Worldwide, millionaire numbers continue to rise as demographics shift and attitudes to wealth creation evolve.
With over 60 million USD millionaires worldwide, according to the latest UBS Global Wealth Report 2025, wealth growth is steadily on the rise.
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In 2024 alone, this number rose by 1.2%, with 680,000 joining the now not-so-exclusive club. The global wealth manager predicts that by 2029, this trend will increase with a further 5 million+ millionaires being created.
In terms of the main players in the rise of wealth, the United States and mainland China lead the way, together accounting for more than half of all personal wealth in the sample.
Mainland China is seeing growth on an extraordinary level – 386 new millionaires every day, for a total of 141,000 in the course of 2024, equivalent to an increase of 2.3%.
Global real estate consultancy Knight Frank’s The Wealth Report 2025 shows the global Ultra-High-Net-Worth Individual (UHNWI) population – defined as someone with a net worth of US$30 million or more – increased by 4.2% in 2024, reversing the decline of the previous year.
In 2024, wealth creation has gone mainstream. ‘EMILLI’ is the group that can’t be ignored – the ‘Everyday Millionaire’. Classed as having assets of one to five million US dollars, this cohort has quadrupled to 52 million since 2000.
Representing around US$107 trillion of total wealth, EMILLIs – despite some regional variances – are rising in number across the globe.
Number of millionaires: regional breakdown
North America still dominates. For context: there are more USD millionaires in this region than in Western Europe and mainland China combined.
That being said, according to Knight Frank’s Top 10 US$10m+ Populations, the Chinese Mainland accounts for 20% of the share of the global population in that bracket, just over half of the US’s 38.7%.
Japan and India continue to impress with 5.2% and 3.7%, respectively, in third and fourth place. Asia-Pacific and European nations make up the rest, with the exception of Canada in sixth place.
Number of US$10m+ individuals: top 10 markets
Despite high wealth concentrations and an outperforming residential real estate market, the Middle East doesn’t feature in Knight Frank’s top 10.
Its global appeal in real estate is highlighted in its strong performance in the PIRI 100 – Knight Frank’s Prime International Residential Index that tracks movements in luxury prices across the world’s top residential markets. This, in turn, has seen robust millionaire growth.
Knight Frank also projects strong percentage growth in High-Net-Worth Individuals (HNWIs – those with a net worth of US$1 million or more) across parts of Africa, particularly Kenya, Nigeria, and South Africa, albeit from a small base.
Africa is one region fast becoming an epicentre of digital wealth, with tech hubs across the continent fuelling growth.
Research from UBS shows that, per capita, Switzerland and Luxembourg have the highest density of millionaires.
But there’s a surprising sub-region outpacing all others in 2024 in terms of personal total wealth – Eastern Europe.
Eastern Europe achieved the highest regional growth in wealth at over 12%. This was due in part to equity markets rebounding in countries like Poland, Hungary, and the Czech Republic. Currency appreciation also played a role in the region.
Growth in wealth per adult in local currency in 2023–2024, net of inflation, selected markets
Latin America has seen a decline in the number of millionaires but is predicted to rebound, according to UBS’s forecast of growth in average wealth per adult over the next five years. Notably, it is predicted to outperform Eastern and Western Europe in terms of average wealth per adult.
According to UBS research, Brazil records the highest number of USD millionaires in Latin America, with roughly 433,000 individuals, while Mexico is not far behind.
The rise and rebound of global millionaires
Asset performance, currency effects, and demographic shifts all played their part in the growth of millionaires in 2024.
According to the PIRI 100, prime residential values rose strongly in hubs like Dubai, Miami, and Singapore.
Dubai’s market is particularly strong right now, with 2025 expected to end strongly.
“Dubai’s particularly strong performance, topping the rankings for luxury residential growth, contributed to more millionaires in the Middle East. Prices rose by 16.9% through the end of Q3 and are on track to reach 20% growth for the full calendar year.” – Faisal Durrani, Head of Research, MENA, Knight Frank Middle East
Wealth transfer continues to be a key driver in generating the next iteration of millionaires as the move away from baby boomers – who still control an outsized share – accelerates.
Intergenerational wealth is also playing its part, according to UBS, with women benefitting from both intra- and inter-generational shifts as US$9 trillion transfers between spouses.
The digital and tech evolution also continues at pace. As new entrepreneurial hubs arise across Africa and beyond, ‘self-made’ millionaires are making an impact.
Knight Frank points to Africa’s youthful demographics and expanding middle class, while Dealroom data shows cities like Lagos and Nairobi producing unicorns at speed. Together, these trends are creating a new generation of millionaires.
Silicon Valley’s AI boom, India’s fintech surge, and China’s platform giants are also fuelling the digital surge in millionaires.
How millionaire growth is reshaping prime property
The rise in EMILLIs (Everyday Millionaires) continues to put pressure on prime and super-prime property markets, especially where supply is constrained in cities like London and New York.
This broadening demand has widened the definition of ‘super-prime’, with the rise of the professional millionaire class.
Dubai (+16.9%), Manila (+17.9%) and Seoul (+18.4%) led global prime residential price growth in 2024, underscoring how wealth creation translates directly into property market performance.
The regional story is clear: the Middle East and Asia-Pacific are pulling ahead, powered by wealth migration, tax advantages, and global demand for sunbelt cities.
Even as global rates edge lower, prime residential values continue to prove their resilience – underscoring why property remains central to the wealth strategies of the world’s rising millionaire class.
The future of millionaire growth
The expansion of the millionaire class is set to continue. UBS forecasts that growth will be driven largely by the US, with over 5 million new millionaires expected globally by 2029.
The changing nature of global economies, driven at pace by AI and tech, means more millionaires are expected to capture these opportunities.
Younger generations are inheriting from the boomers, with different tastes in how they spend their money. Environmentally conscious, this digital generation prioritises wellness and experience-led spending.
By 2029, the world will have more than 65 million millionaires – younger, more global, and reshaping how wealth is created and spent.
