Wealth explosion: Multimillionaire numbers jump 4.4% in 2024

The global number of multimillionaires, defined as individuals with wealth exceeding $10 million, has surpassed 2.34 million, marking a 4.4% increase in 2024, according to the annual Wealth Report by Knight Frank.

The report, cited by Russian media, highlights that North America saw a significant rise in the number of multimillionaires, with a 5.2% growth over the past year, per Caliber.Az.

Notably, the United States now houses nearly 40% of all multimillionaires globally, a figure that is twice as high as in China.

For the first time in history, the number of individuals with wealth exceeding $100 million has also surpassed 100,000, according to Knight Frank's findings. This milestone underscores the growing concentration of wealth among the ultra-rich.

The global number of dollar billionaires also saw an 8% jump last year, with 204 new billionaires added to the global count.

Despite a slowdown in global economic growth in 2024, the U.S. economy has proven resilient, which has bolstered investor optimism. According to Liam Bailey, head of global research at Knight Frank, "Trends helping wealth creation, including the rise of financial markets in general and equity markets in particular, as well as the strength of bitcoin, have persisted throughout the past year."

The U.S. stock market reflected this optimism, with the S&P 500 index climbing by 23%, the Nasdaq surging 29%, and the Dow Jones Industrial Average rising by more than 12% in 2024.

By Tamilla Hasanova