The Rise of the Millionaire

Some 379,000 Americans became one in 2024, but how?

- HUNG CAMERON

A GROWING NUMBER OF AMERIcans are joining the ranks of the millionaire class, seen by some as the American dream in action but dismissed by others as the result of economic trends outside of their control.

A report from investment bank UBS found 379,000 Americans became new millionaires in 2024-over 1,000 per day. The United States now hosts a greater number than any other country, at just below 24 million.

However, "not all USD millionaires are alike," according to the report. While the term may conjure up images of lavish lifestyles, UBS noted that most of these individuals could be classed as "everyday millionaires"-a diverse group with assets valued at between $1-$5 million.