The surge in the number of millionaires in the United States has been largely driven by the impact of artificial intelligence on financial markets. In 2023, 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 was a significant increase compared to other regions of the world, with North America reclaiming the highest growth rate for millionaires from the Asia-Pacific region.
In contrast, Asia saw a growth rate of just 4.8%, while Europe and Latin America experienced increases of 4% and 2.7% respectively. The Middle East saw an increase of only 2.1%, while Africa experienced a slight decline of just 0.1%. Despite these challenges, 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 key factor behind this surge in wealth was the strong performance of companies involved in artificial intelligence and technology, particularly those that specialize in AI chip manufacturing such as Nvidia. Nvidia experienced an impressive gain of 239% in 2023, while tech giants Meta and Tesla also saw significant growth thanks to their investments in AI technology. It is predicted that global investment in AI could reach $200 billion by 2025 as more companies continue to see its potential for driving innovation and growth within their businesses.
The momentum in the stock market has continued into this year, with both the S&P 500 and Nasdaq hitting record highs thanks to ongoing strong performance from leading AI companies like Nvidia and Microsoft.
Overall, it’s clear that artificial intelligence continues to have a significant impact on financial markets around the world – especially in countries like
