The United States continues to lead the globe in terms of private wealth, with affluent Americans possessing a staggering $67 trillion in liquid investible wealth, which amounts to a third of the world's liquid assets.
This insight, highlighted in the 2024 USA Wealth Report by Henley & Partners, reinforces the country's dominant position in wealth creation and accumulation.
Currently, the US is home to 37 percent of global millionaires, equating to approximately 5.5 million individuals with more than $1 million in liquid assets. That translates into a 62 percent increase over the last decade – a pace that significantly outstrips the global growth rate of 38 percent.
Despite having a GDP comparable to China, the US far surpasses its economic rival in terms of liquid wealth, which includes assets such as holdings in listed companies, cash, and residential property free of debt.
The report also notes that wealth per capita and the number of ultra-wealthy individuals are considerably higher in the US. It's home to 9,850 centimillionaires and 788 billionaires, significantly outpacing China's 2,352 centimillionaires and 305 billionaires.
New York City reigns as the wealthiest city not just in the US but globally, with 349,500 millionaires. Following New York, the San Francisco Bay Area, Los Angeles, Chicago, and Houston round out the top five wealthiest American cities.
Austin, Texas, stands out as having the fastest-growing population of millionaire residents over the past decade, with a 110 percent increase. Other cities that are millionaire magnets include Scottsdale, Arizona, (which has grown 106 percent) and Florida's Palm Beach and West Palm Beach (93 percent).
"Future wealth hot spots to watch are Salt Lake City, Tampa, and Naples. Over the next decade, we can expect these cities to attract rising numbers of high-net-worth residents," said Andrew Amoils, head of research at New World Wealth.
Looking at wealth in terms of real estate, New York leads with the highest prices for prime apartments, reaching an average of $28,400 per square meter. Los Angeles and Palm Beach follow, with luxury properties priced at $17,500 and $17,200 per square meter, respectively.
The US is poised to become an even more attractive destination for wealthy migrants in 2024, with expected net inflows of high-net-worth individuals surpassing 3,500, up from just over 2,200 in 2023.
Cities such as the San Francisco Bay Area, Austin, Miami, and West Palm Beach are among the preferred destinations for these affluent newcomers, highlighting the country's enduring appeal as a hub for wealth and prosperity.
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