Artificial intelligence’s impact on financial markets has led to a significant increase in the number of millionaires in the United States. Last year alone, the U.S. saw a growth of 600,000 millionaires, bringing the total number of Americans with investable assets of at least $1 million to 7.5 million. This surge in millionaire numbers outpaced other regions of the world, with North America reclaiming the highest growth rate for millionaires from the Asia-Pacific region.
In comparison, Asia saw a millionaire growth rate of 4.8%, while Europe and Latin America experienced increases of 4% and 2.7% respectively. The number of millionaires in the Middle East rose by 2.1%, while Africa saw a slight decline of 0.1%. The combined wealth of all millionaires in the U.S. reached approximately $26 trillion, with about 100,000 individuals possessing a net worth of $30 million or more.
One of the driving factors behind the increase in millionaires in the U.S. was the surge in the stock market, particularly in companies involved in artificial intelligence and technology. AI chip supplier Nvidia led the way with a 239% gain in 2023, while tech giants Meta and Tesla also experienced significant growth. Analysts predict that global investment in AI could reach $200 billion by 2025.
The momentum in the stock market has continued into the current year, with the S&P 500 and Nasdaq hitting record highs. The S&P 500 has seen a 12% increase year-to-date, with leading AI companies like Nvidia and Microsoft continuing to experience strong performance. This trend has the potential to further increase the number of millionaires in the U.S. in the coming years.