UBS: Global wealth up 4.6% in 2024, with U.S. and Eastern Europe leading the way

This marks a continued rebound from the 2022 downturn and underlines the shifting dynamics of global capital distribution. However, the gains were uneven across regions and nations.

Growth was most pronounced in North America, which accounted for the lion’s share of the expansion due to “strong financial markets in the United States, coupled with a stable currency,” the report notes. Eastern Europe also recorded robust performance, with a 12% year-on-year rise in total personal wealth.

Paul Donovan, Chief Economist at UBS Global Wealth Management, emphasized the broader context: “Wealth finances investment, making it hugely important economically. But wealth also matters a great deal politically,” he said, highlighting the growing significance of wealth distribution amid ongoing global transformation.

The report also tracks the rising influence of the so-called EMILLIs – Everyday Millionaires – defined as individuals holding between $1 and 5 million in assets. Their number has more than quadrupled since 2000, reaching approximately 52 million by the end of 2024. Collectively, they hold an estimated $107 trillion in wealth, a sum comparable to the holdings of those with over
$5 million.

Regionally, the Americas’ share of global wealth rose to 39.3%, while the Asia-Pacific (APAC) and EMEA (Europe, Middle East and Africa) regions experienced a decline. Wealth disparities remain stark: North America’s average wealth per adult reached $593,347, compared to just $48,638 in Eastern Europe and $34,694 in Latin America.

Wealth inequality remains a challenge. The Gini coefficient, a common measure of inequality, remained high in markets like Brazil (0.82), Russia (0.82), and South Africa (0.81). Conversely, Slovakia posted the lowest level of inequality with a score of 0.38.

Looking ahead, UBS forecasts that “North America and Greater China will be the main drivers of global wealth growth” over the next five years, underscoring the geopolitical and economic importance of these regions in the evolving global financial landscape.

Earlier, it was reported that global financial stability has come under increasing pressure in recent years due to tighter financial conditions, rising geopolitical tensions, and trade-related risks. In its latest assessment, the International Monetary Fund highlights three key vulnerabilities in the global financial system, emphasizing the need for coordinated policy responses and continued vigilance.