From CNBC: 2024-06-07 08:00:01

The U.S. minted 600,000 millionaires last year, with a 7.3% growth in the millionaire population to 7.5 million people. Total fortunes reached $26.1 trillion, up 7% from 2022. Top fortunes grew the most, with Americans worth $30 million or more increasing 7.5% to 100,000, holding $7.4 trillion.

Globally, ultra-high net worth individuals make up 1% of millionaires but hold 34% of total wealth. The number of millionaires grew 5.1% worldwide in 2023 to 22.8 million, with combined fortunes reaching a record $86.8 trillion. Asia-Pacific had the strongest growth at 4.8%, followed by Europe and Latin America.

Wealthy investors are shifting to more aggressive growth assets, reducing cash to 25% of portfolios but increasing real estate and fixed income holdings. Two-thirds plan to invest more in private equity in 2024. Wealth management firms face competition from family offices, with over half of ultra-wealthy investors considering setting one up.

As the ultra-wealthy client population grows, wealth management firms must offer a full suite of financial and nonfinancial products to remain competitive. Understanding clients’ family dynamics, risk profiles, lifestyles, and more will be key. Firms able to provide global advice, lending, lifestyle, and health care advice will succeed.



Read more at CNBC: U.S. millionaire population grew by 600,000 last year