Wealth creation is booming as multimillionaire population jumps 5.2% in the US

When it comes to the risk of multimillionairesThe united states are leading the charge, a new report found.

The number of High-NET Worth Individuals-Or that with assets what more than $ 10 million-rose 4.4% worldwide in 2024, to 2,341,378, but jumped 5.2% in North America, According, According to the Annual Wealth Report By Global Real Estate Consultancy Knight Frank.

The us is now home to almost 40% of the world’s super rich, the report estimates , Nearly double the share that residence in China, the region with the next highst containing of wealthy individuals.

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“While The Global Economy Slowed Through 2024, The Resilience of the Us Helped Prop Up Investor Confidence,” Liam BAILEY, Global Head of Research at KNIGT FRANK, SAID in A Statement. “The trends powering wealth creation, Including Growth in Financial Markets LED by Equity Markets and the Bitcoin Run, Continued Through 2024.”

Over the year, Positive Market Conditions Helped Boost Investors’ Bottom Line. The S & p 500 Stock index gained 23% in 2024. The tech-havy Nasdaq Grew about 29% and the Down jones Industrial Average Rose more than 12%.

“And despite geopolitical tensions, resilient global trade further contributed to growth,” BAILEY SAID.

After increasing 4.2% in 2024, the population of global citizens Worth at least $ 100 million surpassed the 100,000 mark for the first time, Knight Frank also found.

Meanwhile, the total number of billionaires Jumped Nearly 8% Last Year, According to a Separate Report by Oxfam from January,

“We’ve reached a new era now, we are in the era of the bill,” Jenny ricks, general secretary of the human rights group fight inquality alliance, recently Told CNBC,

Roughly 204 new billionaires were minted in just 12 months, the oxfam report found.

“Not only has the rate of billionaire wealth accumulation accelerated – by three times – but so too has their power,” Amitabh Behar, Oxfam International’s Executive Director, SAID In AFTER AFTATER Report’s release.

The latest numbers also underscore a Deepening Divide Between The World’s Rich and Poor.

Despite the fact that america ranks first As the Richest Nation, 36.8 Million Americans Live in PovertyAccounting for 11.1% of the total population, according to the latest report from the US Census Bureau.

Many Middle-Class Americans are also also showing signs of strain amid The Escalating Trade WarAnd increases inflationary fears,

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