UBS: Financial Markets Fuel American Wealth Dominance
The Americas widened the wealth gap with other regions in 2024 after strong financial markets fuelled growth, according to a UBS report.
Global wealth grew 4.6 percent in 2024, marking the second consecutive annual increase after rising 4.2 percent in 2023 but shrinking 3 percent in 2022, according to the 2025 edition of the UBS Global Wealth Report. A stable US dollar and buoyant financial markets were cited as major drivers.
Growth was not evenly distributed with wealth in the Americas increasing by 11.5 percent compared to just 2.85 percent in Asia Pacific and 0.44 percent in Europe, Middle East and Africa.
As a result, the Americas increased their global wealth share from 37.3 percent in 2023 to 39.3 percent in 2024 with APAC and EMEA decreasing by one percentage point each to 35.9 percent and 24.8 percent, respectively.
Sub-Region and Market Leaders
While North America was the absolute leader, it was the runner-up in change of average total personal wealth weighted by population size at 11.98 percent, slightly behind Eastern Europe’s 12.01 percent albeit from a lower base.
The average wealth per adult in North America was $593,347 followed by Oceania ($496,696) and Western Europe ($287,688). Eastern Europe’s average was $48,638.
By individual markets, Switzerland retained the top position in average wealth per adult at $687,166 while the US rose from fourth place to second at $620,654 and Hong Kong stayed stable at $601,195. Singapore climbed from eighth to seventh place with $441,596.
HNWI Segment
In terms of US dollar millionaires, 2024 saw a rise of 1.2 percent, or 684,000 individuals, with US adding 379,000 and accounting for nearly 40 percent of the total (23.8 millionaires). Mainland China was second (6.3 million millionaires) followed by France (2.9 million millionaires).
«In an era marked by rapid economic shifts, increasing volatility and unprecedented market developments, understanding the trends and drivers of wealth creation is more crucial than ever,» said Iqbal Khan, co-president of UBS Global Wealth Management.
The UBS Global Wealth Report is in its 16th edition and it analyzes 56 markets which are estimated to represent over 92 percent of the world’s wealth.
