After Pandemic Slowdown, Global Wealth Is Growing Once Again, Led by the U.S.

The latest edition of an annual UBS wealth report notes that while “the global economy is in the midst of a dramatic structural upheaval,” wealth is growing once again after a downturn through the pandemic.

UBS analyzed income and wealth data from 56 markets, representing “92% of the world’s wealth,” in its Global Wealth Report 2024, released Wednesday. The report’s overarching theme found that global wealth grew by 4.2% in 2023, offsetting a loss of 3% in 2022. Even in the face of continued inflation, adjusted global wealth grew by 8.4%.

However, overall global wealth growth is down, from an annual average of 7% between 2000 and 2010 to just over 4.5% between 2010 and 2023, the report said. This equates to a reduction in global wealth of almost one-third.

The remaining growth seems to be continuing on pace in the world’s most developed and already prosperous nations. In the U.S., average wealth per adult grew by nearly 2.5% and the country accounts for 38%, roughly 22 million, of all millionaires worldwide.

Mainland China came in second with just over 6 million millionaires, followed by 3 million in the U.K.

The report also took a look at the growing issue of wealth transfer. Over the next 25 years, US$83.5 trillion of global wealth will be transferred to spouses and the next generation. UBS estimates 10% of that will be transferred by women and US$9 trillion will shift between spouses.

Wealth in the Asia-Pacific region grew the most—nearly 177%—since the report began tracking data 15 years ago. The Americas come in second, at nearly 146% growth. Surprisingly, Turkey has enjoyed the most wealth growth per adult of any individual nation in the last 15 years—more than 1,700% in local currency.

The world’s wealthiest class continues to be a small, tightly concentrated group. According to the report, only 12 people hold between US$50 billion and US$100 billion and just 14 people hold US$2 trillion of the world’s wealth. The U.S. and Canada are home to individuals holding 44% of this wealth, while another 25% is held by people in Western Europe.

UBS data suggests that global wealth will continue to grow most in emerging markets, with some countries experiencing millionaire growth of up to 50% over the next five years.

Millennial women’s wealth is outpacing men’s as a new generation inherits and grows their assets at a wider scale than ever before, according to RBC Wealth Management.

In a survey of roughly 2,000 men and women with at least $1 million in investable assets, millennial women respondents had an average of $4.6 million, compared with $3.8 million for women of all age groups and $4.5 million for all men.

Inheritance is one part of the picture, as baby boomers are expected to transfer $124 trillion to the next generation, but so is the progress millennial women have made in the world of business, investment and lucrative professional careers as they close the gap with men.

“Millennial women are catching up, or have outpaced the males as far as their wealth building,” said Angie O’Leary, head of wealth strategies at RBC. “We know that’s coming from a more diversified set of investments, such as entrepreneurship, real estate and of course, investments [in financial markets].”

Millennial women, now in their 30s and 40s, tend to differ from earlier generations of women more than they do from men in terms of their source of wealth. While investments were the largest driver of wealth across all categories, millennial women cited business ownership, innovation, and executive roles far more than Gen X or boomer women.

More than 60% of millennial women cited business ownership and more than 40% mentioned executive roles, but neither exceeded 22% for either Gen Xers and Boomers. Younger women also grew their fortunes from professional sports or arts 39% of the time, compared with just 6% and 1% for Gen Xers and Boomers, respectively.

In terms of inheritance, the gap between generations was smaller. About 37% of men and 35% of women cited family money as a source of wealth overall, breaking down to 44% of millennials, 30% of Gen X and 33% of boomer women.

With women controlling so much wealth, their spending and investments as a group are evolving and extending into areas previously considered stereotypically male such as real estate, cars and watches, O’Leary said. “Women are starting to look a lot like their male counterparts when it comes to investments, real estate, philanthropy,” she said. “That’s a really interesting emerging female economy.”

In real estate, for example, single women made up 20% of home buyers in 2024 up from 11% in 1981, when the National Association of Realtors began tracking the data. By contrast, single men make up 8% of the market and have never exceeded 10%, according to NAR.

While men and women shared largely similar priorities overall in terms of well-being, relationships, legacy and personal drive, younger generations of women were successively more likely to value drive and personal power, and successively less likely to rank relationships and social bonds—though that could also be a function of age and stage of life.

“This generational shift suggests evolving societal norms and responsibilities, where younger women seek personal achievements, while older cohorts value nurturing connections and community stability, affecting their financial and lifestyle choices,” the report said.

After Pandemic Slowdown, Global Wealth Is Growing Once Again, Led by the U.S.

A survey of people with at least $1 million in investable assets found women in their 30s and 40s look nothing like older generations in terms of assets and priorities