Annual state wealth reports by financial institutions and government agencies

U.S. Adds 600,000 New Millionaires in 2023 as AI Fuels 7% Market Growth

Jun 7, 2024, 12:45 PM

The United States has seen a significant increase in the number of millionaires, adding 600,000 new millionaires in 2023, largely driven by AI-fueled markets. This growth has outpaced the rest of the world, with the total number of cash millionaires in the U.S. rising by 7% to 7.4 million. Their collective wealth has also grown by 7% to $26 trillion. This surge in millionaire numbers is reflective of Americans having more investment income than ever before, according to a new study.