Report: US Leads the World in Multimillionaire Population

The rich are getting richer—and they're doing so faster in the US than in the rest of the world, according to the latest Wealth Report from Knight Frank. The global real estate consultancy found that the number of people with assets of $10 million or more, classed as "high net worth" individuals, rose 5.2% in the US last year, compared to 4.4% worldwide, CNBC reports. There are now 2,341,378 people worldwide in that category, according to Knight Frank. The report found that almost 40% of the world's richest people live in the US, where billionaires have a combined wealth of around $5.7 trillion. China is in second place.

"While the global economy slowed through 2024, the resilience of the US helped prop up investor confidence," said Liam Bailey, global head of research at Knight Frank. Bailey said trends helping to create wealth include rises in stocks and bitcoin. "And despite geopolitical tensions, resilient global trade further contributed to growth." Knight Frank predicts that the US will continue to lead the world in wealth creation over the next four years but also expects strong growth in other regions. In Africa, the forecast calls for the number of high net worth individuals to jump by almost 20%, Quartz reports. (More wealthy stories.)