The world is expected to add more than 5 million millionaires in the next five years as global wealth grew for a second straight year, according to the latest UBS Global Wealth Report.
“This trend [of rising wealth] is expected to show up not only in rising total personal wealth, but also in a swelling millionaire population,” the Swiss bank said on Wednesday.
The report did not specify where most new millionaires would be minted, but it highlighted that growth would be led by the US, with additional momentum coming from the Greater China region, followed by Latin America and Oceania.
The annual report, now in its 16th year and covering more than 50 markets worldwide, showed that private individuals’ wealth grew 4.6 per cent globally last year, despite ongoing wars and recession fears. This was the second consecutive year of growth in global wealth after a 4.2 per cent increase in 2023. Global wealth fell 2.4 per cent in 2022.
The US led the growth in personal wealth last year, with an 11 per cent increase, driven by a stable US dollar and buoyant financial markets.
Meanwhile, wealth in Greater China grew 3.4 per cent.
