In 2024, the US experienced a significant increase in high-net-worth individuals, adding 562,000 new millionaires, largely due to a booming stock market, with the S&P 500 rising over 23%. Nvidia played a crucial role in this growth, representing 22% of the index's gains. Despite global geopolitical tensions, the wealth management sector is expected to grow as generational wealth transfer approaches with trillions slated to be inherited by younger generations. Overall, North America led with an 8.9% rise in HNWI wealth compared to 4.2% globally.
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.
The US minted over half a million new millionaires in 2024, driven by strong equity markets and a favorable interest rate environment, according to Capgemini's World Wealth Report 2025.
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, said Nic Dreckmann, COO of Swiss private bank Julius Baer.
Generational wealth transfer looms as Gen X, millennials, and Gen Z are set to inherit trillions.
#millionaires #stock-market #economic-growth #generational-wealth-transfer #high-net-worth-individuals
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