From CNBC:

The U.S. has surpassed China as the top destination for millionaires and billionaires, with over 5.5 million Americans worth over $1 million. The U.S. has 37% of the world’s millionaires and 788 billionaires, compared to China’s 305. Wealth migration patterns also show a net inflow of millionaires to the U.S.

China’s strict Covid lockdowns and government intervention have slowed wealth creation, leading to a migration of 13,500 millionaires out of the country in 2023. In contrast, the U.S. is a top destination for wealthy tech entrepreneurs and engineers, drawing in a net inflow of millionaires. America’s leadership in wealth creation is reflected in art sales, where the U.S. accounts for 42% of sales by value. Luxury spending in the U.S. surpassed China’s last year, with the U.S. market leading in luxury sales. Analysts believe that while China will still be a source of wealth growth, the U.S. has become the dominant market for high-net-worth individuals.



Read more at CNBC: The U.S. is the top country for millionaires and billionaires