The U.S. added over half a million high-net-worth individuals in 2023, driven by a strong stock market and tech sector gains, a global wealth report shows.
The number of high-net-worth individuals (HNWIs) in the United States rose by 7.6% in 2023, adding 562,000 people to the ranks of the wealthy, while their collective wealth grew by 9.1%, a new global report shows.
The U.S. was the top contributor to global millionaire growth, fueled by a booming stock market and stronger-than-expected economic expansion. The S&P 500 gained over 23%, while the Nasdaq soared nearly 29%, largely due to tech giants like Nvidia, which surged 171%.
“Even in an environment of low interest rates, geopolitical tensions, and trade policy uncertainty, the wealth management sector will continue to grow,” said Nic Dreckmann, COO of Julius Baer.
Globally, HNWI wealth grew by 4.2% and population by 2.6%. North America led with an 8.9% rise in wealth.
The report also flagged a looming $83.5 trillion wealth transfer from baby boomers to younger generations by 2048. “Navigating the Great Wealth Transfer requires a nuanced approach,” said Virginie Delaunay of BNP Paribas.