Global Wealth Hub

The United States remains the world’s largest center of wealth, according to the 2024 US Wealth Report published by Henley & Partners in partnership with New World Wealth. Despite concerns leading up to the Biden-Trump presidential election rematch, the US continues to lead in creating and accumulating private wealth, accounting for 32 percent of global liquid investable wealth, totaling $67 trillion. The US is also home to 37 percent of the world’s millionaires, with the number increasing by 62 percent over the last decade, surpassing the global growth rate of 38 percent.

Compared to rival superpower China, the US ranks higher in liquid wealth, per capita wealth, and the number of millionaires, centi-millionaires, and billionaires. The US has significantly more centi-millionaires and billionaires compared to China, with a higher per capita wealth of $201,500 in the US compared to $18,800 in China. New York remains the richest city in the world with 349,500 millionaires, followed by other US cities like the Bay Area, Los Angeles, Chicago, and Houston.

In terms of wealth growth over the last decade, Texas’ capital city of Austin saw the biggest jump in millionaire population, increasing by 110 percent. The US also leads in real estate prices, with New York having the most expensive real estate at $28,400 per square meter for a ‘first-class’ apartment.

The US continues to be the most important destination for migrant millionaires, with popular cities like the Bay Area, Austin, Miami, and West Palm Beach attracting high net worth individuals. In 2024, an increase in the number of millionaires coming to the US is expected, with a projected net inflow of over 3,500. Americans are also the top-ranked nationality worldwide when it comes to applying for residency and citizenship through investment programs.

Henley & Partners has seen a growing demand from US citizens for alternative citizenship and residence options, with European programs like the Portuguese Gold Residency Program and Malta’s investment offering being sought after. These programs allow individuals to diversify their assets and create new opportunities in different jurisdictions around the world. Spain currently leads in 2024 as a desirable destination for American investors looking for residency leading to citizenship with minimal physical presence requirements.

Overall, the United States remains a key player in the global wealth landscape, attracting high net worth individuals seeking stability, security, and investment opportunities.

 

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