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Somewhere in the U.S. today, 1,200 people will become millionaires. Tomorrow, another 1,200. The day after that, same thing.
According to a new annual wealth report from UBS, as reported by The Wall Street Journal, America minted more than 440,000 new millionaires in 2025, which is nearly half of all new millionaires created worldwide. More than 23.6 million Americans are now worth seven figures or more. China is second with 5.3 million millionaires.
So what do they have in common? It’s not their salary. It’s what they own. Financial assets — stocks and bonds — account for 79% of gross wealth in the U.S., putting it near the top of all countries tracked by UBS. The stock market, which has been on a historic run, did most of the heavy lifting. The lesson is simple and familiar: building wealth at scale requires owning assets, not just earning income.
There is a catch worth knowing. While average U.S. wealth climbed nearly 10% between 2020 and 2025, median wealth fell almost 20%. The millionaire boom is real — but so far, it’s been concentrated at the top.