Affluence Abounds: The United States Mints Nearly 600,000 New Millionaires in 2023
In a remarkable testament to the nation's economic prowess, the United States has outpaced the rest of the world in minting new millionaires during the year 2023, according to reports from American media outlets citing a study by the digital services group Capgemini.
The country welcomed a staggering 600,000 newly minted millionaires last year, the report revealed, adding that the total number of millionaires in the United States surged by 7.3% in 2023, reaching an impressive 7.5 million individuals. Their combined fortunes amounted to a staggering $26.1 trillion, representing a 7% increase compared to 2022.
Capgemini defines millionaires as those possessing investable assets worth $1 million or more, excluding their primary residences, collectibles, and durable consumer goods.
Despite persisting high-interest rates within the nation, the resurgence of stock markets in late 2023, coupled with billions of dollars in government spending and stimulus measures, continues to fuel America's wealth-creation machine.
The fortunes residing at the uppermost echelons of wealth are experiencing the most rapid growth. The number of Americans worth $30 million or more swelled by 7.5% in 2023, reaching a remarkable 100,000 individuals, while their collective wealth soared to $7.4 trillion.
Analysts suggest that global conflicts, elections, interest rates, and the potential for an economic slowdown could temper the pace of wealth creation in the future.
Globally, the number of millionaires increased by 5.1% last year, reaching 22.8 million individuals, according to the report. Their combined fortunes reached an unprecedented $86.8 trillion.
Following North America, the Asia-Pacific region witnessed the strongest growth in millionaires at 4.8%, trailed by Europe at 4%, and Latin America at 2.7%.
As the United States solidifies its position as a bastion of affluence, this surge in millionaires not only underscores the nation's robust economic landscape but also highlights the enduring allure of the American Dream, where opportunities for wealth creation continue to flourish, even amidst global uncertainties.