UBS: China Adds 380 New Millionaires Daily in 2024

The frenzy surrounding the Labubu toy, currently a coveted item, serves as a stark reminder: the appetite for luxury goods remains robust. While enthusiasts clamor for the sought-after collectable, new data from UBS offers a fascinating glimpse into the shifting landscape of wealth creation, particularly in China.

UBS’s latest report paints a portrait of rapid wealth accumulation. Consider this: China is averaging 380 new “millionaires” every single day in 2024.

Before you reach for your champagne, the report defines “millionaires” as individuals holding assets between $1 million and $5 million, denominated in US dollars.

Speaking at UBS’s recent “Global Wealth Report 2025” presentation, Paul Donovan, Chief Economist of Global Wealth Management at UBS, attributed this surge to China’s sustained economic growth, “the principal driver for wealth creation.”

Looking ahead, Donovan forecasts further expansion. Based on current trends, China is projected to add over 5 million new millionaires by 2029. He also acknowledged that the actual growth trajectory could be influenced by a range of factors.

Donovan also highlighted the ongoing global wealth expansion, pointing to the U.S., which sees an average of 1,000 new millionaires added daily in 2024.

Furthermore, Donovan projects a significant wealth transfer in the coming decades, estimating that over $80 trillion will change hands within the next twenty years.

He emphasized that this process, the “Great Wealth Transfer,” is already underway and is poised to continue for the next 20 to 25 years.

Adding another layer to the narrative, Donovan noted the rising ownership of wealth by women.

As the Baby Boomer generation gradually transfers assets to the next generation, women are poised to become significant beneficiaries of this wealth transfer.

Donovan also suggested that women’s typically more cautious approach to investment decisions could alter future investment trends.