The US gained 562,000 millionaires last year as the stock market soared
The US added 562,000 new millionaires in 2024 amid a booming stock market.
The S&P 500 and Nasdaq soared, with Nvidia alone driving 22% of the S&P's gains.
Generational wealth transfer looms as Gen X, millennials, and Gen Z are set to inherit trillions.
The number of high-net-worth individuals (HNWIs) in the US rose by 7.6% last year, equivalent to about 562,000 people, while their collective wealth increased by 9.1%.
That growth made the US the single largest contributor to global millionaire expansion, as the country's stock market surged and economic growth exceeded expectations.
"Even in an environment of low interest rates, geopolitical tensions, and trade policy uncertainty, the wealth management sector will continue to grow in the mid- and long-term," Nic Dreckmann, COO of Swiss private bank Julius Baer, said in the report.
"To succeed, wealth managers must focus on their clients and efficiency with an eye on long-term growth while leveraging digital transformation and innovative products to enhance the client experience."
In 2024, the S&P 500 climbed more than 23%, while the Nasdaq jumped nearly 29%, buoyed by strong earnings and investor excitement around artificial intelligence.
Nvidia alone rose by 171% and accounted for 22% of the S&P 500's gains, underscoring the dominance of a few mega-cap tech names often referred to as the "magnificent seven."
The US wasn't alone in benefiting from the market upswing, but it led the pack. Globally, HNWI wealth grew by 4.2%, and the total HNWI population rose by 2.6%. North America accounted for the lion's share of that, with an 8.9% rise in wealth and a 7.3% increase in population.
While the growth is significant, the report flagged a major shift on the horizon: an estimated $83.5 trillion wealth transfer from baby boomers to younger generations — Gen X, millennials, and Gen Z — by 2048.
"Navigating the Great Wealth Transfer requires a nuanced approach and a clear understanding of cross-generational diversity," said Virginie Delaunay, Deputy CEO of Wealth Management for Domestic Markets at BNP Paribas, France.
The report said that with Gen X, millennials, and Gen Z poised to inherit the bulk of this wealth, firms must adapt quickly or risk losing relevance in a rapidly shifting wealth landscape.
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