By Robert Frank -
CNBC
The United States has quickly surpassed China in the world's top spot for millionaires and billionaires, according to a new report.
There are currently more than 5.5 million Americans with liquid investable assets of more than $1 million, 62% more than in the last decade and well above the global growth rate of 38%, according to the 2024 USA report. Wealth Report by Henley & Partners and New World Wealth.
In the last five years, the population of millionaires in the United States has grown 35%,
almost double that of China
.
The United States is now home to 37% of the world's millionaires, up from 35% in 2018.
A trader on the Wall Street Stock Exchange in NY.Getty Images
The divergence grows even more at the top of the wealth ladder.
The United States has 9,850 centimillionaires — those worth $100 million or more — compared to 2,352 in China.
The United States has about 788 billionaires compared to 305 in the Asian nation.
“The United States remains the world's undisputed leader in private wealth creation and accumulation,” according to the report.
Dominic Volek, head of Henley's private client group, said China's strict COVID-19 lockdowns, along with its increased government intervention in the private sector, have slowed growth in wealth creation.
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“Without a doubt, China has slowed down a lot due to these elements, and
the United States has benefited
,” he stated.
The displacement of China by the United States was also reflected in patterns of wealth migration.
In 2023, 13,500 Chinese millionaires left China, which is a record.
The United States had a net influx of 2,200 millionaires during the same year and has a projected influx of 3,500 by 2024, the Henley report explained.
“The United States continues to be one of the main poles of attraction for wealthy technology entrepreneurs and engineers, especially from Asia, Europe and the United Kingdom,” the report added.
America's leadership in wealth creation is extending to spending and investment.
A report by UBS and Art Basel revealed that the United States is the world leader in art marketing, with 42% of sales in terms of value.
The country also leads global sales of the highest-priced works.
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Stock markets and investment consultancy Bain predicted that China will account for only 35% to 40% of global luxury goods consumption in 2030, a slight increase from current levels.
Global luxury spending in China is about 40% below where it was in 2019
, according to Bain.
Luxury sales in the United States last year amounted to $80 billion, compared to $52 billion in China, he said.
While analysts and economists believe China will remain a major source of luxury and wealth growth in the coming years, the United States has become both the
dominant market and source of growth for the high-net-worth economy
.
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“The wealth creation opportunities in the United States are unmatched on a global scale,” Volek said.