USA Wealth Report 2024

America Remains the World's Top Wealth Hub but Faces Uncertain Future

LONDON, March 19, 2024 /PRNewswire/ -- Despite serious concerns over the state of the union with a Biden–Trump presidential election rematch now underway, the USA remains the world's undisputed leader in private wealth creation and accumulation. America accounts for 32% of global liquid investable wealth — a colossal USD 67 trillion, according to the 2024 USA Wealth Report published by global wealth advisory firm Henley & Partners. The USA is currently home to 37% of the world's millionaires: some 5.5 million high-net-worth individuals (HNWIs) who hold over USD 1 million in liquid investable assets. This number has risen by an impressive 62% over the past decade, well ahead of the worldwide growth rate of 38%.

Although the USA's GDP is similar to that of rival superpower China, America ranks way ahead when it comes to liquid wealth (which for the purposes of this report only includes listed company holdings, cash and debt-free residential property holdings). Likewise, wealth per capita and the number of super rich is also substantially higher stateside. The USA boasts 9,850 centi-millionaires versus China's 2,352, and 788 billionaires versus China's 305. While just over 862,000 millionaires live in China, its wealth per capita is only USD 18,800 compared to USD 201,500 in America, which ranks 6th globally after Monaco, Luxembourg, Switzerland, Australia, and Singapore.

Yet despite the USA's affluence, Mehdi Kadiri, Head of North America at Henley & Partners, says record numbers of wealthy US-Americans are currently securing additional citizenships or alternative residence rights abroad. "US nationals are our single biggest cohort of applicants right now and they also outnumbered every other nationality last year. With political divisions and societal tensions at an all-time high, American investors, entrepreneurs, and wealthy families are increasingly hedging their bets and pursuing backup citizenship or residence abroad, signaling declining faith in the domestic outlook."

Commenting in the 2024 USA Wealth Report, award-winning journalist and author Misha Glenny says although just under 2% of the world's population have the right to decide who will be the next US president, their choice will have far-reaching consequences for the remaining 8 billion around the globe. "The USA remains the decisive economic power in the world but politically it has rarely appeared so unsure of itself. Despite its economic performance, the perception of ordinary voters ahead of November's high-stakes election is one of stagnating living standards, rising debt levels, and a dangerously polarized society."