The U.S. is the top country for millionaires and billionaires

The U.S. has overtaken China as the top destination for millionaires and billionaires, according to a recent report. The number of Americans with more than $1 million in liquid investible assets has increased by 62% over the past decade, surpassing the global growth rate of 38%. The U.S. now accounts for 37% of the world’s millionaires and has a substantial lead in the number of centi-millionaires and billionaires. The strict Covid lockdowns in China and increased government intervention in the private sector have slowed wealth creation in the country. As a result, there has been a net outflow of millionaires from China and a net inflow into the U.S. The U.S. is also leading in global art sales and luxury spending, further solidifying its position as a top destination for the wealthy.