U.S. Reclaims Crown as Global Wealth Leader, Outpacing China

According to the USA Wealth Report 2025 published by Henley & Partners, the United States firmly maintains its position as the world’s premier private wealth hub.

America now commands 34% of global liquid wealth and houses 37% of the world’s millionaire population. This dominance extends across all wealth brackets, with the US home to 36% of global centi-millionaires and 33% of billionaires.

The American millionaire population has grown by 78% over the past decade, slightly outpacing China’s 74% growth. Switzerland has also performed well with a 28% increase in millionaires during this period.

Australia showed even stronger growth at 30%, with its millionaire population rising from 176,000 in 2020 to a projected 215,000 in the coming years.

The US currently boasts approximately 6,041,600 millionaires, 10,800 centi-millionaires, and over 850 billionaires. China follows with around 827,900 millionaires, 2,250 centi-millionaires, and about 280 billionaires.

Switzerland maintains its status as a wealth haven with 580,000 millionaires despite having a population roughly one-tenth the size of Germany. New York City remains the wealthiest city globally with 384,500 millionaires, including 818 centi-millionaires and 66 billionaires.

Wealth Concentration and Growth in the US & Australia

The Bay Area follows closely with 342,400 millionaires and the highest concentration of billionaires at 82. Los Angeles ranks third with 220,600 millionaires, including 516 centi-millionaires and 45 billionaires.

Emerging wealth hubs are reshaping America’s wealth geography. Scottsdale, Arizona leads as the fastest-growing wealth center with a remarkable 125% increase in millionaires between 2014 and 2024.

West Palm Beach follows with 112% growth. Other cities showing strong momentum include Miami and Austin, with 94% and 90% millionaire growth respectively.

Australia’s wealth landscape is also evolving rapidly. The total household wealth in Australia has grown from $11,220 billion in June 2020 to $16,208 billion by March 2024. Forecasts suggest Australia will have approximately 18,000 multi-millionaires by 2026.

The ongoing US-China trade tensions continue to influence wealth strategies. Early May saw both nations agree to a 90-day pause in escalating tariffs and significant reductions in import duties.

This temporary ceasefire comes after years of tit-for-tat measures that have forced wealthy individuals to reassess their investment approaches. Despite America’s wealth dominance, a growing number of affluent Americans are exploring options abroad.

Over 30% of all investment migration applications submitted through Henley & Partners in 2025 have come from US citizens. This represents nearly double the combined total from the next five investor nationalities.

The US continues to attract wealthy migrants, with approximately 3,800 high-net-worth individuals relocating there in 2024. This includes 95 centi-millionaires and 10 billionaires.

The combination of political stability, rule of law, economic prospects, and culture of innovation continues to make America an attractive environment for business and investment.